Viking Fund Management Lowers stake in Diamondback Energy Inc (FANG)

Diamondback Energy Inc (FANG) : Viking Fund Management reduced its stake in Diamondback Energy Inc by 15.92% during the most recent quarter end. The investment management company now holds a total of 280,000 shares of Diamondback Energy Inc which is valued at $22,430,800 after selling 53,000 shares in Diamondback Energy Inc , the firm said in a disclosure report filed with the SEC on Apr 12, 2016.Diamondback Energy Inc makes up approximately 4.25% of Viking Fund Management’s portfolio.

Diamondback Energy Inc closed down -1.62 points or -1.98% at $80.11 with 7,78,143 shares getting traded on Friday. Post opening the session at $80.88, the shares hit an intraday low of $79.83 and an intraday high of $80.95 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

Other Hedge Funds, Including , Monroe Bank Trustmi added FANG to its portfolio by purchasing 45 company shares during the most recent quarter which is valued at $3,605.Central Trust Co boosted its stake in FANG in the latest quarter, The investment management firm added 4,500 additional shares and now holds a total of 9,525 shares of Diamondback Energy Inc which is valued at $763,048. Diamondback Energy Inc makes up approx 0.06% of Central Trust Co’s portfolio. Proficio Capital Partners added FANG to its portfolio by purchasing 5 company shares during the most recent quarter which is valued at $403.Creative Planning boosted its stake in FANG in the latest quarter, The investment management firm added 1,182 additional shares and now holds a total of 2,200 shares of Diamondback Energy Inc which is valued at $177,276.First American Bank boosted its stake in FANG in the latest quarter, The investment management firm added 225 additional shares and now holds a total of 4,755 shares of Diamondback Energy Inc which is valued at $383,158. Diamondback Energy Inc makes up approx 0.04% of First American Bank’s portfolio.

On the company’s financial health, Diamondback Energy Inc reported $0.58 EPS for the quarter, beating the analyst consensus estimate by $ 0.13 according to the earnings call on Feb 16, 2016. Analyst had a consensus of $0.45. The company had revenue of $114.30 million for the quarter, compared to analysts expectations of $150.87 million. The company’s revenue was down -13.1 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.73 EPS.

Many Wall Street Analysts have commented on Diamondback Energy Inc. Shares were Downgraded by Canaccord Genuity on Feb 18, 2016 to ” Hold” and Lowered the Price Target to $ 65 from a previous price target of $71 .Shares were Reiterated by Topeka Capital Markets on Feb 17, 2016 to “Buy” and Lowered the Price Target to $ 85 from a previous price target of $90 .Diamondback Energy Inc was Initiated by Iberia to “Outperform” on Jan 29, 2016.

Diamondback Energy Inc. is an independent oil and natural gas company. The Company is focused on the acquisition development exploration and exploitation of unconventional onshore oil and natural gas reserves in the Permian Basin in West Texas. The Company through its subsidiary Viper owns mineral interests underlying approximately 24528 gross (15948 net) acres in Midland County Texas in the Permian Basin. Approximately 43% of these net acres are operated by the Company. As of December 31 2014 it had drilled or participated in the drilling of 405 gross (343 net) wells on its leasehold acreage in this area primarily targeting the Wolfberry play. The Permian Basin area covers a portion of western Texas and eastern New Mexico. The Company’s activities are primarily focused on the Clearfork Spraberry Wolfcamp Cline Strawn and Atoka formations which it refers to collectively as the Wolfberry play.

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