Diamondback Energy, Inc. $FANG Stock: Candriam S.C.A. Grows Position

Key Points

• Candriam S.C.A. increased its Diamondback Energy stake by 65.8% in the third quarter, bringing its holdings to 40,147 shares valued at about $7.4 million. Institutional investors collectively own 90.01% of the stock.
• Diamondback beat quarterly earnings and revenue estimates, reporting $5.86 EPS and $5.43 billion in revenue; revenue rose 38.4% year over year. The company also raised its quarterly dividend from $1.10 to $1.18 per share.
• Analysts hold a “Moderate Buy” consensus rating with an average price target of $228.29. Shares opened at $178.17 in the article’s cited session, while two directors were reported to have sold shares.

Candriam S.C.A. raised its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 65.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 40,147 shares of the oil and natural gas company's stock after purchasing an additional 15,933 shares during the period. Candriam S.C.A.'s holdings in Diamondback Energy were worth $7,406,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of FANG. BlackRock Inc. bought a new stake in Diamondback Energy during the 2nd quarter worth approximately $3,303,362,000. Wellington Management Group LLP boosted its position in shares of Diamondback Energy by 31.3% in 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 purchasing an additional 3,918,943 shares during the period. State Street Corp boosted its position in shares of Diamondback Energy by 4.2% in 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 purchasing an additional 510,281 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Diamondback Energy in the second quarter worth approximately $852,791,000. Finally, Diamond Hill Capital Management LLC Investment Advisor purchased a new stake in shares of Diamondback Energy in the second quarter worth $268,855,000. Institutional investors own 90.01% of the company's stock.

Diamondback Energy Stock Down 0.4%

NASDAQ FANG opened at $178.17 on Tuesday. Diamondback Energy, Inc. has a 12 month low of $139.41 and a 12 month high of $216.90. The company has a current ratio of 0.55, a quick ratio of 0.45 and a debt-to-equity ratio of 0.26. The stock has a market cap of $49.89 billion, a PE ratio of 9.99 and a beta of 0.49. The stock's 50 day moving average is $195.33 and its 200 day moving average is $190.08.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its quarterly earnings data on Monday, November 2nd. The oil and natural gas company reported $5.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.72 by $0.14. The business had revenue of $5.43 billion during the quarter, compared to analyst estimates of $4.60 billion. Diamondback Energy had a net margin of 11.03% and a return on equity of 11.86%. The company's revenue was up 38.4% on a year-over-year basis. During the same period last year, the firm posted $3.08 EPS. Research analysts predict that Diamondback Energy, Inc. will post 22.57 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Thursday, November 12th will be given a dividend of $1.18 per share. This is a positive change from Diamondback Energy's previous quarterly dividend of $1.10. This represents a $4.72 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Thursday, November 12th. Diamondback Energy's dividend payout ratio (DPR) is currently 60.19%.

Analyst Ratings Changes

Several brokerages have recently commented on FANG. BMO Capital Markets raised their price objective on shares of Diamondback Energy from $215.00 to $224.00 and gave the company an "outperform" rating in a research report on Friday, October 2nd. UBS Group lifted their target price on shares of Diamondback Energy from $256.00 to $260.00 and gave the company a "buy" rating in a research note on Wednesday, November 4th. Zacks Research raised shares of Diamondback Energy from a "hold" rating to a "strong-buy" rating in a report on Thursday, November 5th. Truist Financial increased their price target on Diamondback Energy from $224.00 to $232.00 and gave the stock a "buy" rating in a research note on Wednesday, November 4th. Finally, Morgan Stanley increased their price target on Diamondback Energy from $216.00 to $222.00 and gave the stock an "equal weight" rating in a research note on Thursday, October 15th. Three research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $228.29.

Insiders Place Their Bets

In other Diamondback Energy news, Director Travis D. Stice sold 75,000 shares of Diamondback Energy stock in a transaction on Friday, September 11th. The shares were sold at an average price of $204.31, for a total value of $15,323,250.00. Following the sale, the director directly owned 49,727 shares in the company, valued at approximately $10,159,723.37. The trade was a 60.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Charles Meloy sold 33,333 shares of the stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $183.74, for a total transaction of $6,124,605.42. Following the transaction, the director directly owned 759,864 shares of the company's stock, valued at $139,617,411.36. This trade represents a 4.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.64% of the stock is currently owned by corporate insiders.

Diamondback Energy Profile

Diamondback Energy is an independent oil and natural gas company focused on the development and production of energy resources in the Permian Basin, primarily in West Texas and southeastern New Mexico. Its operations include exploration, drilling and production.

The company produces crude oil, natural gas and natural gas liquids. Its activities are concentrated in the Midland and Delaware Basin regions, where it develops oil and gas properties and related reserves.

Founded in 2007 and headquartered in Midland, Texas, Diamondback has expanded its Permian Basin operations over time, including through acquisitions.

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