Allianz Asset Management GmbH Sells 7,085 Shares of Diamondback Energy, Inc. $FANG

Allianz Asset Management GmbH reduced its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 33.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,074 shares of the oil and natural gas company’s stock after selling 7,085 shares during the period. Allianz Asset Management GmbH’s holdings in Diamondback Energy were worth $2,014,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in FANG. Smead Capital Management Inc. bought a new position in shares of Diamondback Energy in the 2nd quarter valued at about $144,775,000. Vanguard Group Inc. raised its position in Diamondback Energy by 1.7% during the second quarter. Vanguard Group Inc. now owns 23,325,287 shares of the oil and natural gas company’s stock valued at $3,204,894,000 after purchasing an additional 388,512 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Diamondback Energy by 9.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 4,642,218 shares of the oil and natural gas company’s stock valued at $637,841,000 after purchasing an additional 384,971 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Diamondback Energy by 44.8% in the 2nd quarter. American Century Companies Inc. now owns 985,844 shares of the oil and natural gas company’s stock valued at $135,456,000 after purchasing an additional 305,207 shares during the last quarter. Finally, Apollo Management Holdings L.P. purchased a new position in shares of Diamondback Energy in the 2nd quarter worth approximately $31,937,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Diamondback Energy Stock Performance

Shares of Diamondback Energy stock opened at $167.42 on Friday. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.35. The stock’s fifty day moving average price is $154.42 and its 200-day moving average price is $147.78. The firm has a market cap of $47.95 billion, a P/E ratio of 11.63 and a beta of 0.63. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $170.54.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on FANG. TD Cowen upgraded Diamondback Energy to a “strong-buy” rating in a report on Monday. Weiss Ratings reiterated a “hold (c)” rating on shares of Diamondback Energy in a research report on Monday, December 29th. Mizuho lowered their target price on shares of Diamondback Energy from $195.00 to $194.00 and set an “outperform” rating for the company in a report on Thursday, January 22nd. Wall Street Zen downgraded shares of Diamondback Energy from a “hold” rating to a “sell” rating in a report on Saturday, December 27th. Finally, Piper Sandler increased their price objective on shares of Diamondback Energy from $215.00 to $218.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 28th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Diamondback Energy has a consensus rating of “Buy” and an average target price of $185.90.

Insider Transactions at Diamondback Energy

In other news, major shareholder Fang Holdings Lp Sgf sold 1,000,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $162.88, for a total value of $162,880,000.00. Following the completion of the sale, the insider owned 98,686,727 shares of the company’s stock, valued at approximately $16,074,094,093.76. This represents a 1.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles Alvin Meloy sold 377,911 shares of Diamondback Energy stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $138.61, for a total transaction of $52,382,243.71. Following the transaction, the director directly owned 1,044,864 shares in the company, valued at approximately $144,828,599.04. The trade was a 26.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,438,516 shares of company stock worth $225,026,921 in the last three months. Insiders own 0.70% of the company’s stock.

About Diamondback Energy

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.