Legacy CG LLC Has $4.92 Million Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Legacy CG LLC cut its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 7.2% during the third quarter, Holdings Channel reports. The fund owned 28,561 shares of the oil and natural gas company’s stock after selling 2,229 shares during the quarter. Diamondback Energy comprises about 1.6% of Legacy CG LLC’s holdings, making the stock its 28th biggest holding. Legacy CG LLC’s holdings in Diamondback Energy were worth $4,924,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in FANG. First Community Trust NA acquired a new position in Diamondback Energy in the 2nd quarter valued at $26,000. Carolinas Wealth Consulting LLC grew its holdings in shares of Diamondback Energy by 67.1% during the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after purchasing an additional 55 shares in the last quarter. HHM Wealth Advisors LLC acquired a new stake in shares of Diamondback Energy during the 2nd quarter worth $40,000. Values First Advisors Inc. acquired a new stake in shares of Diamondback Energy during the 3rd quarter worth $42,000. Finally, Founders Capital Management grew its holdings in shares of Diamondback Energy by 99.2% during the 2nd quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock worth $50,000 after purchasing an additional 125 shares in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FANG has been the topic of several analyst reports. Wolfe Research initiated coverage on Diamondback Energy in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $220.00 target price on shares of Diamondback Energy in a report on Tuesday, September 17th. Evercore ISI reduced their target price on Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating on the stock in a report on Monday, September 30th. Scotiabank dropped their price objective on Diamondback Energy from $245.00 to $225.00 and set a “sector outperform” rating for the company in a research report on Thursday, October 10th. Finally, Johnson Rice downgraded Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $210.09.

Insider Buying and Selling

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the transaction, the insider now owns 1,037,819 shares in the company, valued at $181,732,485.09. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.48% of the stock is currently owned by insiders.

Diamondback Energy Trading Up 2.2 %

Shares of FANG stock opened at $179.76 on Tuesday. The stock has a market cap of $52.98 billion, a price-to-earnings ratio of 9.29, a PEG ratio of 1.23 and a beta of 1.89. The stock has a 50-day moving average of $182.94 and a 200-day moving average of $192.79. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65. Diamondback Energy, Inc. has a 1-year low of $145.70 and a 1-year high of $214.50.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, beating the consensus estimate of $4.51 by $0.01. The company had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.19 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The business’s quarterly revenue was up 29.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.68 earnings per share. On average, equities research analysts forecast that Diamondback Energy, Inc. will post 17.1 earnings per share for the current year.

Diamondback Energy Profile

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.