National Pension Service reduced its holdings in Diamondback Energy, Inc. (NASDAQ:FANG – Free Report) by 1.7% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 306,432 shares of the oil and natural gas company’s stock after selling 5,250 shares during the quarter. National Pension Service’s holdings in Diamondback Energy were worth $53,865,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cresset Asset Management LLC boosted its stake in shares of Diamondback Energy by 37.5% during the 2nd quarter. Cresset Asset Management LLC now owns 4,726 shares of the oil and natural gas company’s stock worth $649,000 after acquiring an additional 1,288 shares during the period. Jump Financial LLC bought a new stake in Diamondback Energy in the 2nd quarter valued at $2,301,000. Cerity Partners LLC raised its stake in Diamondback Energy by 13.5% in the 2nd quarter. Cerity Partners LLC now owns 51,104 shares of the oil and natural gas company’s stock valued at $7,022,000 after acquiring an additional 6,069 shares during the period. AXA S.A. lifted its holdings in Diamondback Energy by 8.5% during the 2nd quarter. AXA S.A. now owns 52,355 shares of the oil and natural gas company’s stock valued at $7,194,000 after purchasing an additional 4,103 shares during the last quarter. Finally, Sei Investments Co. lifted its holdings in Diamondback Energy by 37.1% during the 2nd quarter. Sei Investments Co. now owns 154,582 shares of the oil and natural gas company’s stock valued at $21,239,000 after purchasing an additional 41,866 shares during the last quarter. 90.01% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
Several equities analysts have commented on FANG shares. Weiss Ratings upgraded shares of Diamondback Energy from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, July 31st. Citigroup cut their target price on shares of Diamondback Energy from $221.00 to $220.00 and set a “buy” rating for the company in a research note on Monday, August 10th. Morgan Stanley reaffirmed an “equal weight” rating and set a $216.00 target price on shares of Diamondback Energy in a report on Wednesday, August 19th. Mizuho upped their price target on shares of Diamondback Energy from $220.00 to $240.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Finally, Wolfe Research reissued an “outperform” rating and issued a $206.00 price target on shares of Diamondback Energy in a report on Tuesday, August 4th. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Diamondback Energy has a consensus rating of “Moderate Buy” and an average target price of $224.05.
Diamondback Energy Stock Down 0.2%
FANG opened at $204.97 on Friday. The stock has a fifty day moving average of $197.79 and a 200-day moving average of $192.74. The company has a market capitalization of $57.40 billion, a P/E ratio of 39.96 and a beta of 0.43. Diamondback Energy, Inc. has a fifty-two week low of $134.30 and a fifty-two week high of $216.90. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.45 and a current ratio of 0.47.
Diamondback Energy (NASDAQ:FANG – Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 EPS for the quarter, topping analysts’ consensus estimates of $6.08 by $0.40. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The business had revenue of $5.56 billion for the quarter, compared to analyst estimates of $4.89 billion. During the same period last year, the firm earned $2.38 earnings per share. Diamondback Energy’s revenue for the quarter was up 51.2% compared to the same quarter last year. On average, equities analysts expect that Diamondback Energy, Inc. will post 19.94 EPS for the current year.
Diamondback Energy Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th were given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Thursday, August 13th. Diamondback Energy’s dividend payout ratio is presently 85.77%.
Insider Activity at Diamondback Energy
In other Diamondback Energy news, Director Charles Meloy sold 83,334 shares of Diamondback Energy stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $187.12, for a total value of $15,593,458.08. Following the completion of the transaction, the director directly owned 851,530 shares of the company’s stock, valued at $159,338,293.60. The trade was a 8.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.64% of the company’s stock.
About Diamondback Energy
Diamondback Energy, Inc is an independent oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin of West Texas and southeastern New Mexico. The company’s operations are concentrated primarily in the Midland and Delaware sub-basins.
Diamondback produces crude oil, natural gas and natural gas liquids. Its activities include drilling and completing horizontal wells, operating gathering and infrastructure assets, and managing mineral and royalty interests through its Viper Energy platform.
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