Concurrent Investment Advisors LLC Cuts Stock Holdings in Diamondback Energy, Inc. $FANG

Key Points

• Concurrent Investment Advisors LLC reduced its stake in Diamondback Energy by 25.5% in Q2, now holding 5,283 shares valued at $726,000.
• Diamondback Energy's stock price opened at $139.44 recently, with a market capitalization of $40.37 billion and a P/E ratio of 9.91.
• The company announced a $1.00 quarterly dividend with an annualized yield of 2.9%, reflecting a dividend payout ratio of 28.43%.

Concurrent Investment Advisors LLC reduced its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 25.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,283 shares of the oil and natural gas company's stock after selling 1,812 shares during the quarter. Concurrent Investment Advisors LLC's holdings in Diamondback Energy were worth $726,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Farther Finance Advisors LLC raised its holdings in shares of Diamondback Energy by 36.0% in the first quarter. Farther Finance Advisors LLC now owns 1,085 shares of the oil and natural gas company's stock valued at $174,000 after purchasing an additional 287 shares during the last quarter. Dynamic Advisor Solutions LLC increased its stake in Diamondback Energy by 14.0% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 4,030 shares of the oil and natural gas company's stock valued at $644,000 after buying an additional 494 shares during the last quarter. Brighton Jones LLC increased its stake in Diamondback Energy by 12.3% in the 1st quarter. Brighton Jones LLC now owns 1,803 shares of the oil and natural gas company's stock valued at $288,000 after buying an additional 198 shares during the last quarter. QRG Capital Management Inc. lifted its position in shares of Diamondback Energy by 6.7% during the 1st quarter. QRG Capital Management Inc. now owns 12,461 shares of the oil and natural gas company's stock worth $1,992,000 after buying an additional 786 shares in the last quarter. Finally, Grove Bank & Trust boosted its stake in shares of Diamondback Energy by 65.0% in the 1st quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock worth $32,000 after buying an additional 80 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Chairman Travis D. Stice sold 20,400 shares of Diamondback Energy stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $142.80, for a total value of $2,913,120.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.70% of the company's stock.

Diamondback Energy Stock Down 1.8%

FANG stock opened at $139.44 on Friday. The stock has a fifty day moving average of $142.24 and a 200-day moving average of $140.66. Diamondback Energy, Inc. has a fifty-two week low of $114.00 and a fifty-two week high of $186.74. The company has a market capitalization of $40.37 billion, a price-to-earnings ratio of 9.91 and a beta of 1.04. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55.

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 EPS for the quarter, missing the consensus estimate of $2.72 by ($0.05). The business had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.35 billion. Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. Diamondback Energy's revenue for the quarter was up 48.1% compared to the same quarter last year. During the same period last year, the company earned $4.52 earnings per share. As a group, equities research analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages recently commented on FANG. UBS Group increased their price target on Diamondback Energy from $163.00 to $171.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Melius Research assumed coverage on Diamondback Energy in a research report on Wednesday, August 20th. They set a "buy" rating and a $213.00 target price for the company. Morgan Stanley cut their price target on shares of Diamondback Energy from $186.00 to $184.00 and set an "overweight" rating on the stock in a report on Tuesday. William Blair started coverage on shares of Diamondback Energy in a research report on Monday, August 25th. They set an "outperform" rating for the company. Finally, Wells Fargo & Company lifted their price objective on shares of Diamondback Energy from $210.00 to $211.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. Two analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $192.23.

Diamondback Energy 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.

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