California State Teachers Retirement System Has $6.83 Billion Stock Holdings in Diamondback Energy, Inc. $FANG

Key Points

• California State Teachers Retirement System increased its Diamondback Energy stake by 17,811.7% in the second quarter, ending with 38.86 million shares valued at approximately $6.83 billion, or 13.88% of the company.
• Institutional ownership reached 90.01%, with BlackRock and Bank of New York Mellon also establishing major positions and Wellington Management increasing its stake by 31.3%.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $222.21. Diamondback beat quarterly earnings and revenue estimates, while its shares recently traded at $202.63 and the company paid a $1.10 quarterly dividend.

California State Teachers Retirement System boosted its position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 17,811.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 38,857,575 shares of the oil and natural gas company's stock after acquiring an additional 38,640,635 shares during the period. California State Teachers Retirement System owned 13.88% of Diamondback Energy worth $6,830,385,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Diamondback Energy during the 2nd quarter valued at about $3,303,362,000. Bank of New York Mellon Corp acquired a new stake in shares of Diamondback Energy during the 2nd quarter worth approximately $852,791,000. Wellington Management Group LLP raised its stake in shares of Diamondback Energy by 31.3% during the second quarter. Wellington Management Group LLP now owns 16,420,247 shares of the oil and natural gas company's stock worth $2,886,351,000 after buying an additional 3,918,943 shares during the last quarter. Diamond Hill Capital Management LLC Investment Advisor acquired a new position in Diamondback Energy in the second quarter valued at approximately $268,855,000. Finally, EnCap Energy Capital Fund XII L.P. acquired a new position in Diamondback Energy in the fourth quarter valued at approximately $169,342,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FANG has been the subject of a number of analyst reports. Barclays lowered their target price on shares of Diamondback Energy from $232.00 to $221.00 and set an "overweight" rating for the company in a report on Monday, August 17th. Wolfe Research restated an "outperform" rating and issued a $206.00 price target on shares of Diamondback Energy in a research report on Tuesday, August 4th. UBS Group decreased their price objective 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. Seaport Research Partners initiated coverage on Diamondback Energy in a report on Thursday, September 3rd. They issued a "neutral" rating for the company. Finally, Wells Fargo & Company increased their target price on Diamondback Energy from $262.00 to $263.00 and gave the company an "overweight" rating in a research note on Wednesday, August 5th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $222.21.

Insiders Place Their Bets

In other Diamondback Energy news, Director Charles Meloy sold 83,334 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $187.12, for a total value of $15,593,458.08. Following the transaction, the director owned 851,530 shares of the company's stock, valued at approximately $159,338,293.60. The trade was a 8.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 1.5%

FANG opened at $202.63 on Thursday. The firm's fifty day moving average is $196.46 and its two-hundred day moving average is $192.45. The firm has a market cap of $56.74 billion, a PE ratio of 39.50 and a beta of 0.43. Diamondback Energy, Inc. has a twelve month low of $134.30 and a twelve month high of $216.90. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.45 and a current ratio of 0.47.

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

Diamondback Energy Announces Dividend

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

Diamondback Energy Company Profile

Diamondback Energy, Inc is an independent oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin of West Texas and southeastern New Mexico. The company's operations are concentrated primarily in the Midland and Delaware sub-basins.

Diamondback produces crude oil, natural gas and natural gas liquids. Its activities include drilling and completing horizontal wells, operating gathering and infrastructure assets, and managing mineral and royalty interests through its Viper Energy platform.

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