AlTi Global Inc. Reduces Stock Position in Diamondback Energy, Inc. $FANG

Key Points

• AlTi Global Inc. significantly reduced its holdings in Diamondback Energy, Inc. by 96.8%, now owning only 1,506 shares after selling 45,986 shares.
• Several hedge funds, such as Robeco Institutional Asset Management and Oppenheimer Asset Management, increased their stakes in Diamondback Energy, reflecting a strong interest among institutional investors.
• Analysts maintain a generally positive outlook on Diamondback Energy, with a consensus price target of $193.17 and multiple buy ratings from various research firms.

AlTi Global Inc. trimmed its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 96.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,506 shares of the oil and natural gas company's stock after selling 45,986 shares during the quarter. AlTi Global Inc.'s holdings in Diamondback Energy were worth $241,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. increased its position in shares of Diamondback Energy by 4.0% during the first quarter. Robeco Institutional Asset Management B.V. now owns 36,177 shares of the oil and natural gas company's stock valued at $5,784,000 after buying an additional 1,384 shares during the period. Oppenheimer Asset Management Inc. increased its holdings in Diamondback Energy by 6.3% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 58,853 shares of the oil and natural gas company's stock worth $9,409,000 after acquiring an additional 3,467 shares during the period. China Universal Asset Management Co. Ltd. lifted its stake in Diamondback Energy by 50.4% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 7,149 shares of the oil and natural gas company's stock worth $1,143,000 after purchasing an additional 2,397 shares in the last quarter. True North Advisors LLC bought a new position in Diamondback Energy in the 1st quarter valued at $327,000. Finally, Wealth Advisory Solutions LLC bought a new position in Diamondback Energy in the 1st quarter valued at $2,631,000. Institutional investors own 90.01% of the company's stock.

Diamondback Energy Price Performance

NASDAQ FANG traded down $4.03 on Friday, reaching $138.71. 1,993,976 shares of the company's stock traded hands, compared to its average volume of 1,701,825. The stock has a market cap of $40.16 billion, a PE ratio of 9.86 and a beta of 1.15. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $200.47. The stock has a 50-day simple moving average of $142.93 and a 200 day simple moving average of $142.77. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.55 and a quick ratio of 0.52.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced 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 analysts' consensus estimates of $2.72 by ($0.05). Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The business had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.35 billion. During the same period last year, the company posted $4.52 EPS. Diamondback Energy's revenue for the quarter was up 48.1% on a year-over-year basis. As a group, research analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.9%. The ex-dividend date was Thursday, August 14th. Diamondback Energy's dividend payout ratio is presently 28.43%.

Insider Activity at Diamondback Energy

In other 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 approximately $14,586,306. The trade was a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.48% of the company's stock.

Analysts Set New Price Targets

FANG has been the topic of a number of recent analyst reports. Susquehanna lowered their price objective on Diamondback Energy from $192.00 to $188.00 and set a "positive" rating on the stock in a research report on Wednesday, July 23rd. William Blair assumed coverage on Diamondback Energy in a research note on Monday, August 25th. They issued an "outperform" rating on the stock. Morgan Stanley boosted their price objective on Diamondback Energy from $184.00 to $186.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Melius Research started coverage on shares of Diamondback Energy in a research report on Wednesday, August 20th. They issued a "buy" rating and a $213.00 price objective on the stock. Finally, Bank of America raised their target price on shares of Diamondback Energy from $165.00 to $170.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Two analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $193.17.

Diamondback Energy Company 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.