Alyeska Investment Group L.P. Sells 873,215 Shares of Diamondback Energy, Inc. $FANG

Key Points

• Alyeska Investment Group L.P. has reduced its stake in Diamondback Energy by 77.2%, selling 873,215 shares, and now holds approximately 0.09% of the company worth $41.1 million.
• Several other hedge funds have increased their positions in Diamondback Energy, with notable increases from Robeco Institutional Asset Management B.V. by 4.0% and Oppenheimer Asset Management Inc. by 6.3%.
• Diamondback Energy recently announced a quarterly dividend of $1.00 per share, representing an annualized dividend of $4.00 and a yield of 2.8%.

Alyeska Investment Group L.P. trimmed its position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 77.2% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 257,182 shares of the oil and natural gas company's stock after selling 873,215 shares during the period. Alyeska Investment Group L.P. owned about 0.09% of Diamondback Energy worth $41,118,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. BankPlus Trust Department acquired a new position in shares of Diamondback Energy in the 1st quarter valued at $27,000. Pinnacle Bancorp Inc. raised its stake in Diamondback Energy by 95.7% during the 1st quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock worth $29,000 after buying an additional 88 shares during the period. SouthState Corp raised its stake in Diamondback Energy by 596.4% during the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock worth $31,000 after buying an additional 167 shares during the period. Grove Bank & Trust raised its stake in shares of Diamondback Energy by 65.0% in the 1st quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock valued at $32,000 after purchasing an additional 80 shares during the period. Finally, WASHINGTON TRUST Co raised its stake in shares of Diamondback Energy by 119.8% in the 1st quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock valued at $32,000 after purchasing an additional 109 shares during the period. 90.01% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Melius Research initiated coverage on Diamondback Energy in a research note on Wednesday, August 20th. They issued a "buy" rating and a $213.00 price target on the stock. Mizuho reduced their price target on Diamondback Energy from $186.00 to $179.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Wells Fargo & Company raised their price objective on shares of Diamondback Energy from $210.00 to $211.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. UBS Group raised their price objective on shares of Diamondback Energy from $163.00 to $171.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Finally, Bank of America lifted their price target on shares of Diamondback Energy from $165.00 to $170.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Two 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 company. According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $193.17.

Diamondback Energy Trading Down 2.8%

Shares of Diamondback Energy stock traded down $4.03 during trading on Friday, hitting $138.71. The company's stock had a trading volume of 1,993,976 shares, compared to its average volume of 1,686,301. 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, Inc. has a 52 week low of $114.00 and a 52 week high of $200.47. The stock has a market cap of $40.16 billion, a price-to-earnings ratio of 9.86 and a beta of 1.14. The stock has a 50-day moving average price of $142.93 and a two-hundred day moving average price of $142.77.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share 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 the consensus estimate of $3.35 billion. During the same period in the prior year, the firm earned $4.52 EPS. The business's revenue for the quarter was up 48.1% compared to the same quarter last year. Equities research analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The company 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. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $4.00 dividend on an annualized basis and a yield of 2.9%. 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 company'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 sale, the chairman owned 102,145 shares of the company's stock, valued at approximately $14,586,306. This represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company 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.