Mirae Asset Global Investments Co. Ltd. Acquires 185,942 Shares of Diamondback Energy, Inc. $FANG

Key Points

• Mirae Asset Global Investments purchased 185,942 Diamondback Energy shares in the third quarter, valued at approximately $34.2 million, giving it a 0.07% stake.
• Analysts maintain a generally positive outlook, with Diamondback receiving a “Moderate Buy” consensus rating and an average price target of $228.43.
• Diamondback reported quarterly EPS of $6.48, beating estimates of $6.08, while revenue rose 51.2% year over year to $5.56 billion; shares opened at $212.08.

Mirae Asset Global Investments Co. Ltd. bought a new stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 185,942 shares of the oil and natural gas company's stock, valued at approximately $34,178,000. Mirae Asset Global Investments Co. Ltd. owned about 0.07% of Diamondback Energy as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the company. Independence Bank of Kentucky grew its position in Diamondback Energy by 1.0% during the 3rd quarter. Independence Bank of Kentucky now owns 5,217 shares of the oil and natural gas company's stock worth $959,000 after purchasing an additional 50 shares during the last quarter. Transamerica Financial Advisors LLC increased its position in Diamondback Energy by 21.0% during the 2nd quarter. Transamerica Financial Advisors LLC now owns 294 shares of the oil and natural gas company's stock worth $52,000 after purchasing an additional 51 shares during the period. Capital Advisors Inc. OK lifted its holdings in Diamondback Energy by 2.9% in the second quarter. Capital Advisors Inc. OK now owns 1,929 shares of the oil and natural gas company's stock valued at $339,000 after acquiring an additional 54 shares during the period. Rehmann Capital Advisory Group boosted its holdings in Diamondback Energy by 4.9% during the second quarter. Rehmann Capital Advisory Group now owns 1,251 shares of the oil and natural gas company's stock worth $220,000 after buying an additional 59 shares in the last quarter. Finally, Wedbush Securities Inc. increased its stake in Diamondback Energy by 1.5% in the 2nd quarter. Wedbush Securities Inc. now owns 4,979 shares of the oil and natural gas company's stock valued at $875,000 after purchasing an additional 72 shares in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on FANG shares. Morgan Stanley upped their price objective on Diamondback Energy from $216.00 to $222.00 and gave the company an "equal weight" rating in a research report on Thursday, October 15th. Stephens reissued an "outperform" rating on shares of Diamondback Energy in a research note on Tuesday, October 13th. Roth Capital boosted their target price on shares of Diamondback Energy from $205.00 to $212.00 and gave the company a "buy" rating in a research note on Tuesday, August 4th. Weiss Ratings upgraded shares of Diamondback Energy from a "hold (c)" rating to a "hold (c+)" rating in a report on Monday, October 19th. Finally, The Goldman Sachs Group decreased their price target on shares of Diamondback Energy from $220.00 to $215.00 and set a "buy" rating on the stock in a research note on Thursday, October 1st. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $228.43.

Insider Buying and Selling

In other Diamondback Energy news, Director Charles Meloy sold 33,333 shares of Diamondback Energy stock in a transaction that occurred on Monday, October 5th. The shares were sold at an average price of $183.74, for a total transaction of $6,124,605.42. Following the transaction, the director directly owned 759,864 shares in the company, valued at approximately $139,617,411.36. The trade was a 4.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Travis D. Stice sold 75,000 shares of the company's stock in a transaction that occurred on Friday, September 11th. The shares were 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 owned 49,727 shares in the company, valued at approximately $10,159,723.37. This represents a 60.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.64% of the company's stock.

Diamondback Energy Price Performance

Shares of NASDAQ FANG opened at $212.08 on Monday. Diamondback Energy, Inc. has a 1 year low of $137.03 and a 1 year high of $216.90. The firm has a market cap of $59.39 billion, a price-to-earnings ratio of 41.34 and a beta of 0.49. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.45 and a current ratio of 0.47. The stock's 50-day simple moving average is $197.38 and its 200-day simple moving average is $189.06.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.08 by $0.40. The business had revenue of $5.56 billion for 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 for the quarter was up 51.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.38 EPS. As a group, equities analysts anticipate that Diamondback Energy, Inc. will post 21.49 earnings per share 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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