Benefit Street Partners LLC Buys New Position in Diamondback Energy, Inc. (FANG)

Benefit Street Partners LLC bought a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) during the second quarter, according to its most recent filing with the SEC. The fund bought 40,000 shares of the oil and natural gas company’s stock, valued at approximately $3,552,000. Diamondback Energy accounts for 1.6% of Benefit Street Partners LLC’s investment portfolio, making the stock its 17th largest holding.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FANG. Prudential Financial Inc. raised its stake in shares of Diamondback Energy by 8.4% during the 1st quarter. Prudential Financial Inc. now owns 4,890 shares of the oil and natural gas company’s stock worth $507,000 after purchasing an additional 380 shares during the period. American International Group Inc. raised its stake in shares of Diamondback Energy by 5.8% during the 1st quarter. American International Group Inc. now owns 2,308 shares of the oil and natural gas company’s stock worth $239,000 after purchasing an additional 126 shares during the period. Alliancebernstein L.P. raised its stake in shares of Diamondback Energy by 9.7% during the 1st quarter. Alliancebernstein L.P. now owns 57,230 shares of the oil and natural gas company’s stock worth $5,936,000 after purchasing an additional 5,053 shares during the period. Credit Agricole S A raised its stake in shares of Diamondback Energy by 66.9% during the 1st quarter. Credit Agricole S A now owns 12,183 shares of the oil and natural gas company’s stock worth $1,263,000 after purchasing an additional 4,883 shares during the period. Finally, Principal Financial Group Inc. raised its stake in shares of Diamondback Energy by 18.0% during the 1st quarter. Principal Financial Group Inc. now owns 12,937 shares of the oil and natural gas company’s stock worth $1,342,000 after purchasing an additional 1,978 shares during the period. Institutional investors own 98.59% of the company’s stock.

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Shares of Diamondback Energy, Inc. (NASDAQ:FANG) traded up 0.93% on Friday, hitting $102.53. The stock had a trading volume of 577,136 shares. The firm has a 50-day moving average price of $97.13 and a 200-day moving average price of $95.17. Diamondback Energy, Inc. has a 52 week low of $82.77 and a 52 week high of $114.00. The stock has a market capitalization of $10.06 billion, a P/E ratio of 28.19 and a beta of 1.08.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Tuesday, August 1st. The oil and natural gas company reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.44. The company had revenue of $267.40 million for the quarter, compared to the consensus estimate of $258.75 million. Diamondback Energy had a return on equity of 8.09% and a net margin of 38.24%. The firm’s quarterly revenue was up 137.7% on a year-over-year basis. During the same quarter last year, the company earned $0.26 EPS. Equities analysts expect that Diamondback Energy, Inc. will post $5.00 earnings per share for the current fiscal year.

In related news, VP Hof Matthew Kaes Van’t sold 650 shares of Diamondback Energy stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $88.49, for a total transaction of $57,518.50. Following the sale, the vice president now owns 4,950 shares of the company’s stock, valued at approximately $438,025.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Molnar sold 5,000 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, September 19th. The shares were sold at an average price of $95.04, for a total value of $475,200.00. Following the sale, the vice president now directly owns 42,563 shares in the company, valued at approximately $4,045,187.52. The disclosure for this sale can be found here. Insiders have sold a total of 12,805 shares of company stock worth $1,239,381 in the last three months. 0.41% of the stock is owned by corporate insiders.

A number of equities research analysts have recently commented on FANG shares. BidaskClub upgraded Diamondback Energy from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 5th. Roth Capital lifted their target price on Diamondback Energy from $120.00 to $130.00 and gave the stock a “buy” rating in a research note on Thursday, July 27th. BMO Capital Markets set a $100.00 target price on Diamondback Energy and gave the stock a “buy” rating in a researc

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FANG. Prudential Financial Inc. raised its stake in shares of Diamondback Energy by 8.4% during the 1st quarter. Prudential Financial Inc. now owns 4,890 shares of the oil and natural gas company’s stock worth $507,000 after purchasing an additional 380 shares during the period. American International Group Inc. raised its stake in shares of Diamondback Energy by 5.8% during the 1st quarter. American International Group Inc. now owns 2,308 shares of the oil and natural gas company’s stock worth $239,000 after purchasing an additional 126 shares during the period. Alliancebernstein L.P. raised its stake in shares of Diamondback Energy by 9.7% during the 1st quarter. Alliancebernstein L.P. now owns 57,230 shares of the oil and natural gas company’s stock worth $5,936,000 after purchasing an additional 5,053 shares during the period. Credit Agricole S A raised its stake in shares of Diamondback Energy by 66.9% during the 1st quarter. Credit Agricole S A now owns 12,183 shares of the oil and natural gas company’s stock worth $1,263,000 after purchasing an additional 4,883 shares during the period. Finally, Principal Financial Group Inc. raised its stake in shares of Diamondback Energy by 18.0% during the 1st quarter. Principal Financial Group Inc. now owns 12,937 shares of the oil and natural gas company’s stock worth $1,342,000 after purchasing an additional 1,978 shares during the period. Institutional investors own 98.59% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: “Benefit Street Partners LLC Buys New Position in Diamondback Energy, Inc. (FANG)” was posted by The Ledger Gazette and is owned by of The Ledger Gazette. If you are viewing this article on another domain, it was illegally stolen and reposted in violation of U.S. and international copyright & trademark law. The correct version of this article can be accessed at https://ledgergazette.com/2017/10/21/benefit-street-partners-llc-buys-new-position-in-diamondback-energy-inc-fang.html.

Shares of Diamondback Energy, Inc. (NASDAQ:FANG) traded up 0.93% on Friday, hitting $102.53. The stock had a trading volume of 577,136 shares. The firm has a 50-day moving average price of $97.13 and a 200-day moving average price of $95.17. Diamondback Energy, Inc. has a 52 week low of $82.77 and a 52 week high of $114.00. The stock has a market capitalization of $10.06 billion, a P/E ratio of 28.19 and a beta of 1.08.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Tuesday, August 1st. The oil and natural gas company reported $1.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.44. The company had revenue of $267.40 million for the quarter, compared to the consensus estimate of $258.75 million. Diamondback Energy had a return on equity of 8.09% and a net margin of 38.24%. The firm’s quarterly revenue was up 137.7% on a year-over-year basis. During the same quarter last year, the company earned $0.26 EPS. Equities analysts expect that Diamondback Energy, Inc. will post $5.00 earnings per share for the current fiscal year.

In related news, VP Hof Matthew Kaes Van’t sold 650 shares of Diamondback Energy stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $88.49, for a total transaction of $57,518.50. Following the sale, the vice president now owns 4,950 shares of the company’s stock, valued at approximately $438,025.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Paul Molnar sold 5,000 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, September 19th. The shares were sold at an average price of $95.04, for a total value of $475,200.00. Following the sale, the vice president now directly owns 42,563 shares in the company, valued at approximately $4,045,187.52. The disclosure for this sale can be found here. Insiders have sold a total of 12,805 shares of company stock worth $1,239,381 in the last three months. 0.41% of the stock is owned by corporate insiders.

A number of equities research analysts have recently commented on FANG shares. BidaskClub upgraded Diamondback Energy from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 5th. Roth Capital lifted their target price on Diamondback Energy from $120.00 to $130.00 and gave the stock a “buy” rating in a research note on Thursday, July 27th. BMO Capital Markets set a $100.00 target price on Diamondback Energy and gave the stock a “buy” rating in a research note on Tuesday, August 1st. Northland Securities set a $125.00 target price on Diamondback Energy and gave the stock a “buy” rating in a research note on Monday, July 17th. Finally, Morgan Stanley lifted their target price on Diamondback Energy from $118.00 to $126.00 and gave the stock an “overweight” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-one have given a buy rating to the company. Diamondback Energy currently has a consensus rating of “Buy” and a consensus price target of $122.13.

Diamondback Energy Profile

Diamondback Energy, Inc is an independent oil and natural gas company. The Company focuses on the acquisition, development, exploration and exploitation of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas. As of December 31, 2016, the Company’s total net acreage position in the Permian Basin was approximately 105,894 net acres.

Institutional Ownership by Quarter for Diamondback Energy (NASDAQ:FANG)

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