Lord Abbett & CO. LLC Has $46.18 Million Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Lord Abbett & CO. LLC decreased its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 8.9% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 288,815 shares of the oil and natural gas company’s stock after selling 28,332 shares during the period. Lord Abbett & CO. LLC owned 0.10% of Diamondback Energy worth $46,176,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Price T Rowe Associates Inc. MD increased its holdings in shares of Diamondback Energy by 11.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company’s stock valued at $1,496,859,000 after acquiring an additional 928,429 shares during the last quarter. Boston Partners increased its holdings in shares of Diamondback Energy by 4.8% during the 1st quarter. Boston Partners now owns 5,418,840 shares of the oil and natural gas company’s stock valued at $861,961,000 after acquiring an additional 249,098 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Diamondback Energy by 2.3% during the 1st quarter. Bank of New York Mellon Corp now owns 4,257,247 shares of the oil and natural gas company’s stock valued at $680,649,000 after acquiring an additional 94,177 shares during the last quarter. Demars Financial Group LLC increased its holdings in shares of Diamondback Energy by 5.3% during the 1st quarter. Demars Financial Group LLC now owns 4,102,785 shares of the oil and natural gas company’s stock valued at $655,953,000 after acquiring an additional 208,200 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. increased its holdings in shares of Diamondback Energy by 4.1% during the 1st quarter. Diamond Hill Capital Management Inc. now owns 2,932,484 shares of the oil and natural gas company’s stock valued at $468,846,000 after acquiring an additional 114,930 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Diamondback Energy Price Performance

Diamondback Energy stock opened at $140.77 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.55 and a quick ratio of 0.52. The company has a market capitalization of $40.75 billion, a PE ratio of 10.00 and a beta of 1.09. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $200.47. The business has a 50 day simple moving average of $143.66 and a 200 day simple moving average of $144.96.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 EPS for the quarter, missing the consensus estimate of $2.72 by ($0.05). The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.35 billion. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%. Diamondback Energy’s quarterly revenue was up 48.1% compared to the same quarter last year. During the same quarter last year, the business earned $4.52 EPS. On average, sell-side analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th will be given a $1.00 dividend. The ex-dividend date is Thursday, August 14th. This represents a $4.00 annualized dividend and a yield of 2.8%. Diamondback Energy’s payout ratio is presently 28.43%.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of Diamondback Energy stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total value of $2,913,120.00. Following the completion of the transaction, the chairman owned 102,145 shares in the company, valued at approximately $14,586,306. The trade was a 16.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.70% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on FANG. Bank of America raised their target price on Diamondback Energy from $165.00 to $170.00 and gave the company a “buy” rating in a report on Friday, May 23rd. Wall Street Zen lowered Diamondback Energy from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. KeyCorp lowered their target price on Diamondback Energy from $216.00 to $180.00 and set an “overweight” rating on the stock in a report on Monday, April 21st. Evercore ISI began coverage on Diamondback Energy in a report on Tuesday, May 6th. They issued an “outperform” rating and a $165.00 target price on the stock. Finally, UBS Group lowered their target price on Diamondback Energy from $175.00 to $163.00 and set a “buy” rating on the stock in a report on Thursday, April 17th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Diamondback Energy currently has a consensus rating of “Moderate Buy” and an average price target of $191.45.

About Diamondback Energy

Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. It focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico.