Allspring Global Investments Holdings LLC Sells 33,414 Shares of Diamondback Energy, Inc. $FANG

Key Points

• Allspring Global Investments Holdings LLC sold 33,414 shares of Diamondback Energy, reducing its holdings by 77.6% during the second quarter.
• Major institutional investments in Diamondback Energy include Nuveen LLC's new stake worth approximately $230 million and Wellington Management Group, which increased its stake by 27.3%.
• Analysts have a consensus rating of "Buy" for Diamondback Energy, with a current average price target of $189.91, despite some recent price adjustments by various firms.

Allspring Global Investments Holdings LLC cut its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 77.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,618 shares of the oil and natural gas company's stock after selling 33,414 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Diamondback Energy were worth $1,348,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Nuveen LLC purchased a new stake in Diamondback Energy in the first quarter worth about $230,039,000. Adage Capital Partners GP L.L.C. purchased a new stake in Diamondback Energy in the first quarter worth about $77,622,000. Wellington Management Group LLP lifted its holdings in Diamondback Energy by 27.3% in the first quarter. Wellington Management Group LLP now owns 1,950,160 shares of the oil and natural gas company's stock worth $311,792,000 after buying an additional 418,431 shares during the period. Victory Capital Management Inc. lifted its holdings in Diamondback Energy by 50.6% in the first quarter. Victory Capital Management Inc. now owns 1,135,759 shares of the oil and natural gas company's stock worth $181,585,000 after buying an additional 381,542 shares during the period. Finally, Boston Partners lifted its holdings in Diamondback Energy by 4.8% in the first 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. 90.01% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Susquehanna lowered their price objective on shares of Diamondback Energy to $188.00 and set a "positive" rating for the company in a report on Monday. KeyCorp lowered their price objective on shares of Diamondback Energy from $180.00 to $176.00 and set an "overweight" rating for the company in a report on Wednesday, September 3rd. Evercore ISI raised their price objective on shares of Diamondback Energy from $165.00 to $175.00 and gave the stock an "outperform" rating in a report on Monday, October 6th. Mizuho lowered their price objective on shares of Diamondback Energy from $183.00 to $176.00 and set an "outperform" rating for the company in a report on Monday, September 15th. Finally, Melius assumed coverage on shares of Diamondback Energy in a report on Wednesday, August 20th. They set a "buy" rating and a $213.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Diamondback Energy presently has a consensus rating of "Buy" and an average price target of $189.91.

Diamondback Energy Price Performance

Shares of FANG opened at $142.28 on Thursday. The firm has a market cap of $41.19 billion, a PE ratio of 10.11 and a beta of 1.04. The company has a current ratio of 0.55, a quick ratio of 0.52 and a debt-to-equity ratio of 0.35. The firm has a fifty day simple moving average of $142.37 and a two-hundred day simple moving average of $140.50. Diamondback Energy, Inc. has a 1-year low of $114.00 and a 1-year high of $186.07.

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

Diamondback Energy Announces Dividend

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

Insiders Place Their Bets

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the business's 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 completion of the sale, the chairman directly owned 102,145 shares in the company, valued at approximately $14,586,306. The trade was a 16.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.70% of the company's stock.

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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