Harbour Capital Advisors LLC Increases Position in Diamondback Energy, Inc. (FANG)
Harbour Capital Advisors LLC boosted its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 8,536.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 767,052 shares of the oil and natural gas company’s stock after buying an additional 758,170 shares during the period. Harbour Capital Advisors LLC owned about 0.78% of Diamondback Energy worth $8,637,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently bought and sold shares of FANG. FMR LLC increased its stake in Diamondback Energy by 17.0% in the first quarter. FMR LLC now owns 11,423,256 shares of the oil and natural gas company’s stock valued at $1,184,763,000 after buying an additional 1,661,551 shares during the last quarter. Vanguard Group Inc. increased its stake in Diamondback Energy by 6.0% in the first quarter. Vanguard Group Inc. now owns 7,336,800 shares of the oil and natural gas company’s stock valued at $760,937,000 after buying an additional 417,820 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Diamondback Energy by 8.1% in the first quarter. JPMorgan Chase & Co. now owns 6,354,921 shares of the oil and natural gas company’s stock valued at $659,101,000 after buying an additional 477,648 shares during the last quarter. BlackRock Inc. increased its stake in Diamondback Energy by 5,554.4% in the first quarter. BlackRock Inc. now owns 4,707,194 shares of the oil and natural gas company’s stock valued at $488,205,000 after buying an additional 4,623,946 shares during the last quarter. Finally, Warburg Pincus LLC purchased a new stake in Diamondback Energy during the first quarter valued at $291,598,000. Institutional investors and hedge funds own 97.20% of the company’s stock.
Shares of Diamondback Energy, Inc. (NASDAQ FANG) traded up 0.88% during trading on Friday, hitting $92.87. The company’s stock had a trading volume of 1,182,586 shares. Diamondback Energy, Inc. has a one year low of $82.77 and a one year high of $114.00. The stock has a market cap of $9.11 billion, a PE ratio of 25.53 and a beta of 1.06. The company has a 50-day moving average price of $91.49 and a 200-day moving average price of $98.25.
Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Tuesday, August 1st. The oil and natural gas company reported $1.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.44. Diamondback Energy had a net margin of 38.24% and a return on equity of 8.09%. The company had revenue of $267.40 million during the quarter, compared to the consensus estimate of $258.75 million. During the same period last year, the firm earned $0.26 EPS. The company’s revenue for the quarter was up 137.7% on a year-over-year basis. Equities analysts predict that Diamondback Energy, Inc. will post $4.88 EPS for the current fiscal year.
FANG has been the topic of several research analyst reports. BidaskClub upgraded Diamondback Energy from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 5th. Roth Capital boosted their price target on Diamondback Energy from $120.00 to $130.00 and gave the company a “buy” rating in a research note on Thursday, July 27th. BMO Capital Markets set a $100.00 price target on Diamondback Energy and gave the company a “buy” rating in a research note on Tuesday, August 1st. Northland Securities set a $125.00 price objective on Diamondback Energy and gave the company a “buy” rating in a report on Monday, July 17th. Finally, Credit Suisse Group reissued an “outperform” rating and issued a $151.00 price objective on shares of Diamondback Energy in a report on Friday, June 2nd. Two analysts have rated the stock with a sell rating, four have given a hold rating and twenty-one have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $115.92.
In related news, Director Steven E. West acquired 2,400 shares of the business’s stock in a transaction that occurred on Wednesday, May 17th. The stock was purchased at an average cost of $103.45 per share, for a total transaction of $248,280.00. Following the transaction, the director now directly owns 2,400 shares of the company’s stock, valued at approximately $248,280. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Michael L. Hollis sold 1,000 shares of Diamondback Energy stock in a transaction that occurred on Thursday, July 20th. The stock was sold at an average price of $95.00, for a total value of $95,000.00. The disclosure for this sale can be found here. 0.41% of the stock is currently owned by company insiders.
About Diamondback Energy
Diamondback Energy, Inc is an independent oil and natural gas company. The Company focuses on the acquisition, development, exploration and exploitation of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas. As of December 31, 2016, the Company’s total net acreage position in the Permian Basin was approximately 105,894 net acres.
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