Asset One Wealth Management LLC Makes New Investment in Diamondback Energy, Inc. $FANG

Key Points

• Asset One Wealth Management acquired 16,990 shares of Diamondback Energy in the second quarter, valued at approximately $3.22 million. Institutional investors collectively own 90.01% of the company.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $222.21, compared with a recent share price of $210.72.
• Diamondback Energy beat quarterly earnings expectations, reporting $6.48 in EPS and $5.56 billion in revenue, up 51.2% year over year. The company also pays a $1.10 quarterly dividend, equal to a 2.1% annualized yield.

Asset One Wealth Management LLC acquired a new stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 16,990 shares of the oil and natural gas company's stock, valued at approximately $3,224,000.

A number of other institutional investors have also recently added to or reduced their stakes in FANG. BlackRock Inc. acquired a new position in Diamondback Energy during the second quarter worth about $3,303,362,000. Bank of New York Mellon Corp purchased a new position in shares of Diamondback Energy during the 2nd quarter worth approximately $852,791,000. Diamond Hill Capital Management LLC Investment Advisor purchased a new stake in Diamondback Energy in the 2nd quarter valued at approximately $268,855,000. Wellington Management Group LLP increased its position in Diamondback Energy by 74.1% during the fourth quarter. Wellington Management Group LLP now owns 3,239,837 shares of the oil and natural gas company's stock worth $487,045,000 after buying an additional 1,379,010 shares in the last quarter. Finally, EnCap Energy Capital Fund XII L.P. purchased a new stake in shares of Diamondback Energy in the fourth quarter valued at $169,342,000. Hedge funds and other institutional investors own 90.01% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FANG. Roth Capital set a $212.00 target price on shares of Diamondback Energy and gave the company a "buy" rating in a research note on Monday, June 22nd. Jefferies Financial Group reissued a "hold" rating and set a $205.00 price target on shares of Diamondback Energy in a research note on Sunday, August 9th. UBS Group dropped their target price on Diamondback Energy from $246.00 to $243.00 and set a "buy" rating for the company in a research note on Tuesday, July 21st. Barclays reduced their target price on Diamondback Energy from $232.00 to $221.00 and set an "overweight" rating on the stock in a research report on Monday, August 17th. Finally, Zacks Research lowered Diamondback Energy from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 28th. Four analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Diamondback Energy has a consensus rating of "Moderate Buy" and a consensus target price of $222.21.

Diamondback Energy Stock Performance

Shares of NASDAQ:FANG opened at $210.72 on Monday. The business has a 50-day moving average of $191.79 and a two-hundred day moving average of $189.44. The firm has a market capitalization of $59.01 billion, a PE ratio of 41.08 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 12 month low of $134.30 and a 12 month high of $216.90.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $6.08 by $0.40. The business had revenue of $5.56 billion during the quarter, compared to analysts' expectations of $4.89 billion. Diamondback Energy had a return on equity of 10.10% and a net margin of 8.58%.The company's revenue for the quarter was up 51.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.38 EPS. As a group, research analysts forecast that Diamondback Energy, Inc. will post 20.13 earnings per share for the current year.

Diamondback Energy Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $4.40 annualized dividend and a yield of 2.1%. Diamondback Energy's payout ratio is 85.77%.

Insider Buying and Selling

In other Diamondback Energy news, EVP Matt Zmigrosky sold 5,000 shares of the stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $200.54, for a total value of $1,002,700.00. Following the completion of the sale, the executive vice president owned 46,392 shares of the company's stock, valued at $9,303,451.68. This trade represents a 9.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mark Lawrence Plaumann sold 500 shares of the business's stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $196.50, for a total transaction of $98,250.00. Following the transaction, the director directly owned 13,437 shares in the company, valued at approximately $2,640,370.50. The trade was a 3.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 129,167 shares of company stock valued at $24,714,309. Insiders own 0.64% of the company's stock.

Diamondback Energy Company 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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