Canada Pension Plan Investment Board Purchases New Shares in Diamondback Energy, Inc. $FANG

Key Points

• Canada Pension Plan Investment Board acquired 814,731 Diamondback Energy shares worth approximately $143.2 million, giving it a 0.29% stake. Institutional investors and hedge funds collectively own 90.01% of FANG.
• Analysts maintain a positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $222.21. Recent targets range from $205 to $248.
• Diamondback Energy beat quarterly expectations, reporting $6.48 in EPS and $5.56 billion in revenue, up 51.2% year over year. The company also paid a quarterly dividend of $1.10 per share, representing a 2.2% annualized yield.

Canada Pension Plan Investment Board acquired a new position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 814,731 shares of the oil and natural gas company's stock, valued at approximately $143,213,000. Canada Pension Plan Investment Board owned approximately 0.29% of Diamondback Energy as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in FANG. BlackRock Inc. bought a new position in shares of Diamondback Energy in the second quarter valued at about $3,303,362,000. Boston Partners increased its position in Diamondback Energy by 2.9% in the 3rd quarter. Boston Partners now owns 5,733,538 shares of the oil and natural gas company's stock valued at $821,649,000 after acquiring an additional 163,548 shares in the last quarter. Geode Capital Management LLC increased its position in Diamondback Energy by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 5,621,120 shares of the oil and natural gas company's stock valued at $844,073,000 after acquiring an additional 14,625 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Diamondback Energy by 11.5% in the fourth quarter. Bank of New York Mellon Corp now owns 5,159,365 shares of the oil and natural gas company's stock worth $775,607,000 after acquiring an additional 532,756 shares during the last quarter. Finally, Capital Research Global Investors raised its stake in shares of Diamondback Energy by 14.1% in the fourth quarter. Capital Research Global Investors now owns 4,332,885 shares of the oil and natural gas company's stock worth $651,363,000 after acquiring an additional 534,073 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently commented on FANG. Truist Financial increased their price target on shares of Diamondback Energy from $220.00 to $224.00 and gave the company a "buy" rating in a research note on Wednesday, August 5th. Raymond James Financial reaffirmed a "strong-buy" rating and set a $248.00 price objective on shares of Diamondback Energy in a report on Friday, July 31st. Jefferies Financial Group reiterated a "hold" rating and issued a $205.00 price objective on shares of Diamondback Energy in a research report on Sunday, August 9th. Weiss Ratings raised Diamondback Energy from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, July 31st. Finally, Mizuho boosted their target price on Diamondback Energy from $220.00 to $240.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, Diamondback Energy has an average rating of "Moderate Buy" and a consensus price target of $222.21.

Insider Buying and Selling

In related news, Director Mark Lawrence Plaumann sold 500 shares of the company's stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $196.50, for a total value of $98,250.00. Following the completion of the sale, the director owned 13,437 shares in the company, valued at approximately $2,640,370.50. This represents a 3.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Matt Zmigrosky sold 5,000 shares of the firm's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $200.54, for a total value of $1,002,700.00. Following the transaction, the executive vice president owned 46,392 shares in the company, valued at approximately $9,303,451.68. This trade represents a 9.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 129,167 shares of company stock valued at $24,714,309 in the last three months. 0.64% of the stock is currently owned by company insiders.

Diamondback Energy Trading Down 0.0%

FANG opened at $199.84 on Thursday. The firm has a 50 day simple moving average of $192.62 and a 200 day simple moving average of $190.20. Diamondback Energy, Inc. has a fifty-two week low of $134.30 and a fifty-two week high of $216.90. The company has a market cap of $55.96 billion, a price-to-earnings ratio of 38.96 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 (NASDAQ:FANG - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.08 by $0.40. The firm had revenue of $5.56 billion for the quarter, compared to analysts' expectations of $4.89 billion. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The business's revenue for the quarter was up 51.2% on a year-over-year basis. During the same period last year, the firm earned $2.38 earnings per share. On average, sell-side analysts anticipate that Diamondback Energy, Inc. will post 20.13 earnings per share for the current year.

Diamondback Energy Announces Dividend

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

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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