1832 Asset Management L.P. Sells 3,079 Shares of Diamondback Energy, Inc. $FANG

Key Points

• 1832 Asset Management L.P. reduced its stake in Diamondback Energy by 5.1%, selling 3,079 shares, leaving it with 57,108 shares valued at approximately $9.13 million.
• Chairman Travis D. Stice sold 20,400 shares at an average price of $142.80, which represented a 16.65% decrease in his position.
• Wall Street analysts have generally rated Diamondback Energy as a "Buy," forecasting a price target increase with a consensus target of $193.33.

1832 Asset Management L.P. reduced its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 5.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 57,108 shares of the oil and natural gas company's stock after selling 3,079 shares during the period. 1832 Asset Management L.P.'s holdings in Diamondback Energy were worth $9,130,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. Boston Partners raised its holdings in Diamondback Energy by 4.8% during the 1st quarter. Boston Partners now owns 5,418,840 shares of the oil and natural gas company's stock worth $861,961,000 after buying an additional 249,098 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Diamondback Energy by 2.3% during the 1st quarter. Bank of New York Mellon Corp now owns 4,257,247 shares of the oil and natural gas company's stock worth $680,649,000 after acquiring an additional 94,177 shares in the last quarter. Demars Financial Group LLC grew its stake in shares of Diamondback Energy by 5.3% during the 1st quarter. Demars Financial Group LLC now owns 4,102,785 shares of the oil and natural gas company's stock worth $655,953,000 after acquiring an additional 208,200 shares in the last quarter. Diamond Hill Capital Management Inc. grew its stake in shares of Diamondback Energy by 4.1% during the 1st quarter. Diamond Hill Capital Management Inc. now owns 2,932,484 shares of the oil and natural gas company's stock worth $468,846,000 after acquiring an additional 114,930 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Diamondback Energy by 11.7% during the 4th quarter. Northern Trust Corp now owns 2,092,919 shares of the oil and natural gas company's stock worth $342,883,000 after acquiring an additional 219,173 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FANG. Susquehanna decreased their price target on shares of Diamondback Energy from $192.00 to $188.00 and set a "positive" rating for the company in a research note on Wednesday, July 23rd. Melius Research began coverage on shares of Diamondback Energy in a research note on Wednesday, August 20th. They issued a "buy" rating and a $213.00 target price for the company. Royal Bank Of Canada began coverage on shares of Diamondback Energy in a research note on Friday, May 2nd. They issued an "outperform" rating and a $180.00 target price for the company. Piper Sandler decreased their target price on shares of Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating for the company in a research note on Thursday, August 14th. Finally, UBS Group raised their target price on shares of Diamondback Energy from $163.00 to $171.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $193.33.

Diamondback Energy Stock Performance

Shares of FANG traded down $1.31 during midday trading on Tuesday, reaching $143.96. 2,046,156 shares of the stock were exchanged, compared to its average volume of 2,119,544. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $200.47. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35. The company has a market cap of $41.67 billion, a P/E ratio of 10.23 and a beta of 1.09. The stock's 50 day simple moving average is $142.49 and its 200 day simple moving average is $143.45.

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

Diamondback Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date was Thursday, August 14th. Diamondback Energy's payout ratio is currently 28.43%.

Insider Transactions 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 value of $2,913,120.00. Following the transaction, the chairman owned 102,145 shares in the company, valued at $14,586,306. The trade was a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.48% of the stock is currently owned by corporate insiders.

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.