12th Street Asset Management Company LLC Purchases 50,615 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Key Points

• 12th Street Asset Management Company LLC increased its stake in Diamondback Energy by 84.1% during the first quarter, now owning 110,810 shares valued at approximately $17.7 million.
• Several institutional investors also raised their positions in Diamondback Energy, with 90.01% of the stock now owned by institutional investors.
• Diamondback Energy's recent earnings report showed a significant year-over-year revenue increase of 81.8%, beating analysts' estimates with earnings per share of $4.54.

12th Street Asset Management Company LLC raised its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 84.1% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 110,810 shares of the oil and natural gas company's stock after purchasing an additional 50,615 shares during the quarter. Diamondback Energy accounts for approximately 3.0% of 12th Street Asset Management Company LLC's holdings, making the stock its 15th biggest position. 12th Street Asset Management Company LLC's holdings in Diamondback Energy were worth $17,716,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in FANG. Harbour Investments Inc. increased its position in Diamondback Energy by 26.7% in the first quarter. Harbour Investments Inc. now owns 929 shares of the oil and natural gas company's stock worth $149,000 after buying an additional 196 shares in the last quarter. Tower Bridge Advisors increased its position in Diamondback Energy by 1.1% in the first quarter. Tower Bridge Advisors now owns 8,921 shares of the oil and natural gas company's stock worth $1,426,000 after buying an additional 93 shares in the last quarter. Wellington Shields & Co. LLC increased its position in Diamondback Energy by 11.2% in the first quarter. Wellington Shields & Co. LLC now owns 2,001 shares of the oil and natural gas company's stock worth $320,000 after buying an additional 201 shares in the last quarter. Mesirow Financial Investment Management Inc. increased its position in Diamondback Energy by 5.6% in the first quarter. Mesirow Financial Investment Management Inc. now owns 1,414 shares of the oil and natural gas company's stock worth $226,000 after buying an additional 75 shares in the last quarter. Finally, Arkadios Wealth Advisors increased its position in Diamondback Energy by 23.4% in the first quarter. Arkadios Wealth Advisors now owns 6,788 shares of the oil and natural gas company's stock worth $1,085,000 after buying an additional 1,285 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, President Hof Matthew Kaes Van't sold 10,000 shares of Diamondback Energy stock in a transaction on Monday, May 12th. The stock was sold at an average price of $142.69, for a total value of $1,426,900.00. Following the transaction, the president directly owned 120,645 shares in the company, valued at approximately $17,214,835.05. This trade represents a 7.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

FANG has been the subject of a number of analyst reports. Citigroup upgraded Diamondback Energy from a "reduce" rating to a "buy" rating and upped their price target for the stock from $157.00 to $180.00 in a research report on Monday, April 7th. Susquehanna cut their target price on Diamondback Energy from $192.00 to $188.00 and set a "positive" rating for the company in a research report on Wednesday, July 23rd. UBS Group cut their target price on Diamondback Energy from $175.00 to $163.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Wells Fargo & Company increased their target price on Diamondback Energy from $207.00 to $208.00 and gave the stock an "overweight" rating in a research report on Monday, June 16th. Finally, Raymond James Financial increased their target price on Diamondback Energy from $204.00 to $221.00 and gave the stock a "strong-buy" rating in a research report on Tuesday, July 22nd. Two research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $191.59.

Diamondback Energy Price Performance

Shares of FANG stock opened at $151.00 on Thursday. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $203.98. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.83 and a current ratio of 0.86. The firm has a market capitalization of $44.12 billion, a P/E ratio of 9.24 and a beta of 1.05. The stock has a 50 day moving average price of $142.45 and a 200 day moving average price of $147.57.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share for the quarter, beating analysts' consensus estimates of $3.67 by $0.87. The business had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.58 billion. Diamondback Energy had a return on equity of 11.22% and a net margin of 30.84%. Diamondback Energy's revenue was up 81.8% on a year-over-year basis. During the same period in the previous year, the company posted $4.50 EPS. As a group, sell-side analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date was Thursday, May 15th. Diamondback Energy's dividend payout ratio (DPR) is presently 24.46%.

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.

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