Sciencast Management LP Sells 651 Shares of Diamondback Energy Inc (NASDAQ:FANG)

Sciencast Management LP trimmed its position in shares of Diamondback Energy Inc (NASDAQ:FANG) by 6.1% during the second quarter, HoldingsChannel reports. The institutional investor owned 10,000 shares of the oil and natural gas company’s stock after selling 651 shares during the period. Sciencast Management LP’s holdings in Diamondback Energy were worth $388,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Pacer Advisors Inc. acquired a new stake in shares of Diamondback Energy during the 2nd quarter worth approximately $569,000. Caymus Capital Partners L.P. bought a new stake in Diamondback Energy during the second quarter worth $293,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Diamondback Energy by 48.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 72,039 shares of the oil and natural gas company’s stock valued at $3,013,000 after purchasing an additional 23,462 shares in the last quarter. Vident Investment Advisory LLC bought a new position in shares of Diamondback Energy in the 2nd quarter valued at $519,000. Finally, Cambridge Investment Research Advisors Inc. increased its stake in shares of Diamondback Energy by 214.8% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 24,602 shares of the oil and natural gas company’s stock valued at $1,029,000 after purchasing an additional 16,787 shares during the last quarter. 96.11% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ FANG opened at $39.86 on Friday. The firm has a market capitalization of $6.29 billion, a P/E ratio of 6.09, a P/E/G ratio of 0.78 and a beta of 2.21. The firm’s 50-day moving average price is $42.10 and its 200-day moving average price is $48.73. The company has a current ratio of 0.95, a quick ratio of 0.93 and a debt-to-equity ratio of 0.40. Diamondback Energy Inc has a 1-year low of $14.55 and a 1-year high of $105.95.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, May 4th. The oil and natural gas company reported $1.45 earnings per share for the quarter, topping analysts’ consensus estimates of $1.29 by $0.16. The business had revenue of $899.00 million for the quarter, compared to the consensus estimate of $968.57 million. Diamondback Energy had a positive return on equity of 7.03% and a negative net margin of 1.05%. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same period in the prior year, the business earned $1.39 EPS. Equities research analysts forecast that Diamondback Energy Inc will post 2.32 EPS for the current year.

Several brokerages have commented on FANG. Piper Sandler raised Diamondback Energy from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $40.00 to $58.00 in a research note on Tuesday, July 21st. KeyCorp cut their target price on shares of Diamondback Energy from $77.00 to $72.00 and set an “overweight” rating on the stock in a research report on Friday, July 17th. Scotiabank upped their target price on Diamondback Energy from $40.00 to $45.00 and gave the stock a “sector outperform” rating in a report on Monday, July 13th. Credit Suisse Group dropped their price target on shares of Diamondback Energy from $61.00 to $57.00 and set an “outperform” rating for the company in a research note on Wednesday, July 15th. Finally, Goldman Sachs Group downgraded Diamondback Energy from a “buy” rating to a “neutral” rating and increased their price objective for the company from $49.50 to $50.50 in a report on Monday, June 22nd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-five have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $66.38.

In other news, CFO Hof Matthew Kaes Van’t bought 1,800 shares of the business’s stock in a transaction that occurred on Friday, June 19th. The shares were bought at an average cost of $46.92 per share, for a total transaction of $84,456.00. Following the acquisition, the chief financial officer now directly owns 53,930 shares in the company, valued at $2,530,395.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.47% of the stock is owned by corporate insiders.

Diamondback Energy Company Profile

Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. It primarily focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico.

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Institutional Ownership by Quarter for Diamondback Energy (NASDAQ:FANG)

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