Diamondback Energy, Inc. $FANG Shares Purchased by MAI Capital Management

Key Points

• MAI Capital Management significantly increased its holdings in Diamondback Energy, raising ownership by 501.2% to 13,708 shares, valued at approximately $2.19 million.
• Multiple institutional investors have also made substantial investments in the company during the first quarter, with 90.01% of the company's stock now held by institutional investors and hedge funds.
• Diamondback Energy reported a missed earnings estimate of $2.67 EPS for the last quarter, compared to the consensus estimate of $2.72, despite significant revenue growth of 48.1% year-over-year.

MAI Capital Management grew its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 501.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,708 shares of the oil and natural gas company's stock after buying an additional 11,428 shares during the period. MAI Capital Management's holdings in Diamondback Energy were worth $2,192,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Investor s Fiduciary Advisor Network LLC lifted its holdings in shares of Diamondback Energy by 2.1% in the 1st quarter. Investor s Fiduciary Advisor Network LLC now owns 3,559 shares of the oil and natural gas company's stock valued at $569,000 after purchasing an additional 74 shares during the last quarter. Mesirow Financial Investment Management Inc. lifted its holdings in shares of Diamondback Energy by 5.6% in the 1st quarter. Mesirow Financial Investment Management Inc. now owns 1,414 shares of the oil and natural gas company's stock valued at $226,000 after purchasing an additional 75 shares during the last quarter. FourThought Financial Partners LLC lifted its holdings in shares of Diamondback Energy by 2.9% in the 1st quarter. FourThought Financial Partners LLC now owns 2,779 shares of the oil and natural gas company's stock valued at $444,000 after purchasing an additional 78 shares during the last quarter. Grove Bank & Trust lifted its holdings 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 valued at $32,000 after purchasing an additional 80 shares during the last quarter. Finally, Biondo Investment Advisors LLC lifted its holdings in shares of Diamondback Energy by 0.3% in the 1st quarter. Biondo Investment Advisors LLC now owns 28,858 shares of the oil and natural gas company's stock valued at $4,614,000 after purchasing an additional 80 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently weighed in on FANG shares. Melius started coverage on Diamondback Energy in a report on Wednesday, August 20th. They issued a "buy" rating and a $213.00 target price for the company. Wall Street Zen downgraded Diamondback Energy from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Raymond James Financial dropped their price target on Diamondback Energy from $221.00 to $212.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, August 20th. KeyCorp dropped their price target on Diamondback Energy from $180.00 to $176.00 and set an "overweight" rating on the stock in a research report on Wednesday. Finally, Morgan Stanley boosted their price target on Diamondback Energy from $184.00 to $186.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Two 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 MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $193.17.

Diamondback Energy Price Performance

Shares of FANG traded down $4.03 on Friday, reaching $138.71. The stock had a trading volume of 1,993,976 shares, compared to its average volume of 1,686,301. The firm has a market capitalization of $40.16 billion, a PE ratio of 9.86 and a beta of 1.14. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35. The firm has a 50-day moving average of $142.93 and a 200 day moving average of $142.77. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $200.47.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share for the quarter, missing analysts' consensus estimates of $2.72 by ($0.05). The firm had revenue of $3.68 billion during 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 business's revenue was up 48.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.52 EPS. Sell-side analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Thursday, August 14th. Diamondback Energy's dividend payout ratio is 28.43%.

Insider Buying and Selling

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the sale, the chairman owned 102,145 shares in the company, valued at approximately $14,586,306. This represents a 16.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.70% of the company's stock.

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.