Corient Private Wealth LP Has $8.64 Million Stock Holdings in Diamondback Energy, Inc. $FANG

Key Points

• Corient Private Wealth reduced its Diamondback Energy stake by 18.7% in the second quarter, selling 11,278 shares and retaining 49,141 shares valued at approximately $8.64 million. Institutional investors collectively own 90.01% of FANG.
• Diamondback reported strong quarterly results, with EPS of $6.48 versus the $6.08 estimate and revenue of $5.56 billion, up 51.2% year over year. The company also maintains a $1.10 quarterly dividend, yielding about 2.3% annually.
• Analyst sentiment remains positive, with a consensus rating of Moderate Buy and an average price target of $224.55, above the reported share price of $194.54. However, directors Charles Meloy and Travis D. Stice recently sold shares under pre-arranged trading plans.

Corient Private Wealth LP reduced its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 18.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 49,141 shares of the oil and natural gas company's stock after selling 11,278 shares during the period. Corient Private Wealth LP's holdings in Diamondback Energy were worth $8,638,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in Diamondback Energy during the 2nd quarter worth approximately $3,303,362,000. Wellington Management Group LLP increased its position in Diamondback Energy by 31.3% in the 2nd quarter. Wellington Management Group LLP now owns 16,420,247 shares of the oil and natural gas company's stock valued at $2,886,351,000 after acquiring an additional 3,918,943 shares during the period. Bank of New York Mellon Corp acquired a new position in Diamondback Energy in the 2nd quarter valued at approximately $852,791,000. Geode Capital Management LLC raised its stake in shares of Diamondback Energy by 0.3% during the fourth 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 during the last quarter. Finally, Capital Research Global Investors lifted its holdings in shares of Diamondback Energy by 14.1% during 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 purchasing an additional 534,073 shares during the period. Institutional investors and hedge funds own 90.01% of the company's stock.

More Diamondback Energy News

Here are the key news stories impacting Diamondback Energy this week:

• Positive Sentiment: Diamondback’s strong operating results remain a longer-term support: its latest quarterly earnings and revenue exceeded analyst expectations, with revenue increasing 51.2% year over year. The company also maintains a quarterly dividend of $1.10 per share. Here's Why Diamondback Energy Is a Strong Growth Stock
• Positive Sentiment: Analyst sentiment remains favorable. UBS initiated or reiterated a Buy rating, while the broader analyst consensus is Moderate Buy with an average price target above the recent trading level. Diamondback Receives a Buy from UBS

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, Director Charles Meloy sold 33,333 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $198.41, for a total value of $6,613,600.53. Following the transaction, the director owned 818,197 shares in the company, valued at approximately $162,338,466.77. This represents a 3.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Travis D. Stice sold 75,000 shares of the firm's stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $204.31, for a total value of $15,323,250.00. Following the completion of the sale, the director directly owned 49,727 shares of the company's stock, valued at $10,159,723.37. This trade represents a 60.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.64% of the company's stock.

Diamondback Energy Price Performance

Diamondback Energy stock opened at $194.54 on Thursday. The stock has a market capitalization of $54.48 billion, a price-to-earnings ratio of 37.92 and a beta of 0.43. Diamondback Energy, Inc. has a 52-week low of $136.13 and a 52-week 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. The stock's 50 day moving average price is $199.21 and its two-hundred day moving average price is $193.61.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share 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%. Diamondback Energy's revenue for the quarter was up 51.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.38 EPS. On average, equities analysts predict that Diamondback Energy, Inc. will post 19.94 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were issued a dividend of $1.10 per share. The ex-dividend date was Thursday, August 13th. This represents a $4.40 annualized dividend and a dividend yield of 2.3%. Diamondback Energy's dividend payout ratio is currently 85.77%.

Analysts Set New Price Targets

FANG has been the subject of a number of recent research reports. Wells Fargo & Company increased their price objective on Diamondback Energy from $262.00 to $263.00 and gave the company an "overweight" rating in a report on Wednesday, August 5th. Barclays cut their target price on Diamondback Energy from $232.00 to $221.00 and set an "overweight" rating on the stock in a report on Monday, August 17th. Stifel Nicolaus initiated coverage on Diamondback Energy in a research note on Thursday, September 10th. They issued a "buy" rating and a $259.00 price target for the company. Truist Financial raised their price objective on Diamondback Energy from $220.00 to $224.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. Finally, Citigroup cut their price objective on Diamondback Energy from $221.00 to $220.00 and set a "buy" rating on the stock in a research note on Monday, August 10th. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $224.55.

About Diamondback Energy

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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