Corigliano Investment Advisers LLC Takes Position in Diamondback Energy, Inc. $FANG

Key Points

• Corigliano Investment Advisers LLC has acquired a new stake in Diamondback Energy, Inc., purchasing 112,114 shares valued at approximately $17.9 million, making it the second largest position in their portfolio.
• The stock has seen a 5.1% decrease, with Diamondback Energy's share price currently around $142.29, reflecting fluctuations in the oil market.
• Diamondback Energy recently declared a $1.00 quarterly dividend, representing an annual yield of 2.8%, with a payout ratio of 28.43%.

Corigliano Investment Advisers LLC bought a new stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 112,114 shares of the oil and natural gas company's stock, valued at approximately $17,925,000. Diamondback Energy makes up approximately 8.0% of Corigliano Investment Advisers LLC's investment portfolio, making the stock its 2nd largest position.

A number of other hedge funds also recently modified their holdings of the business. Curi RMB Capital LLC lifted its holdings in shares of Diamondback Energy by 45.7% in the first quarter. Curi RMB Capital LLC now owns 102,894 shares of the oil and natural gas company's stock valued at $16,451,000 after purchasing an additional 32,251 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of Diamondback Energy by 6.2% during the first quarter. Alliancebernstein L.P. now owns 246,356 shares of the oil and natural gas company's stock worth $39,387,000 after acquiring an additional 14,377 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Diamondback Energy by 17.8% during the first quarter. AQR Capital Management LLC now owns 52,707 shares of the oil and natural gas company's stock worth $8,427,000 after acquiring an additional 7,956 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Diamondback Energy by 2.1% during the first quarter. Advisors Asset Management Inc. now owns 28,239 shares of the oil and natural gas company's stock worth $4,515,000 after acquiring an additional 573 shares in the last quarter. Finally, Amundi raised its holdings in shares of Diamondback Energy by 0.6% during the first quarter. Amundi now owns 695,462 shares of the oil and natural gas company's stock worth $111,190,000 after acquiring an additional 3,964 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.

Wall Street Analysts Forecast Growth

FANG has been the subject of several recent research reports. Wells Fargo & Company increased their price objective on Diamondback Energy from $210.00 to $211.00 and gave the stock an "overweight" rating in a report on Thursday, August 14th. KeyCorp cut their price objective on Diamondback Energy from $180.00 to $176.00 and set an "overweight" rating for the company in a report on Wednesday. UBS Group increased their price objective on Diamondback Energy from $163.00 to $171.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Piper Sandler cut their price objective on Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating for the company in a report on Thursday, August 14th. Finally, Mizuho cut their price objective on Diamondback Energy from $186.00 to $179.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $193.17.

Insider Activity

In other news, Chairman Travis D. Stice sold 20,400 shares of the firm's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $142.80, for a total value of $2,913,120.00. Following the sale, the chairman directly owned 102,145 shares of the company's stock, valued at approximately $14,586,306. This trade represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.70% of the company's stock.

Diamondback Energy Stock Down 2.8%

Diamondback Energy stock traded down $4.03 during mid-day trading on Friday, hitting $138.71. 1,993,976 shares of the company's stock were exchanged, compared to its average volume of 1,686,301. The company has a current ratio of 0.55, a quick ratio of 0.52 and a debt-to-equity ratio of 0.35. The stock has a market cap of $40.16 billion, a P/E ratio of 9.86 and a beta of 1.14. Diamondback Energy, Inc. has a 1-year low of $114.00 and a 1-year high of $200.47. The stock has a 50 day moving average of $142.93 and a two-hundred day moving average of $142.77.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its earnings results 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 analyst estimates of $3.35 billion. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The company's quarterly revenue was up 48.1% compared to the same quarter last year. During the same period in the previous year, the company earned $4.52 earnings per share. As a group, analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

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

About Diamondback Energy

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.