Diamondback Energy, Inc. $FANG Stake Lifted by CVA Family Office LLC

CVA Family Office LLC raised its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 112.3% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 501 shares of the oil and natural gas company’s stock after buying an additional 265 shares during the quarter. CVA Family Office LLC’s holdings in Diamondback Energy were worth $69,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of FANG. Boston Partners lifted its position in Diamondback Energy by 4.8% in 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 purchasing an additional 249,098 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Diamondback Energy by 2.3% in the first 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 purchasing an additional 94,177 shares during the period. Diamond Hill Capital Management Inc. raised its holdings in shares of Diamondback Energy by 4.1% during the first 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 buying an additional 114,930 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Diamondback Energy by 27.3% during the first quarter. Wellington Management Group LLP now owns 1,950,160 shares of the oil and natural gas company’s stock worth $311,792,000 after buying an additional 418,431 shares during the period. Finally, Nuveen LLC bought a new position in Diamondback Energy in the 1st quarter worth approximately $230,039,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on FANG shares. Scotiabank reiterated an “outperform” rating on shares of Diamondback Energy in a research report on Thursday, October 9th. Barclays cut their price objective on shares of Diamondback Energy from $185.00 to $178.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 7th. Evercore ISI increased their target price on shares of Diamondback Energy from $165.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, October 6th. Morgan Stanley lowered their target price on shares of Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 14th. Finally, Piper Sandler dropped their price target on shares of Diamondback Energy from $228.00 to $222.00 and set an “overweight” rating on the stock in a research report on Thursday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $189.91.

Diamondback Energy Price Performance

NASDAQ:FANG opened at $145.86 on Monday. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35. The business’s 50-day moving average price is $142.61 and its 200 day moving average price is $141.03. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $186.07. The firm has a market cap of $42.22 billion, a P/E ratio of 10.37 and a beta of 1.04.

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

Diamondback Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were issued a $1.00 dividend. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $4.00 annualized dividend and a dividend yield of 2.7%. Diamondback Energy’s dividend payout ratio is currently 28.43%.

Insider Activity at Diamondback Energy

In other news, Chairman Travis D. Stice sold 20,400 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the completion of the sale, the chairman owned 102,145 shares in the company, valued at approximately $14,586,306. This represents a 16.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.70% of the company’s stock.

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.