Charles Davidson’s Wexford Capital Continues To Slash Stake in Diamondback Energy Inc (FANG)

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Midland, Texas-based Diamondback Energy Inc (NASDAQ:FANG) is an independent oil and natural gas company, with a market cap of $4.1 billion. The company is engaged in the development, exploration, as well as exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. Recently, Diamondback Energy Inc (NASDAQ:FANG) conducted an underwritten public offering of 1.75 million shares of the company’s common stock. The underwriter were granted an option to purchase up to an further 262,500 shares of common stock from the company.

Among the largest shareholders of Diamondback Energy Inc (NASDAQ:FANG) is Ken Griffin’s Citadel Investment Group, which reported ownership of 1.93 million shares as of the end of September 2014. Citadel Investment was bullish on the company during the third quarter, upping its position by over 80% in the company. In its latest 13F, Discovery Capital Management, led by Rob Citrone, disclosed owning 1.46 million shares of Diamondback Energy Inc (NASDAQ:FANG), according to our record.

On Wednesday, Diamondback Energy Inc (NASDAQ:FANG) traded down by 3.67% to $67.12. Share price of the company moved up nearly 30% since February 2014. During last six months, the stock fell by 17.76%. The consensus average target price for the stock is $79.61, while the consensus average recommendation ‘Buy,’ based on ratings by 20 analysts.

Diamondback Energy Inc (NASDAQ:FANG) reported impressive financial results as of the end of the third quarter of 2014. For nine months ended September 30, the company posted net income of $95.1 million, which is significantly up from $34.5 million in 2013. Earnings per share was $1.83, as compared to $0.85 in 2013. The company reported revenues of $364.1 million, versus $132.1 million in 2013.

Disclosure: none

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