SCP Investment LP Cuts Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

SCP Investment LP lessened its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANGFree Report) by 4.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,608 shares of the oil and natural gas company’s stock after selling 200 shares during the period. Diamondback Energy makes up about 0.6% of SCP Investment LP’s portfolio, making the stock its 19th biggest holding. SCP Investment LP’s holdings in Diamondback Energy were worth $794,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in FANG. First Community Trust NA acquired a new stake in shares of Diamondback Energy during the second quarter worth $26,000. Carolinas Wealth Consulting LLC raised its stake in Diamondback Energy by 67.1% in the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after acquiring an additional 55 shares during the last quarter. HHM Wealth Advisors LLC acquired a new stake in Diamondback Energy during the 2nd quarter worth about $40,000. Values First Advisors Inc. purchased a new stake in Diamondback Energy during the 3rd quarter valued at about $42,000. Finally, Founders Capital Management increased its holdings in shares of Diamondback Energy by 99.2% in the second quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock valued at $50,000 after purchasing an additional 125 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

Diamondback Energy Trading Down 1.0 %

FANG opened at $180.12 on Wednesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. The company’s 50 day simple moving average is $181.39 and its two-hundred day simple moving average is $191.07. The firm has a market capitalization of $52.59 billion, a price-to-earnings ratio of 10.31, a price-to-earnings-growth ratio of 1.26 and a beta of 1.89. Diamondback Energy, Inc. has a 1-year low of $145.70 and a 1-year high of $214.50.

Diamondback Energy (NASDAQ:FANGGet Free Report) last released its quarterly earnings data on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The company had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period last year, the firm posted $5.49 EPS. The business’s quarterly revenue was up 13.0% on a year-over-year basis. Analysts expect that Diamondback Energy, Inc. will post 16.78 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th will be paid a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date of this dividend is Thursday, November 14th. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.61%.

Analysts Set New Price Targets

FANG has been the topic of several research reports. Piper Sandler increased their price target on shares of Diamondback Energy from $240.00 to $252.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Truist Financial raised their target price on shares of Diamondback Energy from $220.00 to $230.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Barclays raised shares of Diamondback Energy from an “equal weight” rating to an “overweight” rating and lowered their price target for the company from $216.00 to $210.00 in a report on Wednesday, October 2nd. Citigroup initiated coverage on Diamondback Energy in a research note on Monday, October 14th. They set a “neutral” rating and a $195.00 price objective for the company. Finally, Bank of America upped their target price on Diamondback Energy from $201.00 to $215.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $212.00.

Get Our Latest Stock Report on Diamondback Energy

Insider Buying and Selling at Diamondback Energy

In other news, Director Mark Lawrence Plaumann sold 1,150 shares of the stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total transaction of $208,150.00. Following the completion of the transaction, the director now directly owns 4,712 shares in the company, valued at approximately $852,872. This represents a 19.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Lyndal Greth sold 13,212,830 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the sale, the insider now directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. The trade was a 92.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by company insiders.

Diamondback Energy Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Diamondback Energy (NASDAQ:FANG)

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