Clear Harbor Asset Management LLC Makes New $3.30 Million Investment in Diamondback Energy, Inc. $FANG

Key Points

• Clear Harbor Asset Management acquired 18,777 Diamondback Energy shares worth approximately $3.30 million, while institutional investors collectively own 90.01% of the company.
• Diamondback Energy reported quarterly EPS of $6.48, exceeding estimates by $0.40, and revenue of $5.56 billion, up 51.2% year over year.
• The company paid a quarterly dividend of $1.10 per share, representing a $4.40 annualized payout and a 2.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $222.21.

Clear Harbor Asset Management LLC purchased a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 18,777 shares of the oil and natural gas company's stock, valued at approximately $3,301,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in FANG. Cedar Mountain Advisors LLC acquired a new position in Diamondback Energy in the 1st quarter valued at $26,000. Meeder Asset Management Inc. purchased a new stake in Diamondback Energy in the 2nd quarter valued at $28,000. Laurel Wealth Advisors LLC acquired a new stake in shares of Diamondback Energy in the 4th quarter worth $26,000. JPL Wealth Management LLC purchased a new position in shares of Diamondback Energy during the 3rd quarter worth $26,000. Finally, Wellington Shields & Co. LLC raised its holdings in shares of Diamondback Energy by 264.7% during the 4th quarter. Wellington Shields & Co. LLC now owns 186 shares of the oil and natural gas company's stock worth $28,000 after acquiring an additional 135 shares during the period. 90.01% of the stock is owned by hedge funds and other institutional investors.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $210.72 on Friday. The company has a quick ratio of 0.45, a current ratio of 0.47 and a debt-to-equity ratio of 0.25. Diamondback Energy, Inc. has a 52 week low of $134.30 and a 52 week high of $216.90. The stock has a market capitalization of $59.01 billion, a PE ratio of 41.08 and a beta of 0.43. The firm has a 50 day moving average of $191.79 and a two-hundred day moving average of $189.22.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted 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 analysts' consensus estimates of $6.08 by $0.40. The company had revenue of $5.56 billion for the quarter, compared to analyst estimates of $4.89 billion. Diamondback Energy had a return on equity of 10.10% and a net margin of 8.58%.Diamondback Energy's revenue for the quarter was up 51.2% compared to the same quarter last year. During the same quarter last year, the company earned $2.38 EPS. On average, research analysts predict that Diamondback Energy, Inc. will post 20.13 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were issued a $1.10 dividend. The ex-dividend date was Thursday, August 13th. This represents a $4.40 annualized dividend and a dividend yield of 2.1%. Diamondback Energy's dividend payout ratio is presently 85.77%.

Analyst Ratings Changes

Several equities analysts have weighed in on FANG shares. Barclays decreased their target price on shares of Diamondback Energy from $232.00 to $221.00 and set an "overweight" rating on the stock in a report on Monday, August 17th. Wolfe Research restated an "outperform" rating and set a $206.00 price target on shares of Diamondback Energy in a report on Tuesday, August 4th. UBS Group reduced their price target on shares of Diamondback Energy from $246.00 to $243.00 and set a "buy" rating on the stock in a research report on Tuesday, July 21st. Weiss Ratings upgraded Diamondback Energy from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, July 31st. Finally, Zacks Research lowered Diamondback Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 28th. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $222.21.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, Director Mark Lawrence Plaumann sold 500 shares of the company's stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $196.50, for a total value of $98,250.00. Following the completion of the transaction, the director owned 13,437 shares in the company, valued at $2,640,370.50. This represents a 3.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Teresa L. Dick sold 7,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total value of $1,406,300.00. Following the transaction, the chief accounting officer owned 85,755 shares in the company, valued at $17,228,179.50. This represents a 7.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 129,167 shares of company stock valued at $24,714,309. Corporate insiders own 0.64% of the company's stock.

About Diamondback Energy

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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