Diamondback Energy, Inc. $FANG Shares Bought by Parkside Investments LLC

Key Points

• Parkside Investments LLC increased its holdings in Diamondback Energy by 60%, owning 8,000 shares valued at approximately $1.1 million as of its latest SEC filing.
• Diamondback Energy reported a quarterly revenue of $3.68 billion and an EPS of $2.67, missing estimates; however, revenue showed a 48.1% year-over-year increase.
• The firm announced a quarterly dividend of $1.00 per share, equating to an annualized dividend of $4.00 and a yield of 2.8%.

Parkside Investments LLC raised its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 60.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,000 shares of the oil and natural gas company's stock after buying an additional 3,000 shares during the period. Parkside Investments LLC's holdings in Diamondback Energy were worth $1,099,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. BankPlus Trust Department acquired a new stake in shares of Diamondback Energy during the first quarter worth about $27,000. Pinnacle Bancorp Inc. increased its position in shares of Diamondback Energy by 95.7% during the first quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock worth $29,000 after purchasing an additional 88 shares in the last quarter. SouthState Corp increased its position in shares of Diamondback Energy by 596.4% during the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock worth $31,000 after purchasing an additional 167 shares in the last quarter. WASHINGTON TRUST Co increased its position in shares of Diamondback Energy by 119.8% during the first quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock worth $32,000 after purchasing an additional 109 shares in the last quarter. Finally, Grove Bank & Trust increased its position in shares of Diamondback Energy by 65.0% during the first quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock worth $32,000 after purchasing an additional 80 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company's stock.

Diamondback Energy Price Performance

FANG opened at $143.58 on Tuesday. The firm has a market cap of $41.56 billion, a price-to-earnings ratio of 10.20 and a beta of 1.14. Diamondback Energy, Inc. has a fifty-two week low of $114.00 and a fifty-two week high of $200.47. The company's 50-day moving average price is $142.82 and its 200 day moving average price is $141.73. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its quarterly 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 firm had revenue of $3.68 billion during the quarter, compared to analyst estimates 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 quarter in the previous year, the business posted $4.52 EPS. As a group, sell-side analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors 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 2.8%. The ex-dividend date was Thursday, August 14th. Diamondback Energy's dividend payout ratio (DPR) is presently 28.43%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on FANG shares. Scotiabank reissued an "outperform" rating on shares of Diamondback Energy in a report on Friday, July 11th. Wall Street Zen lowered Diamondback Energy from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Piper Sandler lowered their price objective on Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating on the stock in a report on Thursday, August 14th. Melius began coverage on Diamondback Energy in a report on Wednesday, August 20th. They issued a "buy" rating and a $213.00 price objective on the stock. Finally, Susquehanna cut their price objective on Diamondback Energy from $192.00 to $188.00 and set a "positive" rating for the company in a research report on Wednesday, July 23rd. Two equities research analysts have rated the stock with a Strong Buy rating and twenty-one have issued a Buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $193.39.

Insiders Place Their Bets

In related news, Chairman Travis D. Stice sold 20,400 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the completion of the sale, the chairman directly owned 102,145 shares in the company, 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 filing with the SEC, which is available at the SEC website. 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.

Want to see what other hedge funds are holding FANG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Diamondback Energy, Inc. (NASDAQ:FANG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.