Strategic Investment Advisors MI Has $2.10 Million Holdings in Diamondback Energy, Inc. $FANG

Strategic Investment Advisors MI grew its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 69.0% in the 1st quarter, HoldingsChannel reports. The fund owned 10,624 shares of the oil and natural gas company’s stock after buying an additional 4,336 shares during the period. Strategic Investment Advisors MI’s holdings in Diamondback Energy were worth $2,101,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

FANG has been the topic of a number of recent research reports. Barclays raised their price objective on shares of Diamondback Energy from $225.00 to $232.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Mizuho boosted their target price on shares of Diamondback Energy from $220.00 to $240.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Weiss Ratings lowered shares of Diamondback Energy from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, July 16th. Wells Fargo & Company set a $212.00 price target on shares of Diamondback Energy in a research report on Monday, June 22nd. Finally, Raymond James Financial reiterated a “strong-buy” rating and set a $249.00 price target on shares of Diamondback Energy in a research note on Wednesday, June 10th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $218.68.

Insider Activity

In other Diamondback Energy news, EVP Matt Zmigrosky sold 5,000 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $200.54, for a total value of $1,002,700.00. Following the completion of the sale, the executive vice president owned 46,392 shares in the company, valued at approximately $9,303,451.68. This trade represents a 9.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Charles Alvin Meloy sold 83,334 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $187.12, for a total transaction of $15,593,458.08. Following the transaction, the director directly owned 851,530 shares in the company, valued at approximately $159,338,293.60. This represents a 8.91% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 113,691 shares of company stock valued at $21,622,752. 0.64% of the stock is currently owned by company insiders.

Diamondback Energy Stock Performance

NASDAQ FANG opened at $199.13 on Thursday. The company has a fifty day moving average price of $190.77 and a 200-day moving average price of $183.89. The firm has a market cap of $56.02 billion, a price-to-earnings ratio of 231.55 and a beta of 0.42. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.56 and a quick ratio of 0.55. Diamondback Energy, Inc. has a 1 year low of $134.30 and a 1 year high of $214.51.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share for the quarter, beating analysts’ consensus estimates of $3.74 by $0.49. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The company had revenue of $4.24 billion for the quarter, compared to analyst estimates of $3.83 billion. During the same period last year, the firm earned $4.54 earnings per share. The firm’s revenue was up 4.7% on a year-over-year basis. As a group, equities research analysts predict that Diamondback Energy, Inc. will post 18.9 EPS for the current fiscal year.

About Diamondback Energy

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.