Cornerstone Investment Partners LLC Sells 6,267 Shares of Diamondback Energy, Inc. $FANG

Key Points

• Cornerstone Investment Partners cut its stake in Diamondback Energy (FANG) by 1.6%, selling 6,267 shares and now owning 396,077 shares (about 0.14% of the company) valued at roughly $56.7 million, making FANG ~2.4% of Cornerstone’s portfolio.
• Significant insider selling
• Diamondback shares trade near $169 with a market cap of $48.4B and a PE of 11.74, and analysts have an average rating of Buy with an average target price of $185.90 despite several mixed broker actions.

Cornerstone Investment Partners LLC lowered its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 1.6% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 396,077 shares of the oil and natural gas company's stock after selling 6,267 shares during the period. Diamondback Energy accounts for approximately 2.4% of Cornerstone Investment Partners LLC's holdings, making the stock its 23rd largest position. Cornerstone Investment Partners LLC owned about 0.14% of Diamondback Energy worth $56,679,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of FANG. Commerzbank Aktiengesellschaft FI increased its position in shares of Diamondback Energy by 233.9% in the third quarter. Commerzbank Aktiengesellschaft FI now owns 12,673 shares of the oil and natural gas company's stock worth $1,814,000 after purchasing an additional 8,877 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in Diamondback Energy by 9.6% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 117,733 shares of the oil and natural gas company's stock valued at $16,848,000 after buying an additional 10,289 shares during the period. NorthRock Partners LLC raised its position in shares of Diamondback Energy by 181.6% in the 2nd quarter. NorthRock Partners LLC now owns 3,551 shares of the oil and natural gas company's stock valued at $488,000 after buying an additional 2,290 shares in the last quarter. Moloney Securities Asset Management LLC bought a new stake in shares of Diamondback Energy during the 3rd quarter worth approximately $472,000. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of Diamondback Energy by 9.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,385,428 shares of the oil and natural gas company's stock worth $198,255,000 after acquiring an additional 122,921 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company's stock.

Diamondback Energy Stock Up 2.5%

Shares of NASDAQ FANG opened at $169.01 on Thursday. The company has a 50 day simple moving average of $154.27 and a 200 day simple moving average of $147.64. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.62 and a quick ratio of 0.60. Diamondback Energy, Inc. has a 1 year low of $114.00 and a 1 year high of $170.54. The firm has a market cap of $48.40 billion, a PE ratio of 11.74 and a beta of 0.63.

Analysts Set New Price Targets

Several brokerages have commented on FANG. Wall Street Zen downgraded shares of Diamondback Energy from a "hold" rating to a "sell" rating in a research report on Saturday, December 27th. Susquehanna decreased their price target on Diamondback Energy to $188.00 and set a "positive" rating on the stock in a research note on Monday, October 20th. Roth Mkm set a $162.00 price objective on Diamondback Energy and gave the stock a "buy" rating in a research report on Tuesday, November 4th. Mizuho decreased their target price on Diamondback Energy from $195.00 to $194.00 and set an "outperform" rating on the stock in a research report on Thursday, January 22nd. Finally, UBS Group boosted their target price on Diamondback Energy from $174.00 to $194.00 and gave the stock a "buy" rating in a research note on Friday, December 12th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Diamondback Energy currently has an average rating of "Buy" and an average target price of $185.90.

Insiders Place Their Bets

In related news, Director Charles Alvin Meloy sold 377,911 shares of the business's stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $138.61, for a total value of $52,382,243.71. Following the sale, the director owned 1,044,864 shares of the company's stock, valued at $144,828,599.04. The trade was a 26.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Fang Holdings Lp Sgf sold 1,000,000 shares of the stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $162.88, for a total value of $162,880,000.00. Following the completion of the sale, the insider owned 98,686,727 shares of the company's stock, valued at $16,074,094,093.76. The trade was a 1.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 1,438,516 shares of company stock worth $225,026,921. 0.70% of the stock is owned by company insiders.

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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