SummitTX Capital L.P. Acquires New Stake in Diamondback Energy, Inc. $FANG

SummitTX Capital L.P. bought a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 4,502 shares of the oil and natural gas company’s stock, valued at approximately $890,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Cedar Mountain Advisors LLC bought a new stake in shares of Diamondback Energy in the 1st quarter valued at about $26,000. Flagship Harbor Advisors LLC bought a new position in shares of Diamondback Energy during the fourth quarter worth about $25,000. Laurel Wealth Advisors LLC acquired a new position in shares of Diamondback Energy in the fourth quarter worth approximately $26,000. Richardson Financial Services Inc. lifted its stake in shares of Diamondback Energy by 245.1% in the fourth quarter. Richardson Financial Services Inc. now owns 176 shares of the oil and natural gas company’s stock worth $26,000 after acquiring an additional 125 shares during the period. Finally, JPL Wealth Management LLC acquired a new position in shares of Diamondback Energy in the third quarter worth approximately $26,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Diamondback Energy

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

Diamondback Energy Stock Up 0.3%

Shares of NASDAQ:FANG opened at $199.77 on Friday. Diamondback Energy, Inc. has a 52-week low of $134.30 and a 52-week high of $214.51. The business’s 50 day simple moving average is $190.74 and its two-hundred day simple moving average is $184.26. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.55 and a current ratio of 0.56. The firm has a market cap of $56.20 billion, a P/E ratio of 232.29 and a beta of 0.42.

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

Analyst Upgrades and Downgrades

A number of analysts have weighed in on FANG shares. Wall Street Zen raised shares of Diamondback Energy from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings downgraded shares of Diamondback Energy from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, July 16th. Barclays upped 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. KeyCorp lifted their target price on shares of Diamondback Energy from $196.00 to $225.00 and gave the stock an “overweight” rating in a research note on Thursday, April 2nd. Finally, Raymond James Financial restated a “strong-buy” rating and issued a $249.00 target price on shares of Diamondback Energy in a report on Wednesday, June 10th. Four investment 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, the company presently has an average rating of “Buy” and an average price target of $218.68.

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.