Patten Group Inc. Sells 430 Shares of Diamondback Energy, Inc. $FANG

Patten Group Inc. cut its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 5.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,034 shares of the oil and natural gas company’s stock after selling 430 shares during the period. Patten Group Inc.’s holdings in Diamondback Energy were worth $1,104,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of FANG. Nuveen LLC bought a new position in Diamondback Energy during the 1st quarter valued at $230,039,000. Adage Capital Partners GP L.L.C. bought a new position in Diamondback Energy during the 1st quarter valued at $77,622,000. Wellington Management Group LLP lifted its stake in Diamondback Energy by 27.3% during the 1st quarter. Wellington Management Group LLP now owns 1,950,160 shares of the oil and natural gas company’s stock valued at $311,792,000 after acquiring an additional 418,431 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Diamondback Energy by 50.6% during the 1st quarter. Victory Capital Management Inc. now owns 1,135,759 shares of the oil and natural gas company’s stock valued at $181,585,000 after acquiring an additional 381,542 shares in the last quarter. Finally, Boston Partners lifted its stake in 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 in the last quarter. 90.01% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

FANG has been the topic of several recent analyst reports. Melius Research initiated coverage on Diamondback Energy in a research note on Wednesday, August 20th. They set a “buy” rating and a $213.00 price objective on the stock. Susquehanna cut their price target on shares of Diamondback Energy to $188.00 and set a “positive” rating on the stock in a report on Monday. KeyCorp cut their price target on shares of Diamondback Energy from $180.00 to $176.00 and set an “overweight” rating on the stock in a report on Wednesday, September 3rd. Mizuho cut their price target on shares of Diamondback Energy from $183.00 to $176.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Diamondback Energy in a report on Wednesday, October 8th. Two equities 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 stock. According to MarketBeat, Diamondback Energy currently has a consensus rating of “Buy” and a consensus target price of $189.91.

Diamondback Energy Trading Up 0.2%

Shares of Diamondback Energy stock opened at $141.53 on Wednesday. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $186.07. The stock’s 50-day simple moving average is $142.32 and its 200 day simple moving average is $140.49. The stock has a market capitalization of $40.97 billion, a P/E ratio of 10.06 and a beta of 1.04. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55.

Diamondback Energy (NASDAQ:FANG) last announced 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 firm had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.35 billion. During the same quarter in the prior year, the firm posted $4.52 earnings per share. The company’s revenue was up 48.1% on a year-over-year basis. As a group, research analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were given a dividend of $1.00 per share. The ex-dividend date was Thursday, August 14th. This represents a $4.00 annualized dividend and a dividend yield of 2.8%. Diamondback Energy’s dividend payout ratio is currently 28.43%.

Insider Buying and Selling at Diamondback Energy

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 shares were 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 of the company’s stock, valued at $14,586,306. This trade represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.48% of the stock is currently owned by corporate insiders.

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.