Diamondback Energy, Inc. $FANG Stake Boosted by International Assets Investment Management LLC

Key Points

• International Assets Investment Management increased its Diamondback Energy stake by 3,685% in the third quarter, ending with 50,000 shares valued at approximately $9.19 million. Institutional investors collectively own 90.01% of FANG.
• Analysts remain broadly bullish, with a “Moderate Buy” consensus rating and an average price target of $228.43; several firms recently raised their targets, including Susquehanna to $265.
• Diamondback’s latest quarterly results exceeded expectations, with adjusted earnings of $6.48 per share and revenue of $5.56 billion, up 51.2% year over year. Meanwhile, insiders sold about 141,666 shares worth $28.1 million over the past 90 days.

International Assets Investment Management LLC increased its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 3,685.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 50,000 shares of the oil and natural gas company's stock after buying an additional 48,679 shares during the quarter. International Assets Investment Management LLC's holdings in Diamondback Energy were worth $9,190,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in FANG. BlackRock Inc. purchased a new stake in Diamondback Energy during the second quarter valued at approximately $3,303,362,000. Wellington Management Group LLP raised its position in Diamondback Energy by 31.3% in the second quarter. Wellington Management Group LLP now owns 16,420,247 shares of the oil and natural gas company's stock worth $2,886,351,000 after acquiring an additional 3,918,943 shares during the period. State Street Corp boosted its stake in shares of Diamondback Energy by 4.2% during the 2nd quarter. State Street Corp now owns 12,562,224 shares of the oil and natural gas company's stock worth $2,208,188,000 after acquiring an additional 510,281 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Diamondback Energy during the 2nd quarter worth $852,791,000. Finally, Diamond Hill Capital Management LLC Investment Advisor purchased a new position in shares of Diamondback Energy during the 2nd quarter worth $268,855,000. Hedge funds and other institutional investors own 90.01% of the company's stock.

Insiders Place Their Bets

In related news, Director Charles Meloy sold 33,333 shares of the company's stock in a transaction on Monday, October 5th. The shares were sold at an average price of $183.74, for a total value of $6,124,605.42. Following the completion of the transaction, the director owned 759,864 shares of the company's stock, valued at approximately $139,617,411.36. This represents a 4.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Travis Stice sold 75,000 shares of the company's stock in a transaction on Friday, September 11th. The stock was sold at an average price of $204.31, for a total transaction of $15,323,250.00. Following the completion of the transaction, the director directly owned 49,727 shares of the company's stock, valued at $10,159,723.37. This represents a 60.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 141,666 shares of company stock worth $28,061,456. 0.64% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently commented on FANG. Royal Bank Of Canada restated an "outperform" rating and issued a $240.00 price objective on shares of Diamondback Energy in a research note on Wednesday, October 14th. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $240.00 target price (up from $221.00) on shares of Diamondback Energy in a report on Wednesday, September 2nd. Truist Financial lifted their target price on Diamondback Energy from $220.00 to $224.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. Susquehanna boosted their price target on Diamondback Energy from $255.00 to $265.00 in a report on Wednesday, August 5th. Finally, Raymond James Financial restated a "strong-buy" rating on shares of Diamondback Energy in a research report on Thursday, September 17th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Diamondback Energy currently has an average rating of "Moderate Buy" and an average target price of $228.43.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $212.08 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.47 and a quick ratio of 0.45. Diamondback Energy, Inc. has a 1-year low of $137.03 and a 1-year high of $216.90. The company has a market capitalization of $59.39 billion, a P/E ratio of 41.34 and a beta of 0.55. The firm's 50 day simple moving average is $197.38 and its two-hundred day simple moving average is $189.06.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share for the quarter, topping analysts' consensus estimates of $6.08 by $0.40. The business had revenue of $5.56 billion during the quarter, compared to analyst estimates of $4.89 billion. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The company's revenue was up 51.2% on a year-over-year basis. During the same period in the prior year, the business posted $2.38 earnings per share. Research analysts expect that Diamondback Energy, Inc. will post 21.49 EPS for the current fiscal year.

Diamondback Energy Profile

Diamondback Energy, Inc is an independent oil and natural gas company engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves. The company's operations are concentrated in the Permian Basin of West Texas and southeastern New Mexico, particularly the Midland and Delaware Basins.

Diamondback produces crude oil, natural gas and natural gas liquids from horizontal wells and related infrastructure. Its activities include drilling and completing wells, operating gathering and processing assets, and managing midstream services that support production.

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