Diamondback Energy Inc. (FANG) rating initates by The Benchmark Company


Diamondback Energy Inc.’s filing revealed that its Director WEST STEVEN E unloaded Company’s shares for reported $1.21 million on Aug 10. In the deal valued at $150.65 per share,8,000 shares were sold. As a result of this transaction, WEST STEVEN E now holds 5,100 shares worth roughly $ 0.79 million.

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Then, Van’t Hof Matthew Kaes sold 9,000 shares, generating $1,340,813 in total proceeds. Upon selling the shares at $148.98, the President & CFO now owns 155,980 shares.

Before that, Zmigrosky Matt sold 5,812 shares. Diamondback Energy Inc. shares valued at $872,731 were divested by the EVP, Chief Legal and Admin Off at a price of $150.16 per share. As a result of the transaction, Zmigrosky Matt now holds 30,186 shares, worth roughly $4.65 million.

The Benchmark Company initiated its Diamondback Energy Inc. [FANG] rating to a Buy in a research note published on Tuesday, July 13, 2023; the price target was $154. PT values the company’s stock at a premium of -0.12 to its Tuesday closing price.

Price Performance Review of FANG

On Tuesday, Diamondback Energy Inc. [NASDAQ:FANG] saw its stock fall -0.30% to $154.19. On the same session, the stock had its day’s lowest price of $153.90, but rose to a high of $156.44. Over the last five days, the stock has gained 2.33%. Diamondback Energy Inc. shares have risen nearly 14.46% since the year began. Nevertheless, the stocks have risen 21.24% over the past one year. While a 52-week high of $164.90 was reached on 09/05/23, a 52-week low of $108.31 was recorded on 03/16/23. SMA at 50 days reached $143.10, while 200 days put it at $139.17. A total of 2.02 million shares were traded, compared to the trading of 2.56 million shares in the previous session.

Levels Of Support And Resistance For FANG Stock

The 24-hour chart illustrates a support level at 153.25, which if violated will result in even more drops to 152.30. On the upside, there is a resistance level at 155.79. A further resistance level may holdings at 157.38. The Relative Strength Index (RSI) on the 14-day chart is 75.52, which indicates overbought technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 3.56, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 20.27%. Stochastics %K at 89.46% indicates the stock is a selling.

How much short interest is there in Diamondback Energy Inc.?

A steep rise in short interest was recorded in Diamondback Energy Inc. stocks on Aug 14, 2023, growing by 3.35 million shares to a total of 8.33 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 4.98 million shares. There was a rise of 40.22%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 5.32% of the overall stock float, the days-to-cover ratio (short ratio) rose to 4.04.

Diamondback Energy Inc. [FANG] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 21,165,380 shares, or roughly 11.69% of the outstanding FANG shares. In other words, the investor’s shares have fallen by -112,860 from its previous 13-F filing of 21278240.0. Additionally, Wellington Management Co. LLP increased 20.97% of its stake after which the total value it holdings stand at $2,006,251,344, while SSgA Funds Management, Inc. reduced -1.84% of its stake to hold $1.69 billion in the firm. Over the last quarter, BlackRock Fund Advisors sold -962,682 shares of Diamondback Energy Inc., while Fidelity Management & Research Co sold -1,569,605 shares. At present, Geode Capital Management LLC is holding 3,968,392 shares valued at $584.62 million. JPMorgan Investment Management, I owned 3,380,164 shares of the company at the time of its most recent 13F filing, worth $497.97 million.

According to FactSet, Diamondback Energy Inc.’s share price will average $173.69 in the next year, based on opinions of analysts polled by the firm. This is up nearly 9.92 percent from its previous closing price of $154.66. Analysts expect Diamondback Energy Inc. stock to reach the higher price of $222.00, while the lowest price estimate is $140.00. However, 31 analysts have rated FANG stock as a Buy in their predictions for 2023.


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