Concentric Capital Strategies LP Cuts Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Concentric Capital Strategies LP trimmed its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 39.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 17,380 shares of the oil and natural gas company's stock after selling 11,270 shares during the quarter. Concentric Capital Strategies LP's holdings in Diamondback Energy were worth $2,847,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wilmington Savings Fund Society FSB acquired a new position in Diamondback Energy during the 3rd quarter worth approximately $138,000. Franklin Resources Inc. raised its position in shares of Diamondback Energy by 48.5% during the third quarter. Franklin Resources Inc. now owns 146,870 shares of the oil and natural gas company's stock worth $28,008,000 after purchasing an additional 47,951 shares during the period. Nordea Investment Management AB lifted its holdings in shares of Diamondback Energy by 12.5% in the 4th quarter. Nordea Investment Management AB now owns 20,222 shares of the oil and natural gas company's stock worth $3,298,000 after purchasing an additional 2,247 shares in the last quarter. Park National Corp OH grew its position in Diamondback Energy by 11.3% in the 4th quarter. Park National Corp OH now owns 45,281 shares of the oil and natural gas company's stock valued at $7,418,000 after purchasing an additional 4,580 shares during the period. Finally, Fulton Bank N.A. increased its stake in Diamondback Energy by 8.1% during the 4th quarter. Fulton Bank N.A. now owns 3,716 shares of the oil and natural gas company's stock valued at $609,000 after purchasing an additional 279 shares in the last quarter. 90.01% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FANG has been the subject of several recent research reports. Evercore ISI assumed coverage on shares of Diamondback Energy in a research report on Tuesday, May 6th. They set an "outperform" rating and a $165.00 target price for the company. Williams Trading set a $190.00 price objective on Diamondback Energy in a research note on Wednesday, March 5th. Mizuho raised their target price on Diamondback Energy from $201.00 to $204.00 and gave the company an "outperform" rating in a report on Tuesday, February 25th. Wells Fargo & Company decreased their price target on Diamondback Energy from $215.00 to $207.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Finally, Bank of America upgraded Diamondback Energy from a "neutral" rating to a "buy" rating and dropped their price objective for the company from $202.00 to $170.00 in a research note on Tuesday, April 29th. Two analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $195.57.

Diamondback Energy Stock Performance

FANG traded up $1.71 on Friday, hitting $137.89. The company's stock had a trading volume of 1,944,484 shares, compared to its average volume of 2,125,010. The company's 50 day simple moving average is $141.07 and its 200-day simple moving average is $159.24. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $214.50. The firm has a market cap of $40.29 billion, a P/E ratio of 7.89, a price-to-earnings-growth ratio of 1.24 and a beta of 1.06.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.67 by $0.87. The company had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.58 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The firm's revenue for the quarter was up 81.8% compared to the same quarter last year. During the same period in the previous year, the company posted $4.50 EPS. Analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 22nd. Investors of record on Thursday, May 15th will be paid a dividend of $1.00 per share. The ex-dividend date is Thursday, May 15th. This represents a $4.00 annualized dividend and a yield of 2.90%. Diamondback Energy's dividend payout ratio is currently 24.46%.

Insider Buying and Selling

In other news, Director Frank D. Tsuru purchased 2,000 shares of the firm's stock in a transaction dated Friday, February 28th. The shares were purchased at an average price of $156.51 per share, with a total value of $313,020.00. Following the completion of the acquisition, the director now owns 5,730 shares in the company, valued at $896,802.30. This trade represents a 53.62 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 0.70% of the stock is currently owned by insiders.

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.