Public Employees Retirement System of Ohio Sells 12,533 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Public Employees Retirement System of Ohio reduced its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 13.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 83,403 shares of the oil and natural gas company’s stock after selling 12,533 shares during the period. Public Employees Retirement System of Ohio’s holdings in Diamondback Energy were worth $16,528,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Founders Capital Management grew its holdings in shares of Diamondback Energy by 404.0% in the first quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock worth $25,000 after purchasing an additional 101 shares during the last quarter. Logan Capital Management Inc. bought a new position in shares of Diamondback Energy in the fourth quarter worth approximately $31,000. Turtle Creek Wealth Advisors LLC bought a new position in shares of Diamondback Energy in the fourth quarter worth approximately $34,000. E Fund Management Hong Kong Co. Ltd. bought a new position in shares of Diamondback Energy in the first quarter worth approximately $49,000. Finally, Bay Harbor Wealth Management LLC bought a new position in shares of Diamondback Energy in the first quarter worth approximately $55,000. 90.01% of the stock is currently owned by institutional investors.

Insider Transactions at Diamondback Energy

In other news, COO Daniel N. Wesson sold 6,000 shares of Diamondback Energy stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $197.14, for a total value of $1,182,840.00. Following the completion of the transaction, the chief operating officer now owns 69,677 shares of the company’s stock, valued at approximately $13,736,123.78. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, COO Daniel N. Wesson sold 6,000 shares of Diamondback Energy stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $197.14, for a total value of $1,182,840.00. Following the completion of the sale, the chief operating officer now directly owns 69,677 shares in the company, valued at approximately $13,736,123.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Jere W. Thompson III sold 900 shares of Diamondback Energy stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $199.90, for a total value of $179,910.00. Following the completion of the sale, the vice president now owns 7,585 shares of the company’s stock, valued at $1,516,241.50. The disclosure for this sale can be found here. 0.48% of the stock is owned by insiders.

Analysts Set New Price Targets

FANG has been the topic of several recent analyst reports. Royal Bank of Canada raised their target price on shares of Diamondback Energy from $195.00 to $220.00 and gave the stock an “outperform” rating in a report on Monday, May 6th. KeyCorp assumed coverage on Diamondback Energy in a research note on Thursday, June 27th. They issued an “overweight” rating and a $225.00 price target for the company. Wells Fargo & Company raised their price target on Diamondback Energy from $224.00 to $231.00 and gave the stock an “overweight” rating in a research note on Thursday, July 18th. Mizuho raised their price target on Diamondback Energy from $217.00 to $222.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Finally, StockNews.com lowered Diamondback Energy from a “buy” rating to a “hold” rating in a research note on Saturday, July 6th. One analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $209.65.

Diamondback Energy Price Performance

FANG opened at $199.59 on Tuesday. The stock has a 50-day moving average price of $197.98 and a 200-day moving average price of $188.95. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.89. The firm has a market cap of $35.59 billion, a PE ratio of 11.18, a P/E/G ratio of 1.08 and a beta of 1.90. Diamondback Energy, Inc. has a 1 year low of $143.08 and a 1 year high of $214.50.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.29 by $0.21. The firm had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.10 billion. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. Diamondback Energy’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.10 EPS. Sell-side analysts predict that Diamondback Energy, Inc. will post 18.63 earnings per share for the current fiscal year.

About Diamondback Energy

Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. It 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.