73,962 Shares in Diamondback Energy, Inc. $FANG Acquired by Cibc World Market Inc.

Key Points

• Cibc World Market Inc. acquired 73,962 shares of Diamondback Energy in the second quarter, valued at approximately $13 million. Institutional investors and hedge funds collectively own 90.01% of the company.
• Analysts maintain a favorable outlook, with Diamondback carrying a consensus “Moderate Buy” rating and an average price target of $222.21, above its reported share price of $205.60.
• Diamondback exceeded quarterly expectations, reporting $6.48 in EPS and $5.56 billion in revenue, up 51.2% year over year. The company also declared a quarterly dividend of $1.10, equivalent to a 2.1% annualized yield.

Cibc World Market Inc. purchased a new stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 73,962 shares of the oil and natural gas company's stock, valued at approximately $13,001,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Diamondback Energy during the second quarter worth about $3,303,362,000. Boston Partners boosted its holdings in Diamondback Energy by 2.9% in the 3rd quarter. Boston Partners now owns 5,733,538 shares of the oil and natural gas company's stock valued at $821,649,000 after purchasing an additional 163,548 shares during the period. Geode Capital Management LLC boosted its holdings in Diamondback Energy by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 5,621,120 shares of the oil and natural gas company's stock valued at $844,073,000 after purchasing an additional 14,625 shares during the period. Bank of New York Mellon Corp grew its position in shares of Diamondback Energy by 11.5% during the 4th quarter. Bank of New York Mellon Corp now owns 5,159,365 shares of the oil and natural gas company's stock worth $775,607,000 after purchasing an additional 532,756 shares in the last quarter. Finally, Capital Research Global Investors grew its position in shares of Diamondback Energy by 14.1% during the 4th quarter. Capital Research Global Investors now owns 4,332,885 shares of the oil and natural gas company's stock worth $651,363,000 after purchasing an additional 534,073 shares in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on FANG shares. Zacks Research downgraded shares of Diamondback Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 28th. Weiss Ratings raised Diamondback Energy from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, July 31st. Mizuho raised their price objective on Diamondback Energy from $220.00 to $240.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. Roth Capital set a $212.00 price objective on Diamondback Energy and gave the company a "buy" rating in a report on Monday, June 22nd. Finally, Sanford C. Bernstein upped their target price on Diamondback Energy from $237.00 to $241.00 and gave the company an "outperform" rating in a research report on Monday, May 11th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Diamondback Energy presently has a consensus rating of "Moderate Buy" and an average price target of $222.21.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $205.60 on Tuesday. The firm has a 50 day moving average of $192.10 and a 200-day moving average of $189.74. Diamondback Energy, Inc. has a 12 month low of $134.30 and a 12 month high of $216.90. The company has a current ratio of 0.47, a quick ratio of 0.45 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $57.57 billion, a PE ratio of 40.08 and a beta of 0.43.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.08 by $0.40. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The business had revenue of $5.56 billion for the quarter, compared to analysts' expectations of $4.89 billion. During the same period last year, the firm posted $2.38 earnings per share. The firm's quarterly revenue was up 51.2% compared to the same quarter last year. On average, equities research analysts predict that Diamondback Energy, Inc. will post 20.13 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were paid a $1.10 dividend. The ex-dividend date was Thursday, August 13th. This represents a $4.40 annualized dividend and a dividend yield of 2.1%. Diamondback Energy's dividend payout ratio (DPR) is presently 85.77%.

Insiders Place Their Bets

In other news, Director Charles Alvin Meloy sold 83,334 shares of the business's stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $187.12, for a total transaction of $15,593,458.08. Following the completion of the transaction, the director owned 851,530 shares of the company's stock, valued at approximately $159,338,293.60. The trade was a 8.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Lawrence Plaumann sold 500 shares of the company's stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $196.50, for a total value of $98,250.00. Following the sale, the director owned 13,437 shares of the company's stock, valued at approximately $2,640,370.50. This represents a 3.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 129,167 shares of company stock worth $24,714,309. 0.64% of the stock is currently owned by company insiders.

About Diamondback Energy

Diamondback Energy, Inc NASDAQ: FANG is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback's activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.

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