Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG – Free Report) by 15.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 29,987 shares of the oil and natural gas company’s stock after acquiring an additional 3,933 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Diamondback Energy were worth $5,512,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in FANG. Secure Asset Management LLC boosted its position in Diamondback Energy by 8.5% during the third quarter. Secure Asset Management LLC now owns 1,998 shares of the oil and natural gas company’s stock valued at $367,000 after buying an additional 156 shares during the period. Worth Financial Advisory Group LLC bought a new position in shares of Diamondback Energy during the third quarter valued at about $206,000. Peirce Capital Management LLC bought a new position in shares of Diamondback Energy during the third quarter valued at about $396,000. Robertson Stephens Wealth Management LLC purchased a new position in shares of Diamondback Energy in the third quarter worth about $213,000. Finally, USA Financial Formulas purchased a new position in shares of Diamondback Energy in the third quarter worth about $1,141,000. 90.01% of the stock is currently owned by institutional investors.
Diamondback Energy Price Performance
FANG stock opened at $200.93 on Thursday. Diamondback Energy, Inc. has a 1 year low of $137.03 and a 1 year high of $216.90. The company has a market cap of $56.27 billion, a P/E ratio of 39.17 and a beta of 0.55. The firm has a 50-day moving average of $197.33 and a 200 day moving average of $194.36. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.47 and a quick ratio of 0.45.
Diamondback Energy (NASDAQ:FANG – Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The oil and natural gas company reported $6.48 EPS for the quarter, topping the consensus estimate of $6.08 by $0.40. The business had revenue of $5.56 billion during the quarter, compared to analyst estimates of $4.89 billion. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. Diamondback Energy’s quarterly revenue was up 51.2% compared to the same quarter last year. During the same period last year, the business posted $2.38 earnings per share. On average, sell-side analysts forecast that Diamondback Energy, Inc. will post 21.04 EPS for the current year.
Diamondback Energy Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were given a $1.10 dividend. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $4.40 annualized dividend and a dividend yield of 2.2%. Diamondback Energy’s dividend payout ratio is currently 85.77%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company boosted their target price on Diamondback Energy from $262.00 to $263.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. Stifel Nicolaus initiated coverage on Diamondback Energy in a report on Thursday, September 10th. They set a “buy” rating and a $259.00 target price for the company. Roth Capital raised their price target on Diamondback Energy from $205.00 to $212.00 and gave the stock a “buy” rating in a research report on Tuesday, August 4th. The Goldman Sachs Group decreased their price target on Diamondback Energy from $220.00 to $215.00 and set a “buy” rating on the stock in a research note on Thursday, October 1st. Finally, Susquehanna boosted their price objective on Diamondback Energy from $255.00 to $265.00 in a research report on Wednesday, August 5th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Diamondback Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $226.71.
Check Out Our Latest Stock Report on Diamondback Energy
Insider Activity at Diamondback Energy
In related news, Director Charles Meloy sold 33,333 shares of Diamondback Energy stock in a transaction that occurred on Monday, October 5th. The stock was sold at an average price of $183.74, for a total transaction of $6,124,605.42. Following the sale, the director directly owned 759,864 shares in the company, valued at $139,617,411.36. The trade was a 4.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Travis D. Stice sold 75,000 shares of Diamondback Energy stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $204.31, for a total value of $15,323,250.00. Following the sale, the director owned 49,727 shares in the company, valued at $10,159,723.37. This represents a 60.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 141,666 shares of company stock valued at $28,061,456 in the last three months. Corporate insiders own 0.64% of the company’s stock.
About Diamondback Energy
Diamondback Energy, Inc is an independent oil and natural gas company engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves. The company’s operations are concentrated in the Permian Basin of West Texas and southeastern New Mexico, particularly the Midland and Delaware Basins.
Diamondback produces crude oil, natural gas and natural gas liquids from horizontal wells and related infrastructure. Its activities include drilling and completing wells, operating gathering and processing assets, and managing midstream services that support production.
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