AssuredPartners Investment Advisors LLC Decreases Holdings in Diamondback Energy, Inc. $FANG

Key Points

• AssuredPartners Investment Advisors LLC significantly reduced its stake in Diamondback Energy, cutting its holdings by 67.1% to just 1,639 shares, valued at approximately $225,000.
• Diamondback Energy reported a Q2 earnings miss with earnings per share of $2.67, below analysts' expectations of $2.72, while year-over-year revenue rose 48.1% to $3.68 billion.
• The company announced a quarterly dividend of $1.00 per share, reflecting a 2.9% yield, with a dividend payout ratio of 28.43%.

AssuredPartners Investment Advisors LLC trimmed its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 67.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,639 shares of the oil and natural gas company's stock after selling 3,341 shares during the period. AssuredPartners Investment Advisors LLC's holdings in Diamondback Energy were worth $225,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Boston Partners lifted its holdings in Diamondback Energy by 4.8% during the first quarter. Boston Partners now owns 5,418,840 shares of the oil and natural gas company's stock valued at $861,961,000 after purchasing an additional 249,098 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Diamondback Energy by 2.3% during the first quarter. Bank of New York Mellon Corp now owns 4,257,247 shares of the oil and natural gas company's stock valued at $680,649,000 after purchasing an additional 94,177 shares in the last quarter. Diamond Hill Capital Management Inc. lifted its holdings in Diamondback Energy by 4.1% during the first quarter. Diamond Hill Capital Management Inc. now owns 2,932,484 shares of the oil and natural gas company's stock valued at $468,846,000 after purchasing an additional 114,930 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Diamondback Energy by 27.3% during the first 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 purchasing an additional 418,431 shares in the last quarter. Finally, Nuveen LLC purchased a new position in Diamondback Energy during the first quarter valued at $230,039,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Diamondback Energy Price Performance

Diamondback Energy stock opened at $139.09 on Friday. Diamondback Energy, Inc. has a 12-month low of $114.00 and a 12-month high of $186.74. The stock has a market cap of $40.26 billion, a P/E ratio of 9.89 and a beta of 1.04. The company has a 50-day moving average price of $142.18 and a 200 day moving average price of $140.51. 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 (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 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 firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.35 billion. During the same quarter in the previous year, the business posted $4.52 earnings per share. Diamondback Energy's revenue for the quarter was up 48.1% on a year-over-year basis. Sell-side analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Investors 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 (DPR) is presently 28.43%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. William Blair assumed coverage on shares of Diamondback Energy in a report on Monday, August 25th. They set an "outperform" rating on the stock. Raymond James Financial reduced their target price on shares of Diamondback Energy from $221.00 to $212.00 and set a "strong-buy" rating for the company in a research report on Wednesday, August 20th. Barclays reduced their target price on shares of Diamondback Energy from $185.00 to $178.00 and set an "overweight" rating for the company in a research report on Tuesday, October 7th. Piper Sandler reduced their target price on shares of Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating for the company in a research report on Thursday, August 14th. Finally, Melius started coverage on shares of Diamondback Energy in a research report on Wednesday, August 20th. They issued a "buy" rating and a $213.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $189.91.

Insider Transactions at Diamondback Energy

In related news, Chairman Travis D. Stice sold 20,400 shares of the firm's stock in a transaction dated 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 completion of the sale, the chairman directly owned 102,145 shares in the company, valued at approximately $14,586,306. This trade represents a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.70% of the company's stock.

About Diamondback Energy

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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