Pinnacle Associates Ltd. Sells 3,296 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Key Points

• Pinnacle Associates Ltd. sold 3,296 shares of Diamondback Energy, decreasing its position by 5.3%, while the company's holdings were valued at approximately $9.38 million.
• Several analysts recently adjusted price targets for Diamondback Energy, with Raymond James Financial raising its target from $204.00 to $221.00, while KeyCorp lowered it from $216.00 to $180.00.
• Diamondback Energy declared a quarterly dividend of $1.00 per share, reflecting an annualized yield of 2.77%, with a low dividend payout ratio of 24.46%.

Pinnacle Associates Ltd. lowered its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 5.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,663 shares of the oil and natural gas company's stock after selling 3,296 shares during the period. Pinnacle Associates Ltd.'s holdings in Diamondback Energy were worth $9,379,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC bought a new stake in shares of Diamondback Energy in the 4th quarter worth $210,000. Teacher Retirement System of Texas raised its stake in shares of Diamondback Energy by 807.4% in the 4th quarter. Teacher Retirement System of Texas now owns 11,224 shares of the oil and natural gas company's stock worth $1,839,000 after buying an additional 9,987 shares in the last quarter. LPL Financial LLC raised its stake in shares of Diamondback Energy by 5.4% in the 4th quarter. LPL Financial LLC now owns 181,642 shares of the oil and natural gas company's stock worth $29,758,000 after buying an additional 9,334 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. raised its stake in shares of Diamondback Energy by 8.3% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 3,906 shares of the oil and natural gas company's stock worth $640,000 after buying an additional 300 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp raised its stake in shares of Diamondback Energy by 4.2% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 100,797 shares of the oil and natural gas company's stock worth $16,514,000 after buying an additional 4,085 shares in the last quarter. Institutional investors own 90.01% of the company's stock.

Diamondback Energy Stock Performance

Shares of NASDAQ:FANG traded up $4.57 during trading on Monday, reaching $149.18. 440,091 shares of the stock were exchanged, compared to its average volume of 2,460,293. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $203.98. The firm has a market cap of $43.59 billion, a PE ratio of 9.13 and a beta of 1.05. The stock has a 50-day moving average price of $141.65 and a 200-day moving average price of $147.68. The company has a current ratio of 0.86, a quick ratio of 0.83 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share for the quarter, beating analysts' consensus estimates of $3.67 by $0.87. Diamondback Energy had a net margin of 30.84% and a return on equity of 11.22%. The company had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.58 billion. During the same period in the previous year, the business earned $4.50 earnings per share. The firm's quarterly revenue was up 81.8% on a year-over-year basis. Research analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th were given a dividend of $1.00 per share. The ex-dividend date was Thursday, May 15th. This represents a $4.00 annualized dividend and a yield of 2.68%. Diamondback Energy's dividend payout ratio is currently 24.46%.

Insider Buying and Selling

In other Diamondback Energy news, President Hof Matthew Kaes Van't sold 10,000 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $142.69, for a total transaction of $1,426,900.00. Following the sale, the president owned 120,645 shares of the company's stock, valued at approximately $17,214,835.05. The trade was a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.48% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. UBS Group decreased their target price on Diamondback Energy from $175.00 to $163.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Evercore ISI assumed coverage on Diamondback Energy in a report on Tuesday, May 6th. They issued an "outperform" rating and a $165.00 target price on the stock. Wells Fargo & Company lifted their target price on Diamondback Energy from $207.00 to $208.00 and gave the stock an "overweight" rating in a report on Monday, June 16th. Scotiabank restated an "outperform" rating on shares of Diamondback Energy in a report on Friday, July 11th. Finally, KeyCorp decreased their target price on Diamondback Energy from $216.00 to $180.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Two investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $191.59.

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.