Diamondback Energy, Inc. $FANG Shares Sold by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH reduced its stake in Diamondback Energy by 42.2%, now holding 21,159 shares valued at approximately $2.9 million.
• Diamondback Energy recently declared a quarterly dividend of $1.00, representing an annual yield of 2.7%.
• Analysts have mixed price targets for Diamondback Energy, with recent estimates ranging from $160.00 to $213.00, indicating varying sentiment on the stock's future performance.

Allianz Asset Management GmbH decreased its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 42.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,159 shares of the oil and natural gas company's stock after selling 15,443 shares during the period. Allianz Asset Management GmbH's holdings in Diamondback Energy were worth $2,907,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Nuveen LLC purchased a new position in Diamondback Energy in the 1st quarter valued at approximately $230,039,000. Adage Capital Partners GP L.L.C. purchased a new position in Diamondback Energy in the 1st quarter valued at approximately $77,622,000. Wellington Management Group LLP boosted its position in Diamondback Energy by 27.3% in the 1st quarter. Wellington Management Group LLP now owns 1,950,160 shares of the oil and natural gas company's stock valued at $311,792,000 after buying an additional 418,431 shares during the period. Victory Capital Management Inc. boosted its position in Diamondback Energy by 50.6% in the 1st quarter. Victory Capital Management Inc. now owns 1,135,759 shares of the oil and natural gas company's stock valued at $181,585,000 after buying an additional 381,542 shares during the period. Finally, Boston Partners boosted its position in Diamondback Energy by 4.8% in the 1st quarter. Boston Partners now owns 5,418,840 shares of the oil and natural gas company's stock valued at $861,961,000 after buying an additional 249,098 shares during the period. Institutional investors and hedge funds own 90.01% of the company's stock.

Insiders Place Their Bets

In related news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $142.80, for a total value of $2,913,120.00. Following the completion of the sale, the chairman directly owned 102,145 shares of the company's stock, valued at $14,586,306. The trade was a 16.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Melius Research assumed coverage on shares of Diamondback Energy in a research report on Wednesday, August 20th. They issued a "buy" rating and a $213.00 price target for the company. Wells Fargo & Company decreased their price target on shares of Diamondback Energy from $211.00 to $160.00 and set an "overweight" rating for the company in a research report on Friday, October 17th. Morgan Stanley decreased their price target on shares of Diamondback Energy from $186.00 to $184.00 and set an "overweight" rating for the company in a research report on Tuesday, October 14th. Piper Sandler decreased their price target on shares of Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating for the company in a research report on Thursday, August 14th. Finally, Susquehanna decreased their price objective on shares of Diamondback Energy to $188.00 and set a "positive" rating for the company in a research report on Monday. Two research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Diamondback Energy currently has a consensus rating of "Buy" and an average target price of $189.91.

Diamondback Energy Price Performance

Diamondback Energy stock opened at $145.86 on Friday. The stock has a market cap of $42.23 billion, a P/E ratio of 10.37 and a beta of 1.04. The company has a fifty day simple moving average of $142.61 and a 200-day simple moving average of $140.84. Diamondback Energy, Inc. has a 12-month low of $114.00 and a 12-month high of $186.07. The company has a current ratio of 0.55, a quick ratio of 0.52 and a debt-to-equity ratio of 0.35.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.72 by ($0.05). Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The firm had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.35 billion. During the same period last year, the firm posted $4.52 earnings per share. Diamondback Energy's revenue for the quarter was up 48.1% on a year-over-year basis. Equities analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 14th were given a $1.00 dividend. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $4.00 dividend on an annualized basis and a yield of 2.7%. Diamondback Energy's payout ratio is 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.

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