SSgA Funds Management, Inc. recently announced the acquisition of new stake in Diamondback Energy Inc. (NASDAQ:FANG). The institutional investor has increased its shareholding in the Energy company by 0.18% to 11.54 million shares with purchase of 20254.0 shares. This fresh investment now brings its stake to 6.28% valued currently at $1.62 billion. In addition, BlackRock Fund Advisors raised its holdings by 1.44 million to 10.68 million shares. And Fidelity Management & Research Co has lifted its position by 7.21% or 0.56 million shares – to 8.29 million shares.
With over 2.96 million Diamondback Energy Inc. (FANG) shares trading Monday and a closing price of $131.54 on the day, the dollar volume was approximately $389.0 million. The shares have shown a negative half year performance of -0.21% and its price on 03/13/23 lost nearly -3.22%. Currently, there are 177.64M common shares owned by the public and among those 175.17M shares have been available to trade.
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Insiders at the company have transacted a total of 27 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 17 of these insider trades were purchases, accounting for 171,627 shares. Insider sales of the common stock occurred on 10 occasions, with total insider shares sold totaling 71,612 shares.
The top 3 mutual fund holders in Diamondback Energy Inc. are Vanguard Total Stock Market Index, SPDR Series – Energy Select Secto, and Vanguard Mid Cap Index Fund. Vanguard Total Stock Market Index owns 5.39 million shares of the company’s stock, all valued at over $758.29 million. The company bought an additional 40813.0 shares recently to bring their total holdings to about 2.94% of the shares outstanding. SPDR Series – Energy Select Secto bought 8265.0 shares to see its total holdings expand to 5.14 million shares valued at over $722.89 million and representing 2.80% of the shares outstanding. Vanguard Mid Cap Index Fund bought 6582.0 shares to bring its total holdings to over 4.1 million shares at a value of $577.02 million. Vanguard Mid Cap Index Fund now owns shares totaling to 2.23% of the shares outstanding.
Shares of Diamondback Energy Inc. (NASDAQ: FANG) opened at $131.31, down -$4.6 from a prior closing price of $135.91. However, the script later moved the day high at 134.68, down -3.22%. The company’s stock has a 5-day price change of -8.37% and 0.49% over the past three months. FANG shares are trading -2.38% year to date (YTD), with the 12-month market performance up to 4.15% higher. It has a 12-month low price of $99.50 and touched a high of $164.93 over the same period. FANG has an average intraday trading volume of 2.55 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -6.79%, -6.35%, and -2.23% respectively.
Institutional ownership of Diamondback Energy Inc. (NASDAQ: FANG) shares accounts for 98.10% of the company’s 177.64M shares outstanding. Mutual fund holders own 33.85%, while other institutional holders and individual stakeholders account for 50.65% and 2.06% respectively.
It has a market capitalization of $24.87B and a beta (3y monthly) value of 2.04. The stock’s trailing 12-month PE ratio is 5.32, while the earnings-per-share (ttm) stands at $24.74. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.22% over the week and 3.56% over the month.
Analysts forecast that Diamondback Energy Inc. (FANG) will achieve an EPS of $5.31 for the current quarter, $5.36 for the next quarter and $23.46 for 2023. The lowest estimate earnings-per-share for the quarter is $4.57 while analysts give the company a high EPS estimate of $6.97. Comparatively, EPS for the current quarter was $3.63 a year ago. Earnings per share for the fiscal year are expected to increase by 100.00%, and 5.03% over the next financial year. EPS should shrink at an annualized rate of -1.59% over the next five years, compared to 34.30% over the past 5-year period.
Looking at the support for the FANG, a number of firms have released research notes about the stock. Wells Fargo stated their Overweight rating for the stock in a research note on January 25, 2023, with the firm’s price target at $181. Mizuho coverage for the Diamondback Energy Inc. (FANG) stock in a research note released on January 10, 2023 offered a Buy rating with a price target of $195. Johnson Rice was of a view on December 05, 2022 that the stock is Buy, while BofA Securities gave the stock Underperform rating on November 28, 2022, issuing a price target of $143. Jefferies on their part issued Hold rating on October 19, 2022.
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