Diamondback Energy, Inc. $FANG Stock Holdings Decreased by HITE Hedge Asset Management LLC

Key Points

• HITE Hedge Asset Management LLC has reduced its holdings in Diamondback Energy by 16.8%, now owning 216,727 shares, making it the firm's 15th largest position.
• Diamondback Energy recently reported an EPS of $2.67, which fell short of analysts' expectations, while revenue surged 48.1% compared to the previous year.
• The company declared a quarterly dividend of $1.00 per share, reflecting an annualized yield of 2.9% and a dividend payout ratio of 28.43%.

HITE Hedge Asset Management LLC lowered its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 16.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 216,727 shares of the oil and natural gas company's stock after selling 43,839 shares during the quarter. Diamondback Energy comprises 2.2% of HITE Hedge Asset Management LLC's portfolio, making the stock its 15th largest position. HITE Hedge Asset Management LLC owned approximately 0.07% of Diamondback Energy worth $34,650,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of FANG. Robeco Institutional Asset Management B.V. lifted its position in Diamondback Energy by 4.0% in the first quarter. Robeco Institutional Asset Management B.V. now owns 36,177 shares of the oil and natural gas company's stock worth $5,784,000 after purchasing an additional 1,384 shares during the period. Oppenheimer Asset Management Inc. raised its position in Diamondback Energy by 6.3% in the first quarter. Oppenheimer Asset Management Inc. now owns 58,853 shares of the oil and natural gas company's stock worth $9,409,000 after acquiring an additional 3,467 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of Diamondback Energy by 50.4% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 7,149 shares of the oil and natural gas company's stock valued at $1,143,000 after acquiring an additional 2,397 shares during the last quarter. True North Advisors LLC bought a new stake in shares of Diamondback Energy during the 1st quarter worth $327,000. Finally, Wealth Advisory Solutions LLC acquired a new position in shares of Diamondback Energy in the 1st quarter worth $2,631,000. Institutional investors own 90.01% of the company's stock.

Diamondback Energy Stock Down 0.4%

FANG stock opened at $140.22 on Monday. The firm has a 50-day moving average price of $143.65 and a 200-day moving average price of $144.39. The stock has a market capitalization of $40.59 billion, a P/E ratio of 9.97 and a beta of 1.09. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $200.47. 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 announced its quarterly 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 analyst estimates of $3.35 billion. Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The business's revenue for the quarter was up 48.1% compared to the same quarter last year. During the same period in the previous year, the business posted $4.52 earnings per share. As a group, equities research analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th will be issued a dividend of $1.00 per share. The ex-dividend date is Thursday, August 14th. This represents a $4.00 annualized dividend and a yield of 2.9%. Diamondback Energy's dividend payout ratio (DPR) is presently 28.43%.

Insider Transactions at Diamondback Energy

In other news, Chairman Travis D. Stice sold 20,400 shares of the company'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 sale, the chairman directly owned 102,145 shares of the company's stock, valued at approximately $14,586,306. This represents a 16.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.48% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on FANG. KeyCorp reduced their price target on shares of Diamondback Energy from $216.00 to $180.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Scotiabank reissued an "outperform" rating on shares of Diamondback Energy in a research report on Friday, July 11th. Wall Street Zen lowered shares of Diamondback Energy from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Susquehanna lowered their price target on shares of Diamondback Energy from $192.00 to $188.00 and set a "positive" rating on the stock in a report on Wednesday, July 23rd. Finally, Mizuho dropped their target price on Diamondback Energy from $186.00 to $179.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. One research analyst has rated the stock with a sell rating, one has given a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $191.45.

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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