16,424 Diamondback Energy, Inc. $FANG Shares Purchased by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management increased its Diamondback Energy position by 3.3% in the second quarter, purchasing 16,424 shares and bringing its holdings to 512,271 shares valued at approximately $90 million. Institutional investors collectively own 90.01% of FANG.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $226.33. UBS raised its target to $253, while other firms maintained buy, outperform, equal-weight, or hold ratings.
• Diamondback reported quarterly EPS of $6.48, exceeding estimates of $6.08, while revenue rose 51.2% year over year to $5.56 billion. The company also declared a quarterly dividend of $1.10, equivalent to a 2.4% annualized yield.

Envestnet Asset Management Inc. grew its position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 3.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 512,271 shares of the oil and natural gas company's stock after purchasing an additional 16,424 shares during the period. Envestnet Asset Management Inc. owned about 0.18% of Diamondback Energy worth $90,047,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in FANG. Cedar Mountain Advisors LLC purchased a new position in Diamondback Energy in the first quarter worth $26,000. Meeder Asset Management Inc. purchased a new stake in shares of Diamondback Energy during the 2nd quarter valued at $28,000. Global Assets Advisory LLC bought a new stake in shares of Diamondback Energy during the 1st quarter worth $40,000. Ascentis Independent Advisors bought a new stake in shares of Diamondback Energy during the 1st quarter worth $44,000. Finally, Hilton Head Capital Partners LLC purchased a new position in shares of Diamondback Energy in the 4th quarter worth about $34,000. 90.01% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on FANG shares. UBS Group increased their price target on shares of Diamondback Energy from $243.00 to $253.00 and gave the company a "buy" rating in a research report on Monday, September 14th. Wall Street Zen raised shares of Diamondback Energy from a "hold" rating to a "buy" rating in a research report on Sunday, September 13th. Morgan Stanley reiterated an "equal weight" rating and issued a $216.00 target price on shares of Diamondback Energy in a research note on Wednesday, August 19th. Wolfe Research reissued an "outperform" rating and set a $206.00 target price on shares of Diamondback Energy in a research report on Tuesday, August 4th. Finally, Jefferies Financial Group restated a "hold" rating and set a $205.00 price target on shares of Diamondback Energy in a research note on Sunday, August 9th. Four research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $226.33.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $186.67 on Friday. The firm has a market capitalization of $52.27 billion, a PE ratio of 36.39 and a beta of 0.43. The company has a quick ratio of 0.45, a current ratio of 0.47 and a debt-to-equity ratio of 0.25. The company has a 50-day moving average price of $199.23 and a two-hundred day moving average price of $194.06. Diamondback Energy, Inc. has a twelve month low of $137.03 and a twelve month high of $216.90.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.08 by $0.40. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The company had revenue of $5.56 billion for the quarter, compared to analyst estimates of $4.89 billion. During the same quarter in the previous year, the firm posted $2.38 earnings per share. The company's quarterly revenue was up 51.2% compared to the same quarter last year. Equities analysts forecast that Diamondback Energy, Inc. will post 20.33 EPS for the current year.

Diamondback Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were issued a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Thursday, August 13th. Diamondback Energy's dividend payout ratio (DPR) is presently 85.77%.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, Director Charles Meloy sold 33,333 shares of the firm's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $198.41, for a total value of $6,613,600.53. Following the completion of the transaction, the director owned 818,197 shares in the company, valued at $162,338,466.77. This trade represents a 3.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Travis D. Stice sold 75,000 shares of Diamondback Energy stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $204.31, for a total value of $15,323,250.00. Following the transaction, the director directly owned 49,727 shares of the company's stock, valued at $10,159,723.37. The trade was a 60.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.64% of the stock is currently owned by insiders.

Diamondback Energy Company Profile

Diamondback Energy, Inc is an independent oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin of West Texas and southeastern New Mexico. The company's operations are concentrated primarily in the Midland and Delaware sub-basins.

Diamondback produces crude oil, natural gas and natural gas liquids. Its activities include drilling and completing horizontal wells, operating gathering and infrastructure assets, and managing mineral and royalty interests through its Viper Energy platform.

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