Boston Partners Acquires 249,098 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Key Points

• Boston Partners increased its stake in Diamondback Energy by 4.8%, owning 5,418,840 shares valued at approximately $861.96 million following an additional purchase of 249,098 shares in the first quarter.
• Diamondback Energy recently reported $2.67 earnings per share for the quarter, falling short of analysts' expectations of $2.72, despite achieving a revenue of $3.68 billion.
• The company announced a quarterly $1.00 dividend, which equates to an annual yield of 2.9%, with a payout ratio currently at 28.43%.

Boston Partners lifted its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 4.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,418,840 shares of the oil and natural gas company's stock after acquiring an additional 249,098 shares during the quarter. Diamondback Energy makes up 1.0% of Boston Partners' portfolio, making the stock its 14th biggest holding. Boston Partners owned 1.85% of Diamondback Energy worth $861,961,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. E Fund Management Co. Ltd. increased its position in Diamondback Energy by 98.8% during the first quarter. E Fund Management Co. Ltd. now owns 7,881 shares of the oil and natural gas company's stock worth $1,260,000 after buying an additional 3,917 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its holdings in Diamondback Energy by 0.5% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 43,374 shares of the oil and natural gas company's stock valued at $6,935,000 after acquiring an additional 226 shares during the period. National Pension Service boosted its holdings in Diamondback Energy by 5.0% during the first quarter. National Pension Service now owns 336,126 shares of the oil and natural gas company's stock valued at $53,740,000 after acquiring an additional 16,129 shares during the period. Russell Investments Group Ltd. boosted its holdings in Diamondback Energy by 0.5% during the first quarter. Russell Investments Group Ltd. now owns 233,069 shares of the oil and natural gas company's stock valued at $37,263,000 after acquiring an additional 1,195 shares during the period. Finally, Resona Asset Management Co. Ltd. boosted its holdings in Diamondback Energy by 4.8% during the first quarter. Resona Asset Management Co. Ltd. now owns 57,664 shares of the oil and natural gas company's stock valued at $9,199,000 after acquiring an additional 2,658 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Diamondback Energy

In related news, Chairman Travis D. Stice sold 20,400 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the chairman owned 102,145 shares of the company's stock, valued at $14,586,306. This trade represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FANG. Wells Fargo & Company upped their price target on shares of Diamondback Energy from $210.00 to $211.00 and gave the company an "overweight" rating in a report on Thursday. JPMorgan Chase & Co. decreased their price target on shares of Diamondback Energy from $167.00 to $161.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Piper Sandler restated an "overweight" rating and set a $222.00 price target (down from $228.00) on shares of Diamondback Energy in a report on Thursday. Raymond James Financial upped their price target on shares of Diamondback Energy from $204.00 to $221.00 and gave the company a "strong-buy" rating in a report on Tuesday, July 22nd. Finally, Truist Financial upped their price target on shares of Diamondback Energy from $238.00 to $242.00 and gave the company a "buy" rating in a report on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Diamondback Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $191.45.

Diamondback Energy Price Performance

NASDAQ:FANG traded up $0.79 during mid-day trading on Thursday, hitting $140.77. The company's stock had a trading volume of 1,483,372 shares, compared to its average volume of 2,104,630. Diamondback Energy, Inc. has a fifty-two week low of $114.00 and a fifty-two week 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. The company has a market capitalization of $40.75 billion, a price-to-earnings ratio of 10.00 and a beta of 1.09. The stock has a fifty day moving average of $143.66 and a 200-day moving average of $144.96.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its quarterly earnings data 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). The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.35 billion. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%. The business's quarterly revenue was up 48.1% on a year-over-year basis. During the same period in the previous year, the business posted $4.52 EPS. As a group, equities analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Thursday, August 14th will be issued a $1.00 dividend. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.8%. Diamondback Energy's dividend payout ratio (DPR) is currently 28.43%.

Diamondback Energy Company 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.