Assenagon Asset Management S.A. Has $11.36 Million Holdings in Diamondback Energy, Inc. $FANG

Key Points

• Assenagon Asset Management S.A. reduced its holdings in Diamondback Energy by 57.9% in Q2, now owning 82,689 shares worth approximately $11.36 million.
• Diamondback Energy's latest quarterly earnings missed analysts' expectations, reporting $2.67 EPS compared to the forecast of $2.72, despite revenue of $3.68 billion that exceeded estimates.
• The company declared a quarterly dividend of $1.00 per share, with a current annual yield of 2.9% and a payout ratio of 28.43%.

Assenagon Asset Management S.A. cut its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 57.9% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 82,689 shares of the oil and natural gas company's stock after selling 113,749 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Diamondback Energy were worth $11,361,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in FANG. Nuveen LLC acquired a new stake in shares of Diamondback Energy during the 1st quarter valued at about $230,039,000. GAMMA Investing LLC lifted its holdings in shares of Diamondback Energy by 16,197.8% during the 1st quarter. GAMMA Investing LLC now owns 605,625 shares of the oil and natural gas company's stock valued at $96,827,000 after buying an additional 601,909 shares during the last quarter. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Diamondback Energy during the 1st quarter valued at about $77,622,000. Wellington Management Group LLP lifted its holdings in shares of Diamondback Energy by 27.3% during the 1st quarter. Wellington Management Group LLP now owns 1,950,160 shares of the oil and natural gas company's stock valued at $311,792,000 after buying an additional 418,431 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of Diamondback Energy by 50.6% during the 1st quarter. Victory Capital Management Inc. now owns 1,135,759 shares of the oil and natural gas company's stock valued at $181,585,000 after buying an additional 381,542 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Diamondback Energy Stock Performance

FANG opened at $138.83 on Tuesday. The stock has a market cap of $40.19 billion, a PE ratio of 9.87 and a beta of 1.15. The company has a current ratio of 0.55, a quick ratio of 0.52 and a debt-to-equity ratio of 0.35. Diamondback Energy, Inc. has a 1 year low of $114.00 and a 1 year high of $200.47. The stock's 50 day simple moving average is $142.27 and its 200-day simple moving average is $141.76.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released 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). The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.35 billion. Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The business's revenue for the quarter 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. Sell-side analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

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

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on FANG shares. Wall Street Zen lowered Diamondback Energy from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Mizuho cut their price objective on Diamondback Energy from $183.00 to $176.00 and set an "outperform" rating on the stock in a research note on Monday, September 15th. Wells Fargo & Company raised their price objective on Diamondback Energy from $210.00 to $211.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. 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 objective on the stock. Finally, UBS Group raised their price objective on Diamondback Energy from $163.00 to $171.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Two analysts have rated the stock with a Strong Buy rating and twenty-one have assigned a Buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $193.39.

Insider Buying and Selling

In related news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction 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 sale, the chairman owned 102,145 shares of the company's stock, valued at $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 available through this hyperlink. 0.48% of the stock is currently owned by corporate insiders.

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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