Diamondback Energy, Inc. $FANG Shares Sold by Oak Ridge Investments LLC

Key Points

• Oak Ridge Investments LLC reduced its stake in Diamondback Energy by 39.4%, selling 2,073 shares, and now holds 3,192 shares valued at approximately $439,000.
• Diamondback Energy reported a quarterly EPS of $2.67, missing analysts' estimates by $0.05, but had revenues of $3.68 billion, exceeding expectations.
• The company announced a quarterly dividend of $1.00 per share, yielding 2.9% annually, with a payout ratio of 28.43%.

Oak Ridge Investments LLC trimmed its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 39.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,192 shares of the oil and natural gas company's stock after selling 2,073 shares during the quarter. Oak Ridge Investments LLC's holdings in Diamondback Energy were worth $439,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in FANG. Farther Finance Advisors LLC lifted its position in Diamondback Energy by 36.0% during the 1st quarter. Farther Finance Advisors LLC now owns 1,085 shares of the oil and natural gas company's stock worth $174,000 after acquiring an additional 287 shares during the period. Simon Quick Advisors LLC lifted its position in Diamondback Energy by 8.7% during the 1st quarter. Simon Quick Advisors LLC now owns 1,339 shares of the oil and natural gas company's stock worth $214,000 after acquiring an additional 107 shares during the period. Fifth Third Bancorp lifted its position in Diamondback Energy by 5.7% during the 1st quarter. Fifth Third Bancorp now owns 8,798 shares of the oil and natural gas company's stock worth $1,407,000 after acquiring an additional 477 shares during the period. Elevation Point Wealth Partners LLC lifted its position in Diamondback Energy by 162.4% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 5,109 shares of the oil and natural gas company's stock worth $817,000 after acquiring an additional 3,162 shares during the period. Finally, Vaughan Nelson Investment Management L.P. acquired a new stake in Diamondback Energy during the 1st quarter worth approximately $22,252,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Diamondback Energy Stock Down 3.0%

FANG opened at $139.82 on Monday. The business's fifty day moving average is $142.51 and its two-hundred day moving average is $140.89. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55. The company has a market cap of $40.48 billion, a price-to-earnings ratio of 9.94 and a beta of 1.04. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $196.00.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 EPS for the quarter, missing analysts' consensus estimates of $2.72 by ($0.05). The firm had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.35 billion. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The firm'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 firm posted $4.52 earnings per share. Analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Thursday, August 14th. Diamondback Energy's payout ratio is presently 28.43%.

Wall Street Analyst Weigh In

Several analysts have recently commented on FANG shares. Morgan Stanley raised their price target on Diamondback Energy from $184.00 to $186.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Wall Street Zen downgraded Diamondback Energy from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Wells Fargo & Company lifted their price target on Diamondback Energy from $210.00 to $211.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. Susquehanna decreased their price target on Diamondback Energy from $192.00 to $188.00 and set a "positive" rating on the stock in a research note on Wednesday, July 23rd. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $173.00 price target on shares of Diamondback Energy in a research note on Friday. 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 stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $192.32.

Insider Buying and Selling

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the sale, the chairman directly owned 102,145 shares in the company, valued at approximately $14,586,306. The trade was a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.48% 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.

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