Diamondback Energy, Inc. $FANG Shares Purchased by Diversify Advisory Services LLC

Key Points

• Diversify Advisory Services increased its Diamondback Energy stake by 251.4% in the third quarter, adding 5,379 shares and bringing its holdings to 7,519 shares valued at approximately $1.47 million. Institutional investors collectively own 90.01% of FANG.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $226.71. Several firms raised their targets, though Citigroup slightly lowered its target to $220.
• Diamondback reported quarterly earnings of $6.48 per share, exceeding estimates, while revenue rose 51.2% year over year to $5.56 billion. The company also declared a $1.10 quarterly dividend, equivalent to a 2.1% yield.

Diversify Advisory Services LLC lifted its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 251.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,519 shares of the oil and natural gas company's stock after purchasing an additional 5,379 shares during the period. Diversify Advisory Services LLC's holdings in Diamondback Energy were worth $1,471,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in FANG. BlackRock Inc. acquired a new position in Diamondback Energy during the second quarter worth $3,303,362,000. Wellington Management Group LLP raised its position in Diamondback Energy by 31.3% during the second quarter. Wellington Management Group LLP now owns 16,420,247 shares of the oil and natural gas company's stock worth $2,886,351,000 after acquiring an additional 3,918,943 shares in the last quarter. State Street Corp raised its position in Diamondback Energy by 4.2% during the second quarter. State Street Corp now owns 12,562,224 shares of the oil and natural gas company's stock worth $2,208,188,000 after acquiring an additional 510,281 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in Diamondback Energy in the second quarter valued at $852,791,000. Finally, Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in Diamondback Energy in the second quarter valued at $268,855,000. Institutional investors and hedge funds own 90.01% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on FANG shares. Raymond James Financial reissued a "strong-buy" rating on shares of Diamondback Energy in a research report on Thursday, September 17th. Capital One Financial upped their target price on shares of Diamondback Energy from $272.00 to $283.00 and gave the company an "overweight" rating in a report on Wednesday, August 19th. Truist Financial upped their target price on shares of Diamondback Energy from $220.00 to $224.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. UBS Group raised their target price on shares of Diamondback Energy from $243.00 to $253.00 and gave the company a "buy" rating in a research note on Monday, September 14th. Finally, Citigroup reduced their price target on Diamondback Energy from $221.00 to $220.00 and set a "buy" rating for the company in a report on Monday, August 10th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Diamondback Energy has a consensus rating of "Moderate Buy" and an average price target of $226.71.

Insider Activity

In other news, Director Travis D. Stice sold 75,000 shares of the stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $204.31, for a total transaction of $15,323,250.00. Following the transaction, the director owned 49,727 shares in the company, valued at approximately $10,159,723.37. This trade represents a 60.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles Meloy sold 33,333 shares of the business's stock in a transaction on Monday, October 5th. The shares were sold at an average price of $183.74, for a total value of $6,124,605.42. Following the completion of the sale, the director owned 759,864 shares of the company's stock, valued at $139,617,411.36. This trade represents a 4.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 141,666 shares of company stock worth $28,061,456. Insiders own 0.64% of the company's stock.

Diamondback Energy Price Performance

NASDAQ:FANG opened at $205.75 on Friday. Diamondback Energy, Inc. has a one year low of $137.03 and a one year high of $216.90. The company has a market cap of $57.61 billion, a P/E ratio of 40.11 and a beta of 0.55. The firm's fifty day moving average price is $197.35 and its two-hundred day moving average price is $194.46. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.47 and a quick ratio of 0.45.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $6.08 by $0.40. The company had revenue of $5.56 billion during the quarter, compared to analysts' expectations of $4.89 billion. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. Diamondback Energy's quarterly revenue was up 51.2% compared to the same quarter last year. During the same quarter last year, the company posted $2.38 EPS. Equities analysts expect that Diamondback Energy, Inc. will post 21.49 earnings per share for the current year.

Diamondback Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th were issued a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Thursday, August 13th. Diamondback Energy's dividend payout ratio is currently 85.77%.

Diamondback Energy Profile

Diamondback Energy, Inc is an independent oil and natural gas company engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves. The company's operations are concentrated in the Permian Basin of West Texas and southeastern New Mexico, particularly the Midland and Delaware Basins.

Diamondback produces crude oil, natural gas and natural gas liquids from horizontal wells and related infrastructure. Its activities include drilling and completing wells, operating gathering and processing assets, and managing midstream services that support production.

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