Diamondback Energy, Inc. $FANG Shares Sold by Oak Ridge Investments LLC

Oak Ridge Investments LLC trimmed its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 39.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,192 shares of the oil and natural gas company’s stock after selling 2,073 shares during the quarter. Oak Ridge Investments LLC’s holdings in Diamondback Energy were worth $439,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Investor s Fiduciary Advisor Network LLC boosted its position in shares of Diamondback Energy by 2.1% in the first quarter. Investor s Fiduciary Advisor Network LLC now owns 3,559 shares of the oil and natural gas company’s stock worth $569,000 after buying an additional 74 shares during the period. Mesirow Financial Investment Management Inc. boosted its position in shares of Diamondback Energy by 5.6% in the first quarter. Mesirow Financial Investment Management Inc. now owns 1,414 shares of the oil and natural gas company’s stock worth $226,000 after buying an additional 75 shares during the period. FourThought Financial Partners LLC boosted its position in shares of Diamondback Energy by 2.9% in the first quarter. FourThought Financial Partners LLC now owns 2,779 shares of the oil and natural gas company’s stock worth $444,000 after buying an additional 78 shares during the period. Grove Bank & Trust boosted its position in shares of Diamondback Energy by 65.0% in the first quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company’s stock worth $32,000 after buying an additional 80 shares during the period. Finally, Biondo Investment Advisors LLC boosted its position in shares of Diamondback Energy by 0.3% in the first quarter. Biondo Investment Advisors LLC now owns 28,858 shares of the oil and natural gas company’s stock worth $4,614,000 after buying an additional 80 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Chairman Travis D. Stice sold 20,400 shares of the firm’s stock in a transaction that occurred 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 sale, the chairman directly owned 102,145 shares in the company, valued at $14,586,306. This trade represents a 16.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.48% of the stock is currently owned by corporate insiders.

Diamondback Energy Trading Down 3.0%

NASDAQ:FANG opened at $139.82 on Monday. Diamondback Energy, Inc. has a 12-month low of $114.00 and a 12-month high of $196.00. The firm has a market capitalization of $40.48 billion, a P/E ratio of 9.94 and a beta of 1.04. 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 business has a 50 day simple moving average of $142.51 and a 200 day simple moving average of $140.89.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.72 by ($0.05). Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.35 billion. During the same quarter in the prior year, the firm earned $4.52 EPS. The company’s revenue for the quarter was up 48.1% compared to the same quarter last year. Equities research analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 14th were given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.9%. The ex-dividend date was Thursday, August 14th. Diamondback Energy’s dividend payout ratio (DPR) is currently 28.43%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FANG. Barclays decreased their target price on Diamondback Energy from $185.00 to $178.00 and set an “overweight” rating for the company in a research report on Tuesday, October 7th. Piper Sandler decreased their target price on Diamondback Energy from $228.00 to $222.00 and set an “overweight” rating for the company in a research report on Thursday, August 14th. Raymond James Financial reduced their price target on Diamondback Energy from $221.00 to $212.00 and set a “strong-buy” rating for the company in a report on Wednesday, August 20th. Wall Street Zen downgraded Diamondback Energy from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Finally, UBS Group increased their price target on Diamondback Energy from $163.00 to $171.00 and gave the company a “buy” rating in a report on Wednesday, August 20th. Two research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, Diamondback Energy has a consensus rating of “Buy” and an average price target of $192.32.

Diamondback Energy Company Profile

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.