California State Teachers Retirement System Sells 7,189 Shares of Diamondback Energy, Inc. $FANG

Key Points

• California State Teachers Retirement System reduced its Diamondback Energy stake by 3.2%, selling 7,189 shares and retaining 216,940 shares worth approximately $42.9 million. Institutional investors collectively own 90.01% of FANG.
• Diamondback insiders sold 113,691 shares valued at about $21.6 million during the last quarter, while insiders retain a 0.64% ownership stake.
• Analysts maintain a generally positive outlook, with an average “Buy” rating and a consensus price target of $218.63. Diamondback recently exceeded quarterly earnings and revenue expectations, reporting $4.23 in EPS and $4.24 billion in revenue.

California State Teachers Retirement System cut its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 3.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 216,940 shares of the oil and natural gas company's stock after selling 7,189 shares during the quarter. California State Teachers Retirement System owned 0.08% of Diamondback Energy worth $42,909,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Flagship Harbor Advisors LLC purchased a new position in shares of Diamondback Energy during the 4th quarter worth $25,000. Richardson Financial Services Inc. increased its stake in shares of Diamondback Energy by 245.1% in the 4th quarter. Richardson Financial Services Inc. now owns 176 shares of the oil and natural gas company's stock worth $26,000 after purchasing an additional 125 shares in the last quarter. Laurel Wealth Advisors LLC bought a new position in Diamondback Energy in the 4th quarter worth $26,000. Cedar Mountain Advisors LLC bought a new position in Diamondback Energy in the 1st quarter worth $26,000. Finally, JPL Wealth Management LLC purchased a new position in Diamondback Energy during the third quarter valued at $26,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Diamondback Energy news, Director Mark Lawrence Plaumann sold 500 shares of the firm's stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $196.50, for a total transaction of $98,250.00. Following the completion of the sale, the director owned 13,437 shares of the company's stock, valued at $2,640,370.50. This trade represents a 3.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Teresa L. Dick sold 7,000 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the transaction, the chief accounting officer directly owned 85,755 shares of the company's stock, valued at $17,228,179.50. The trade was a 7.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 113,691 shares of company stock valued at $21,622,752 in the last quarter. Corporate insiders own 0.64% of the company's stock.

Analyst Upgrades and Downgrades

FANG has been the topic of a number of recent analyst reports. Scotiabank raised their target price on shares of Diamondback Energy from $175.00 to $195.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, April 22nd. Barclays upped their price target on shares of Diamondback Energy from $225.00 to $232.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 26th. Zacks Research cut shares of Diamondback Energy from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 28th. Truist Financial decreased their price objective 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. Finally, Roth Capital set a $212.00 target price on shares of Diamondback Energy and gave the company a "buy" rating in a research note on Monday, June 22nd. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $218.63.

Diamondback Energy Stock Up 1.6%

Shares of NASDAQ FANG opened at $202.95 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.55 and a current ratio of 0.56. The firm has a market capitalization of $57.09 billion, a price-to-earnings ratio of 235.99 and a beta of 0.42. The stock 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 52-week low of $134.30 and a 52-week high of $214.51.

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

Diamondback Energy 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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