Diamondback Energy, Inc. $FANG Shares Purchased by Assetmark Inc.

Key Points

• Assetmark Inc. increased its stake in Diamondback Energy by 2.0% in the first quarter, ending with 304,014 shares worth about $60.1 million. Institutional ownership remains high, with investors holding about 90.01% of the stock.
• Diamondback Energy reported better-than-expected Q1 earnings, posting $4.23 per share versus analysts’ estimate of $3.74, on revenue of $4.24 billion. Revenue rose 4.7% year over year, and the company reaffirmed strong profitability metrics despite a modest net margin.
• The company raised its quarterly dividend to $1.10 per share from $1.05, implying a $4.40 annualized payout and a 2.3% yield. Meanwhile, analysts remain broadly positive, with a consensus rating of Buy and an average price target of $219.53.

Assetmark Inc. boosted its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 2.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 304,014 shares of the oil and natural gas company's stock after acquiring an additional 6,069 shares during the quarter. Assetmark Inc. owned about 0.11% of Diamondback Energy worth $60,131,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Diamondback Energy by 18.3% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 139,308 shares of the oil and natural gas company's stock valued at $20,942,000 after purchasing an additional 21,575 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in shares of Diamondback Energy by 4.1% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,441,622 shares of the oil and natural gas company's stock worth $216,719,000 after purchasing an additional 56,194 shares during the period. Hsbc Holdings PLC grew its position in Diamondback Energy by 16.3% during the fourth quarter. Hsbc Holdings PLC now owns 338,577 shares of the oil and natural gas company's stock valued at $50,890,000 after purchasing an additional 47,450 shares in the last quarter. Eagle Global Advisors LLC purchased a new position in Diamondback Energy during the fourth quarter valued at approximately $5,472,000. Finally, QSM Asset Management Ltd increased its stake in Diamondback Energy by 100.0% in the 4th quarter. QSM Asset Management Ltd now owns 61,000 shares of the oil and natural gas company's stock valued at $9,170,000 after buying an additional 30,500 shares during the period. 90.01% of the stock is currently owned by institutional investors.

Diamondback Energy Stock Up 2.8%

Shares of FANG stock opened at $195.54 on Friday. The stock has a fifty day moving average price of $191.24 and a 200 day moving average price of $180.78. The stock has a market cap of $55.01 billion, a P/E ratio of 227.37 and a beta of 0.42. Diamondback Energy, Inc. has a one year low of $134.30 and a one year high of $214.51. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.56 and a quick ratio of 0.55.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share for the quarter, beating analysts' consensus estimates of $3.74 by $0.49. The business had revenue of $4.24 billion for the quarter, compared to analysts' expectations of $3.83 billion. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The firm's revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.54 earnings per share. Analysts predict that Diamondback Energy, Inc. will post 19.14 earnings per share for the current year.

Diamondback Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were given a dividend of $1.10 per share. This is a positive change from Diamondback Energy's previous quarterly dividend of $1.05. The ex-dividend date was Thursday, May 14th. This represents a $4.40 annualized dividend and a yield of 2.3%. Diamondback Energy's dividend payout ratio is currently 511.63%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on FANG shares. Sanford C. Bernstein increased their target price on shares of Diamondback Energy from $237.00 to $241.00 and gave the stock an "outperform" rating in a research report on Monday, May 11th. Citigroup boosted their price target on shares of Diamondback Energy from $225.00 to $245.00 and gave the company a "buy" rating in a report on Wednesday, May 20th. Wells Fargo & Company set a $212.00 price target on shares of Diamondback Energy in a research note on Monday, June 22nd. Zacks Research lowered Diamondback Energy from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 28th. Finally, Roth Capital set a $212.00 price objective on Diamondback Energy and gave the company a "buy" rating in a research report on Monday, June 22nd. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $219.53.

Insider Activity at Diamondback Energy

In other news, Director Mark Lawrence Plaumann sold 500 shares of Diamondback Energy stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $196.50, for a total value of $98,250.00. Following the completion of the sale, the director directly owned 13,437 shares of the company's stock, valued at approximately $2,640,370.50. This trade represents a 3.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Matt Zmigrosky sold 5,000 shares of the business's stock in a transaction on Monday, June 1st. The stock was sold at an average price of $200.54, for a total value of $1,002,700.00. Following the sale, the executive vice president owned 46,392 shares of the company's stock, valued at approximately $9,303,451.68. The trade was a 9.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 113,691 shares of company stock worth $21,622,752 in the last 90 days. Corporate insiders own 0.64% of the company's stock.

Diamondback Energy Profile

Diamondback Energy, Inc NASDAQ: FANG is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback's activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.

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