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

Key Points

• Atticus Wealth Management LLC has acquired a new stake in Diamondback Energy, purchasing 2,156 shares valued at approximately $296,000 in the second quarter.
• Several institutional investors have increased their positions in Diamondback Energy, with 90.01% of the stock now owned by such investors and hedge funds.
• Diamondback Energy has recently declared a $1.00 quarterly dividend, resulting in an annualized dividend of $4.00, which corresponds to a yield of 2.8%.

Atticus Wealth Management LLC acquired a new position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 2,156 shares of the oil and natural gas company's stock, valued at approximately $296,000.

Several other hedge funds have also recently made changes to their positions in the company. Robeco Institutional Asset Management B.V. increased its position in shares of Diamondback Energy by 4.0% during the first quarter. Robeco Institutional Asset Management B.V. now owns 36,177 shares of the oil and natural gas company's stock valued at $5,784,000 after buying an additional 1,384 shares during the period. Oppenheimer Asset Management Inc. boosted its holdings in shares of Diamondback Energy by 6.3% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 58,853 shares of the oil and natural gas company's stock worth $9,409,000 after purchasing an additional 3,467 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Diamondback Energy by 50.4% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 7,149 shares of the oil and natural gas company's stock worth $1,143,000 after purchasing an additional 2,397 shares in the last quarter. True North Advisors LLC purchased a new stake in Diamondback Energy during the 1st quarter valued at about $327,000. Finally, Wealth Advisory Solutions LLC purchased a new stake in Diamondback Energy during the 1st quarter valued at about $2,631,000. 90.01% of the stock is currently owned by institutional investors.

Diamondback Energy Stock Down 0.6%

Shares of Diamondback Energy stock traded down $0.84 on Monday, reaching $138.83. The company's stock had a trading volume of 2,136,589 shares, compared to its average volume of 1,933,856. The company has a market capitalization of $40.19 billion, a price-to-earnings ratio of 9.87 and a beta of 1.15. The firm's fifty day simple moving average is $142.27 and its two-hundred day simple moving average is $141.76. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week high of $200.47. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings results 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 net margin of 27.25% and a return on equity of 9.48%. The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.35 billion. During the same period in the prior year, the firm posted $4.52 EPS. The business's revenue for the quarter was up 48.1% on a year-over-year basis. Equities analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Announces Dividend

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

Insider Activity at Diamondback Energy

In related news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction dated 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 directly owned 102,145 shares in the company, valued at approximately $14,586,306. The trade was a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.48% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

FANG has been the subject of several analyst reports. Melius Research initiated coverage on Diamondback Energy in a report on Wednesday, August 20th. They set a "buy" rating and a $213.00 target price for the company. Mizuho dropped their target price on Diamondback Energy from $183.00 to $176.00 and set an "outperform" rating for the company in a report on Monday, September 15th. Piper Sandler cut their price objective on Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating on the stock in a research report on Thursday, August 14th. Melius assumed coverage on Diamondback Energy in a research report on Wednesday, August 20th. They issued a "buy" rating and a $213.00 price objective on the stock. Finally, Morgan Stanley lifted their price objective on Diamondback Energy from $184.00 to $186.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Two analysts have rated the stock with a Strong Buy rating and twenty-one have issued a Buy rating to the company's stock. According to MarketBeat, Diamondback Energy currently has a consensus rating of "Buy" and a consensus price target of $193.39.

Diamondback Energy Company 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.