Westfield Capital Management Co. LP Acquires 48,710 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Key Points

• Westfield Capital Management Co. LP increased its stakes in Diamondback Energy by 16.5% during the first quarter, now owning approximately 0.12% of the company valued at $55.09 million.
• A range of institutional investors have also boosted their positions in Diamondback Energy, with the majority of the stock, about 90.01%, currently held by institutional investors.
• Diamondback Energy reported a quarterly EPS of $2.67, missing estimates, but its revenue grew by 48.1% year-over-year, reaching $3.68 billion.

Westfield Capital Management Co. LP increased its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 16.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 344,596 shares of the oil and natural gas company's stock after buying an additional 48,710 shares during the quarter. Westfield Capital Management Co. LP owned 0.12% of Diamondback Energy worth $55,094,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Robeco Institutional Asset Management B.V. lifted its position in shares of Diamondback Energy by 4.0% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 36,177 shares of the oil and natural gas company's stock valued at $5,784,000 after buying an additional 1,384 shares during the last quarter. Oppenheimer Asset Management Inc. grew its stake in Diamondback Energy by 6.3% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 58,853 shares of the oil and natural gas company's stock valued at $9,409,000 after buying an additional 3,467 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Diamondback Energy by 50.4% in the first quarter. China Universal Asset Management Co. Ltd. now owns 7,149 shares of the oil and natural gas company's stock worth $1,143,000 after acquiring an additional 2,397 shares during the period. Wealth Advisory Solutions LLC purchased a new position in shares of Diamondback Energy in the first quarter valued at $2,631,000. Finally, Requisite Capital Management LLC raised its stake in shares of Diamondback Energy by 501.7% during the 1st quarter. Requisite Capital Management LLC now owns 59,281 shares of the oil and natural gas company's stock valued at $9,478,000 after purchasing an additional 49,428 shares during the period. 90.01% of the stock is owned by hedge funds and other institutional investors.

Diamondback Energy Trading Down 0.9%

FANG traded down $1.32 during trading on Wednesday, hitting $144.36. 2,171,306 shares of the stock traded hands, compared to its average volume of 1,973,740. The firm has a 50-day moving average of $143.30 and a 200 day moving average of $146.47. Diamondback Energy, Inc. has a 12-month low of $114.00 and a 12-month high of $202.87. The firm has a market capitalization of $42.18 billion, a P/E ratio of 10.26 and a beta of 1.09. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.55 and a quick ratio of 0.83.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share for the quarter, missing the consensus estimate of $2.72 by ($0.05). Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.35 billion. During the same quarter in the prior year, the firm earned $4.52 earnings per share. The company's revenue for the quarter was up 48.1% compared to the same quarter last year. Equities research analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th will be given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Thursday, August 14th. Diamondback Energy's payout ratio is currently 24.46%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. lowered their price target on shares of Diamondback Energy from $167.00 to $161.00 and set an "overweight" rating on the stock in a report on Wednesday, May 7th. Bank of America boosted their price target on shares of Diamondback Energy from $165.00 to $170.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Evercore ISI initiated coverage on Diamondback Energy in a research note on Tuesday, May 6th. They set an "outperform" rating and a $165.00 price objective for the company. KeyCorp decreased their target price on Diamondback Energy from $216.00 to $180.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Finally, Barclays decreased their price objective on shares of Diamondback Energy from $200.00 to $185.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Two analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $191.59.

Insider Activity at Diamondback Energy

In related news, President Hof Matthew Kaes Van't sold 10,000 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $142.69, for a total transaction of $1,426,900.00. Following the completion of the transaction, the president owned 120,645 shares of the company's stock, valued at $17,214,835.05. This trade represents a 7.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.70% of the stock is currently owned by corporate insiders.

About Diamondback Energy

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.