Diamondback Energy, Inc. $FANG Shares Acquired by Allstate Corp

Key Points

• Allstate Corp increased its position in Diamondback Energy by 89.2% in the first quarter, bringing its total holdings to 10,105 shares valued at approximately $1.6 million.
• Diamondback Energy stock experienced a 3.8% increase, with shares opening at $143.28, while the company reported a quarterly revenue of $3.68 billion, exceeding analysts' estimates.
• The firm declared a quarterly dividend of $1.00, which represents a 2.8% yield, reflecting a dividend payout ratio of 28.43%.

Allstate Corp lifted its position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 89.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,105 shares of the oil and natural gas company's stock after buying an additional 4,764 shares during the period. Allstate Corp's holdings in Diamondback Energy were worth $1,616,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Boston Partners boosted its stake in shares of Diamondback Energy by 4.8% in 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 last quarter. Bank of New York Mellon Corp lifted its position in Diamondback Energy by 2.3% during the first quarter. Bank of New York Mellon Corp now owns 4,257,247 shares of the oil and natural gas company's stock valued at $680,649,000 after purchasing an additional 94,177 shares in the last quarter. Demars Financial Group LLC lifted its position in Diamondback Energy by 5.3% during the first quarter. Demars Financial Group LLC now owns 4,102,785 shares of the oil and natural gas company's stock valued at $655,953,000 after purchasing an additional 208,200 shares in the last quarter. Diamond Hill Capital Management Inc. lifted its position in Diamondback Energy by 4.1% during the first quarter. Diamond Hill Capital Management Inc. now owns 2,932,484 shares of the oil and natural gas company's stock valued at $468,846,000 after purchasing an additional 114,930 shares in the last quarter. Finally, Northern Trust Corp lifted its position in Diamondback Energy by 11.7% during the fourth quarter. Northern Trust Corp now owns 2,092,919 shares of the oil and natural gas company's stock valued at $342,883,000 after purchasing an additional 219,173 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Mizuho lowered their target price on Diamondback Energy from $186.00 to $179.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Bank of America lifted their target price on Diamondback Energy from $165.00 to $170.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Evercore ISI started coverage on Diamondback Energy in a report on Tuesday, May 6th. They set an "outperform" rating and a $165.00 price target on the stock. Melius Research started coverage on Diamondback Energy in a report on Wednesday, August 20th. They set a "buy" rating and a $213.00 price target on the stock. Finally, JPMorgan Chase & Co. decreased their price target on Diamondback Energy from $167.00 to $161.00 and set an "overweight" rating on the stock in a report on Wednesday, May 7th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $193.33.

Insider Activity

In related news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction that occurred on 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 completion of the sale, the chairman owned 102,145 shares in the company, valued at approximately $14,586,306. The trade was a 16.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.48% of the company's stock.

Diamondback Energy Trading Down 0.9%

FANG traded down $1.31 on Tuesday, hitting $143.96. The company had a trading volume of 2,046,156 shares, compared to its average volume of 2,119,544. Diamondback Energy, Inc. has a 12-month low of $114.00 and a 12-month high of $200.47. The business's fifty day simple moving average is $142.49 and its 200 day simple moving average is $143.45. The company has a market cap of $41.67 billion, a PE ratio of 10.23 and a beta of 1.09. 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 announced its earnings results 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). The business 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%. The firm's quarterly revenue was up 48.1% on a year-over-year basis. During the same quarter last year, the firm earned $4.52 EPS. Equities research analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

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

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.