Diamondback Energy, Inc. $FANG Stake Cut by Corient Private Wealth LP

Corient Private Wealth LP cut its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 9.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 54,656 shares of the oil and natural gas company's stock after selling 5,763 shares during the quarter. Corient Private Wealth LP's holdings in Diamondback Energy were worth $9,608,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of FANG. BlackRock Inc. acquired a new position in shares of Diamondback Energy in the 2nd quarter valued at about $3,303,362,000. Bank of New York Mellon Corp acquired a new stake in shares of Diamondback Energy during the second quarter worth approximately $852,791,000. Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in shares of Diamondback Energy during the second quarter worth approximately $268,855,000. Wellington Management Group LLP boosted its holdings in shares of Diamondback Energy by 74.1% during the fourth quarter. Wellington Management Group LLP now owns 3,239,837 shares of the oil and natural gas company's stock worth $487,045,000 after purchasing an additional 1,379,010 shares during the period. Finally, EnCap Energy Capital Fund XII L.P. purchased a new position in Diamondback Energy during the fourth quarter valued at approximately $169,342,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Diamondback Energy Price Performance

Shares of FANG opened at $197.67 on Monday. The firm has a market cap of $55.35 billion, a PE ratio of 38.53 and a beta of 0.43. The firm's 50 day moving average price is $193.25 and its 200 day moving average price is $190.66. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.45 and a current ratio of 0.47. Diamondback Energy, Inc. has a twelve month low of $134.30 and a twelve month high of $216.90.

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 EPS for the quarter, topping the consensus estimate of $6.08 by $0.40. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The company had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $4.89 billion. During the same period in the previous year, the firm posted $2.38 earnings per share. The company's revenue for the quarter was up 51.2% compared to the same quarter last year. As a group, research analysts expect that Diamondback Energy, Inc. will post 20.13 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 13th were paid a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Thursday, August 13th. Diamondback Energy's payout ratio is presently 85.77%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on FANG shares. UBS Group dropped their price objective on shares of Diamondback Energy from $246.00 to $243.00 and set a "buy" rating on the stock in a research note on Tuesday, July 21st. Mizuho lifted their target price on shares of Diamondback Energy from $220.00 to $240.00 and gave the company an "outperform" rating in a research note on Wednesday, May 27th. Roth Capital set a $212.00 price target on shares of Diamondback Energy and gave the company a "buy" rating in a report on Monday, June 22nd. Morgan Stanley reaffirmed an "equal weight" rating and issued a $216.00 price target on shares of Diamondback Energy in a research note on Wednesday, August 19th. Finally, Raymond James Financial reiterated a "strong-buy" rating and set a $248.00 price objective on shares of Diamondback Energy in a report on Friday, July 31st. Four research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Diamondback Energy presently has a consensus rating of "Moderate Buy" and an average price target of $222.21.

Insider Activity at Diamondback Energy

In related news, Director Mark Lawrence Plaumann sold 500 shares of the company's stock in a transaction on Tuesday, June 9th. The shares were 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 in the company, valued at approximately $2,640,370.50. This represents a 3.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Charles Alvin Meloy sold 33,333 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $198.41, for a total transaction of $6,613,600.53. Following the transaction, the director directly owned 818,197 shares in the company, valued at $162,338,466.77. The trade was a 3.91% 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. In the last 90 days, insiders sold 124,167 shares of company stock valued at $23,711,609. 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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