Fmr LLC Cuts Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Fmr LLC trimmed its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 9.5% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 4,849,563 shares of the oil and natural gas company’s stock after selling 507,528 shares during the period. Fmr LLC’s holdings in Diamondback Energy were worth $836,065,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the company. First Community Trust NA bought a new position in shares of Diamondback Energy in the second quarter valued at approximately $26,000. Carolinas Wealth Consulting LLC grew 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 valued at $27,000 after purchasing an additional 55 shares during the period. HHM Wealth Advisors LLC purchased a new stake in shares of Diamondback Energy during the 2nd quarter valued at $40,000. Values First Advisors Inc. bought a new stake in shares of Diamondback Energy during the 3rd quarter worth $42,000. Finally, Founders Capital Management boosted its holdings in shares of Diamondback Energy by 99.2% in the 2nd quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock worth $50,000 after buying an additional 125 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Diamondback Energy Trading Up 0.1 %

Shares of FANG opened at $176.19 on Thursday. Diamondback Energy, Inc. has a 1-year low of $145.70 and a 1-year high of $214.50. The company has a market capitalization of $51.45 billion, a P/E ratio of 10.09, a P/E/G ratio of 1.32 and a beta of 1.89. 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 firm’s 50 day simple moving average is $182.13 and its 200 day simple moving average is $190.18.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share for the quarter, missing the consensus estimate of $4.62 by ($1.24). Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The company had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same quarter last year, the business posted $5.49 EPS. The business’s quarterly revenue was up 13.0% compared to the same quarter last year. Sell-side analysts forecast that Diamondback Energy, Inc. will post 16.26 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th were issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.04%. The ex-dividend date was Thursday, November 14th. Diamondback Energy’s payout ratio is currently 20.61%.

Insider Activity at Diamondback Energy

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the completion of the sale, the insider now directly owns 1,037,819 shares in the company, valued at $181,732,485.09. This represents a 92.72 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Mark Lawrence Plaumann sold 1,150 shares of Diamondback Energy stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total value of $208,150.00. Following the completion of the transaction, the director now directly owns 4,712 shares in the company, valued at $852,872. This trade represents a 19.62 % 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 insiders.

Analyst Upgrades and Downgrades

FANG has been the topic of several research reports. Scotiabank lowered their price objective on shares of Diamondback Energy from $245.00 to $225.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Susquehanna lowered their price target on shares of Diamondback Energy from $237.00 to $233.00 and set a “positive” rating on the stock in a report on Friday, October 18th. Jefferies Financial Group began coverage on Diamondback Energy in a report on Monday, September 16th. They set a “hold” rating and a $185.00 price objective for the company. Piper Sandler boosted their target price on Diamondback Energy from $240.00 to $252.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Finally, Morgan Stanley increased their price target on Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $212.00.

Diamondback Energy 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.