Diamondback Energy, Inc. $FANG Shares Sold by Concord Asset Management LLC VA

Key Points

• Concord Asset Management LLC reduced its stake in Diamondback Energy by 61.5% in Q2, now holding 1,809 shares worth $249,000.
• Multiple analysts have recently adjusted their price targets for Diamondback Energy, with the average target now at $192.32 and a consensus rating of "Buy."
• The company declared a quarterly dividend of $1.00 per share, resulting in an annualized yield of 2.8%, with a payout ratio of 28.43%.

Concord Asset Management LLC VA lessened its position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 61.5% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,809 shares of the oil and natural gas company's stock after selling 2,890 shares during the period. Concord Asset Management LLC VA's holdings in Diamondback Energy were worth $249,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Nuveen LLC bought a new position in shares of Diamondback Energy during the 1st quarter valued at about $230,039,000. Adage Capital Partners GP L.L.C. acquired a new stake in Diamondback Energy during the first quarter valued at approximately $77,622,000. Wellington Management Group LLP lifted its stake in Diamondback Energy by 27.3% during the first 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 purchasing an additional 418,431 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Diamondback Energy by 50.6% during the first 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 purchasing an additional 381,542 shares during the last quarter. Finally, Boston Partners lifted its stake in Diamondback Energy by 4.8% during the first quarter. Boston Partners now owns 5,418,840 shares of the oil and natural gas company's stock valued at $861,961,000 after purchasing an additional 249,098 shares during the last quarter. Institutional investors own 90.01% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Piper Sandler dropped their price target on Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating on the stock in a report on Thursday, August 14th. UBS Group lifted their target price on Diamondback Energy from $163.00 to $171.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. William Blair began coverage on Diamondback Energy in a research report on Monday, August 25th. They issued an "outperform" rating for the company. Evercore ISI increased their price target on Diamondback Energy from $165.00 to $175.00 and gave the company an "outperform" rating in a research report on Monday, October 6th. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Diamondback Energy in a research note on Thursday. Two equities 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's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $192.32.

Insider Activity

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the company's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $142.80, for a total value of $2,913,120.00. Following the transaction, the chairman directly owned 102,145 shares of the company's stock, valued at $14,586,306. This represents a 16.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.48% of the company's stock.

Diamondback Energy Stock Performance

Shares of FANG opened at $142.11 on Tuesday. The company's 50 day moving average price is $142.39 and its 200 day moving average price is $140.79. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week high of $193.31. The company has a market capitalization of $41.14 billion, a PE ratio of 10.10 and a beta of 1.04. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55.

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

Diamondback Energy Announces Dividend

The company also recently disclosed 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 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Thursday, August 14th. Diamondback Energy's dividend payout ratio (DPR) is currently 28.43%.

Diamondback Energy Company 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.

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