Amundi Purchases 51,930 Shares of Diamondback Energy, Inc. $FANG

Key Points

• Amundi increased its Diamondback Energy stake by 6.8% in the second quarter, purchasing 51,930 additional shares for a total of 818,331 shares valued at approximately $143.8 million. Institutional investors collectively own about 90% of FANG’s outstanding stock.
• Wall Street’s outlook remains positive, with a consensus “Moderate Buy” rating and an average price target of $222.21. Analysts cited strong recent results, including quarterly earnings of $6.48 per share and revenue of $5.56 billion, both above expectations.
• Diamondback Energy paid a quarterly dividend of $1.10 per share, equivalent to an annualized dividend of $4.40 and a 2.2% yield. Director Charles Meloy separately sold 83,334 shares under a pre-arranged Rule 10b5-1 trading plan.

Amundi increased its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 6.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 818,331 shares of the oil and natural gas company's stock after purchasing an additional 51,930 shares during the quarter. Amundi owned approximately 0.29% of Diamondback Energy worth $143,846,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of FANG. Cedar Mountain Advisors LLC purchased a new position in shares of Diamondback Energy during the first quarter valued at approximately $26,000. Meeder Asset Management Inc. bought a new stake in Diamondback Energy in the second quarter valued at $28,000. JPL Wealth Management LLC bought a new stake in Diamondback Energy in the third quarter valued at $26,000. Wellington Shields & Co. LLC increased its position in Diamondback Energy by 264.7% during the 4th quarter. Wellington Shields & Co. LLC now owns 186 shares of the oil and natural gas company's stock valued at $28,000 after purchasing an additional 135 shares during the period. Finally, Global Assets Advisory LLC purchased a new position in Diamondback Energy during the 1st quarter valued at $40,000. Hedge funds and other institutional investors own 90.01% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on FANG. Jefferies Financial Group restated a "hold" rating and issued a $205.00 price objective on shares of Diamondback Energy in a report on Sunday, August 9th. Seaport Research Partners started coverage on shares of Diamondback Energy in a research report on Thursday, September 3rd. They set a "neutral" rating on the stock. UBS Group lowered their price objective on shares of Diamondback Energy from $246.00 to $243.00 and set a "buy" rating for the company in a report on Tuesday, July 21st. Weiss Ratings raised Diamondback Energy from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, July 31st. Finally, Raymond James Financial reiterated a "strong-buy" rating and set a $248.00 target price on shares of Diamondback Energy in a report on Friday, July 31st. Four research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $222.21.

Insider Transactions at Diamondback Energy

In other news, Director Charles Meloy sold 83,334 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $187.12, for a total value of $15,593,458.08. Following the sale, the director directly owned 851,530 shares of the company's stock, valued at approximately $159,338,293.60. This represents a 8.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.64% of the company's stock.

Diamondback Energy Trading Up 0.2%

NASDAQ:FANG opened at $199.65 on Wednesday. The firm has a market capitalization of $55.91 billion, a P/E ratio of 38.92 and a beta of 0.43. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.47 and a quick ratio of 0.45. Diamondback Energy, Inc. has a one year low of $134.30 and a one year high of $216.90. The company's 50-day simple moving average is $195.85 and its 200 day simple moving average is $192.26.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share for the quarter, beating analysts' consensus estimates of $6.08 by $0.40. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The business had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $4.89 billion. During the same quarter last year, the firm earned $2.38 earnings per share. The business's revenue for the quarter was up 51.2% on a year-over-year basis. As a group, analysts forecast that Diamondback Energy, Inc. will post 20.14 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 13th were given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Thursday, August 13th. Diamondback Energy's dividend payout ratio (DPR) is 85.77%.

Diamondback Energy Profile

Diamondback Energy, Inc NASDAQ: FANG is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback's activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.

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