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 14.14% to 10.56 million shares with purchase of 1.31 million shares. This fresh investment now brings its stake to 6.69% valued currently at $420.81 million. In addition, BlackRock Fund Advisors raised its holdings by 32637.0 to 8.03 million shares. And Geode Capital Management LLC has lifted its position by 4.80% or 0.13 million shares – to 2.84 million shares.
With over 1.65 million Diamondback Energy Inc. (FANG) shares trading Tuesday and a closing price of $41.06 on the day, the dollar volume was approximately $67.84 million. The shares have shown a negative weekly performance of -7.71% and its price on 08/25/20 gained nearly 2.52%. Currently, there are 157.83M common shares owned by the public and among those 156.40M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 35 analysts who have offered their price forecasts for FANG have a consensus price objective of $59.26. The analysts have set the share’s price value over the next 12 months at a high of $106.00 and a low of $44.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Diamondback Energy Inc. stock is 1.80 for the next 12 months. The average price target is 29.92% above its last price level and an upside to the estimated low will see the stock gain 6.68% over that period. But an upside of 61.26% will see the stock hit the forecast high price target while mean target price for the stock is $56.00.
Insiders at the company have transacted a total of 55 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 23 of these insider trades were purchases, accounting for 262,766 shares. Insider sales of the common stock occurred on 32 occasions, with total insider shares sold totaling 82,989 shares.
The top 3 mutual fund holders in Diamondback Energy Inc. are American Funds Growth Fund of Ame, American Funds AMCAP Fund, and Vanguard Total Stock Market Index. American Funds Growth Fund of Ame owns 9.19 million shares of the company’s stock, all valued at over $366.19 million. The company sold -2.37 million shares recently to bring their total holdings to about 5.82% of the shares outstanding. Vanguard Total Stock Market Index sold 2834.0 shares to bring its total holdings to over 4.5 million shares at a value of $179.27 million. Vanguard Total Stock Market Index now owns shares totaling to 2.85% of the shares outstanding.
Shares of Diamondback Energy Inc. (NASDAQ: FANG) opened at $40.53, up $0.48 from a prior closing price of $40.05. However, the script later closed the day at $41.06, up 2.52%. The company’s stock has a 5-day price change of -7.71% and -7.31% over the past three months. FANG shares are trading -55.78% year to date (YTD), with the 12-month market performance down to -56.09% lower. It has a 12-month low price of $14.55 and touched a high of $105.95 over the same period. Currently, 1.65 million shares have been traded, compared to 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 -2.35%, -2.29%, and -25.78% respectively.
Institutional ownership of Diamondback Energy Inc. (NASDAQ: FANG) shares accounts for 94.50% of the company’s 157.83M shares outstanding. Mutual fund holders own 33.98%, while other institutional holders and individual stakeholders account for 61.21% and 2.25% respectively.
It has a market capitalization of $6.71B and a beta (3y monthly) value of 2.27. The earnings-per-share (ttm) stands at -$18.76. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.97% over the week and 4.21% over the month.
Analysts forecast that Diamondback Energy Inc. (FANG) will achieve an EPS of $0.37 for the current quarter, $0.52 for the next quarter and $3.12 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.06 while analysts give the company a high EPS estimate of $1.1. Comparatively, EPS for the current quarter was $1.47 a year ago. Earnings per share for the fiscal year are expected to decrease by -81.80%, and 27.47% over the next financial year. EPS should grow at an annualized rate of 13.45% over the next five years, compared to -16.60% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 35 brokerage firm advisors rate Diamondback Energy Inc. (FANG) as a “Strong Buy” at a consensus score of 1.80. Specifically, 29 Wall Street analysts polled rate the stock as a buy, while 3 of the 35 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the FANG, a number of firms have released research notes about the stock. Credit Suisse stated their Outperform rating for the stock in a research note on August 05, 2020, with the firm’s price target at $57. Seaport Global Securities coverage for the Diamondback Energy Inc. (FANG) stock in a research note released on July 27, 2020 offered a Buy rating with a price target of $50. Piper Sandler was of a view on July 21, 2020 that the stock is Overweight, while Imperial Capital gave the stock Outperform rating on July 16, 2020, issuing a price target of $70- $55. BMO Capital Markets on their part issued Market Perform rating on June 29, 2020.