Diamondback Energy (FANG) : The traders have covered their outstanding shorts in Diamondback Energy (FANG) to the tune of -112,109 shares, a change of -2.4%. As on Jul 29, 2016, the outstanding shorts on the stock were 4,625,168 shares, however, by August 15, 2016, the shorts had reduced to 4,513,059 shares. The covering shows that the traders dont believe that a large downside exists in the stock from current levels. The open short positions equal 5.8% of the free float of the stock. It takes 4 days to cover the outstanding short positions. The stock has an average daily volume of 1,128,106 shares. The short interest information was released on Wednesday Aug 24th after the market close.
Diamondback Energy (NASDAQ:FANG): The stock opened at $96.27 on Wednesday but the bulls could not build on the opening and the stock topped out at $97.30 for the day. The stock traded down to $95.76 during the day, due to lack of any buying support eventually closed down at $96.19 with a loss of -0.41% for the day. The stock had closed at $96.59 on the previous day. The total traded volume was 570,078 shares.
In a related news, Dick Teresa L., officer (CFO, Sr. VP) of Diamondback Energy, Inc., unloaded 1,000 shares at an average price of $95.71 on August 15, 2016. The total amount of the transaction was worth $95,710, according to the disclosed information with the Securities and Exchange Commission in a Form 4 filing.
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 24,528 gross (15,948 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 Companys activities are primarily focused on the Clearfork, Spraberry, Wolfcamp, Cline, Strawn and Atoka formations, which it refers to collectively as the Wolfberry play.