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Nuveen LLC Purchases Shares of 1,438,824 Diamondback Energy, Inc. (NASDAQ:FANG)

Diamondback Energy logo with Energy background

Key Points

  • Nuveen LLC acquired 1,438,824 shares of Diamondback Energy, valued at approximately $230 million, making it a new institutional investor in the company.
  • Diamondback Energy recently reported quarterly earnings, with $2.67 EPS, missing analyst estimates, but revenue increased by 48.1% year-over-year to $3.68 billion.
  • The company announced a quarterly dividend of $1.00 per share, representing an annualized payout of $4.00 and a yield of 2.8%.
  • Need better tools to track Diamondback Energy? Try 5 Weeks of MarketBeat All Access for $5. Start Portfolio Tracking Now.

Nuveen LLC acquired a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 1,438,824 shares of the oil and natural gas company's stock, valued at approximately $230,039,000. Nuveen LLC owned approximately 0.49% of Diamondback Energy at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its holdings in Diamondback Energy by 11.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company's stock valued at $1,496,859,000 after buying an additional 928,429 shares during the period. Bank of New York Mellon Corp raised its position in shares of Diamondback Energy by 2.3% in the 1st quarter. Bank of New York Mellon Corp now owns 4,257,247 shares of the oil and natural gas company's stock valued at $680,649,000 after purchasing an additional 94,177 shares in the last quarter. Demars Financial Group LLC raised its position in shares of Diamondback Energy by 5.3% in the 1st quarter. Demars Financial Group LLC now owns 4,102,785 shares of the oil and natural gas company's stock valued at $655,953,000 after purchasing an additional 208,200 shares in the last quarter. Diamond Hill Capital Management Inc. increased its holdings in shares of Diamondback Energy by 4.1% in the 1st quarter. Diamond Hill Capital Management Inc. now owns 2,932,484 shares of the oil and natural gas company's stock valued at $468,846,000 after acquiring an additional 114,930 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of Diamondback Energy by 11.7% in the fourth quarter. Northern Trust Corp now owns 2,092,919 shares of the oil and natural gas company's stock worth $342,883,000 after purchasing an additional 219,173 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on FANG shares. JPMorgan Chase & Co. reduced their target price on Diamondback Energy from $167.00 to $161.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Wall Street Zen lowered Diamondback Energy from a "hold" rating to a "sell" rating in a report on Saturday. Mizuho lowered their price objective on Diamondback Energy from $186.00 to $179.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Evercore ISI started coverage on Diamondback Energy in a research report on Tuesday, May 6th. They issued an "outperform" rating and a $165.00 price objective for the company. Finally, 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. One research analyst has rated the stock with a sell rating, one has given a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $191.59.

Get Our Latest Analysis on FANG

Diamondback Energy Price Performance

Shares of FANG traded up $1.49 during trading hours on Wednesday, reaching $139.98. The stock had a trading volume of 1,944,913 shares, compared to its average volume of 2,116,350. The stock has a market capitalization of $40.52 billion, a PE ratio of 9.95 and a beta of 1.09. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $200.47. The company's 50-day moving average is $143.58 and its two-hundred day moving average is $145.21.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share for the quarter, missing the consensus estimate of $2.72 by ($0.05). Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%. The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.35 billion. During the same period last year, the business posted $4.52 earnings per share. The business's revenue was up 48.1% on a year-over-year basis. Research analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th will be paid a $1.00 dividend. The ex-dividend date is Thursday, August 14th. This represents a $4.00 annualized dividend and a dividend yield of 2.9%. Diamondback Energy's dividend payout ratio (DPR) is currently 28.43%.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of Diamondback Energy stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the completion of the transaction, the chairman owned 102,145 shares in the company, valued at approximately $14,586,306. The trade was a 16.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.70% of the stock is currently owned by corporate insiders.

About Diamondback Energy

(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.

See Also

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

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