Amundi Buys 16,506 Shares of Diamondback Energy, Inc. $FANG

Key Points

• Amundi increased its Diamondback Energy stake by 2.2%, purchasing 16,506 shares to own 766,401 shares worth approximately $151.6 million. Institutional investors collectively hold 90.01% of the company.
• Analysts maintain a favorable outlook, with Diamondback receiving a consensus “Buy” rating and an average price target of $218.63, despite several firms recently lowering their targets.
• Diamondback’s latest quarterly results exceeded expectations, with earnings of $4.23 per share versus the $3.74 estimate and revenue of $4.24 billion. Meanwhile, insiders sold about 113,691 shares worth $21.6 million over the past three months.

Amundi raised its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 2.2% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 766,401 shares of the oil and natural gas company's stock after purchasing an additional 16,506 shares during the period. Amundi owned 0.27% of Diamondback Energy worth $151,586,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC increased its position in Diamondback Energy by 3.3% during the first quarter. EverSource Wealth Advisors LLC now owns 70,254 shares of the oil and natural gas company's stock valued at $13,896,000 after acquiring an additional 2,277 shares during the last quarter. Talon Private Wealth LLC purchased a new stake in Diamondback Energy in the 1st quarter valued at about $1,994,000. Readystate Asset Management LP purchased a new position in shares of Diamondback Energy during the first quarter worth approximately $4,041,000. Royal Bank of Canada raised its stake in shares of Diamondback Energy by 11.1% during the first quarter. Royal Bank of Canada now owns 1,172,913 shares of the oil and natural gas company's stock valued at $231,992,000 after acquiring an additional 117,471 shares in the last quarter. Finally, Energy Income Partners LLC grew its stake in Diamondback Energy by 3.4% in the first quarter. Energy Income Partners LLC now owns 51,283 shares of the oil and natural gas company's stock worth $10,143,000 after purchasing an additional 1,671 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.

Insider Transactions at Diamondback Energy

In related news, Director Mark Lawrence Plaumann sold 500 shares of the company's stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $196.50, for a total transaction of $98,250.00. Following the sale, the director directly owned 13,437 shares in the company, valued at approximately $2,640,370.50. This represents a 3.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles Alvin Meloy sold 83,334 shares of the firm's stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $187.12, for a total transaction of $15,593,458.08. Following the completion of the sale, the director owned 851,530 shares in the company, valued at $159,338,293.60. The trade was a 8.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 113,691 shares of company stock valued at $21,622,752. Corporate insiders own 0.64% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Morgan Stanley dropped their price objective on shares of Diamondback Energy from $229.00 to $216.00 and set an "overweight" rating on the stock in a research note on Monday, June 29th. Citigroup decreased their price target on shares of Diamondback Energy from $245.00 to $221.00 and set a "buy" rating for the company in a research report on Monday, July 20th. Zacks Research cut Diamondback Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 28th. Susquehanna upped their price objective on shares of Diamondback Energy from $245.00 to $255.00 and gave the company a "positive" rating in a report on Tuesday, July 21st. Finally, Truist Financial dropped their target price on shares of Diamondback Energy from $242.00 to $220.00 and set a "buy" rating on the stock in a research report on Thursday, July 16th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $218.63.

Diamondback Energy Trading Up 1.6%

Shares of FANG opened at $202.95 on Friday. The company has a current ratio of 0.56, a quick ratio of 0.55 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $57.09 billion, a P/E ratio of 235.99 and a beta of 0.42. The firm has a 50-day moving average price of $190.79 and a 200 day moving average price of $184.39. Diamondback Energy, Inc. has a 12-month low of $134.30 and a 12-month high of $214.51.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its quarterly earnings data on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share for the quarter, topping the consensus estimate of $3.74 by $0.49. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.The company had revenue of $4.24 billion during the quarter, compared to analyst estimates of $3.83 billion. During the same period in the prior year, the business posted $4.54 earnings per share. The firm's revenue for the quarter was up 4.7% compared to the same quarter last year. Sell-side analysts forecast that Diamondback Energy, Inc. will post 18.9 EPS for the current year.

Diamondback Energy Company Profile

Diamondback Energy, Inc NASDAQ: FANG is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback's activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.

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