Adams Natural Resources Fund Inc. Reduces Stock Position in Diamondback Energy, Inc. $FANG

Key Points

• Adams Natural Resources Fund Inc. reduced its stake in Diamondback Energy, Inc. by 35.0% in the second quarter, now holding 35,900 shares worth approximately $4.93 million.
• The firm reported earnings per share (EPS) of $2.67, missing consensus estimates, but its revenue increased by 48.1% year-over-year, totaling $3.68 billion for the quarter.
• A recent dividend of $1.00 per share was paid, representing an annualized dividend yield of 2.8%, with a dividend payout ratio of 28.43%.

Adams Natural Resources Fund Inc. trimmed its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 35.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 35,900 shares of the oil and natural gas company's stock after selling 19,300 shares during the period. Diamondback Energy comprises about 0.8% of Adams Natural Resources Fund Inc.'s holdings, making the stock its 29th biggest position. Adams Natural Resources Fund Inc.'s holdings in Diamondback Energy were worth $4,933,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Steel Grove Capital Advisors LLC lifted its position in shares of Diamondback Energy by 19.4% during the 2nd quarter. Steel Grove Capital Advisors LLC now owns 12,599 shares of the oil and natural gas company's stock valued at $1,731,000 after acquiring an additional 2,047 shares during the period. FNY Investment Advisers LLC acquired a new stake in shares of Diamondback Energy during the 2nd quarter valued at approximately $54,000. D.A. Davidson & CO. lifted its position in shares of Diamondback Energy by 14.6% during the 2nd quarter. D.A. Davidson & CO. now owns 25,911 shares of the oil and natural gas company's stock valued at $3,560,000 after acquiring an additional 3,294 shares during the period. Cullen Frost Bankers Inc. lifted its position in shares of Diamondback Energy by 23.3% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 107,967 shares of the oil and natural gas company's stock valued at $14,835,000 after acquiring an additional 20,419 shares during the period. Finally, Dupree Financial Group LLC acquired a new stake in shares of Diamondback Energy during the 2nd quarter valued at approximately $2,919,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Diamondback Energy Price Performance

Diamondback Energy stock opened at $141.53 on Wednesday. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $186.07. The firm has a fifty day moving average of $142.32 and a 200-day moving average of $140.49. The firm has a market capitalization of $40.97 billion, a P/E ratio of 10.06 and a beta of 1.04. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share (EPS) 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 analyst estimates of $3.35 billion. During the same period in the previous year, the company earned $4.52 EPS. Diamondback Energy's revenue was up 48.1% on a year-over-year basis. As a group, analysts predict 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 was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were paid a $1.00 dividend. The ex-dividend date was Thursday, August 14th. This represents a $4.00 annualized dividend and a dividend yield of 2.8%. Diamondback Energy's dividend payout ratio is 28.43%.

Insider Buying and Selling

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the transaction, the chairman directly owned 102,145 shares in the company, valued at $14,586,306. This represents a 16.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.48% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on FANG shares. Wall Street Zen downgraded shares of Diamondback Energy from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Morgan Stanley cut their target price on shares of Diamondback Energy from $186.00 to $184.00 and set an "overweight" rating for the company in a research report on Tuesday, October 14th. KeyCorp cut their target price on shares of Diamondback Energy from $180.00 to $176.00 and set an "overweight" rating for the company in a research report on Wednesday, September 3rd. Wells Fargo & Company cut their target price on shares of Diamondback Energy from $211.00 to $160.00 and set an "overweight" rating for the company in a research report on Friday, October 17th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $173.00 target price on shares of Diamondback Energy in a research report on Friday, October 10th. Two analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Diamondback Energy currently has an average rating of "Buy" and a consensus price target of $189.91.

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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