Public Sector Pension Investment Board Has $9.45 Million Stock Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Key Points

• The Public Sector Pension Investment Board reduced its holdings in Diamondback Energy by 52.1%, owning 59,121 shares worth approximately $9.45 million after selling 64,357 shares in the first quarter.
• Diamondback Energy reported a quarterly earnings per share of $2.67, which missed analysts' expectations, but its quarterly revenue was up 48.1% year-over-year, reaching $3.68 billion.
• The company announced a quarterly dividend of $1.00 per share, representing a 2.9% annual yield, with a dividend payout ratio of 28.43%.

Public Sector Pension Investment Board reduced its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 52.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 59,121 shares of the oil and natural gas company's stock after selling 64,357 shares during the period. Public Sector Pension Investment Board's holdings in Diamondback Energy were worth $9,452,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in FANG. Demars Financial Group LLC acquired a new position in shares of Diamondback Energy in the 4th quarter valued at $638,050,000. Nuveen LLC purchased a new position in Diamondback Energy in the 1st quarter valued at $230,039,000. Alyeska Investment Group L.P. purchased a new position in Diamondback Energy in the 4th quarter valued at $185,193,000. Price T Rowe Associates Inc. MD grew its position in Diamondback Energy by 11.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company's stock valued at $1,496,859,000 after buying an additional 928,429 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in Diamondback Energy by 16,197.8% in the 1st quarter. GAMMA Investing LLC now owns 605,625 shares of the oil and natural gas company's stock valued at $96,827,000 after buying an additional 601,909 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Chairman Travis D. Stice sold 20,400 shares of the company's stock in a transaction dated Thursday, August 7th. The stock was 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 in the company, valued at approximately $14,586,306. This represents a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.70% of the stock is owned by company insiders.

Analyst Ratings Changes

FANG has been the topic of a number of analyst reports. JPMorgan Chase & Co. lowered their price objective on shares of Diamondback Energy from $167.00 to $161.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 7th. Raymond James Financial lifted their price objective on shares of Diamondback Energy from $204.00 to $221.00 and gave the company a "strong-buy" rating in a research report on Tuesday, July 22nd. Mizuho lowered their price objective on shares of Diamondback Energy from $186.00 to $179.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Royal Bank Of Canada initiated coverage on shares of Diamondback Energy in a research report on Friday, May 2nd. They issued an "outperform" rating and a $180.00 price objective on the stock. Finally, Susquehanna lowered their price objective on shares of Diamondback Energy from $192.00 to $188.00 and set a "positive" rating on the stock in a research report on Wednesday, July 23rd. One analyst has rated the stock with a sell rating, one has given a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $191.45.

Diamondback Energy Stock Performance

Shares of FANG traded down $0.55 on Friday, reaching $140.22. 1,889,655 shares of the stock traded hands, compared to its average volume of 2,092,406. The firm has a market cap of $40.59 billion, a price-to-earnings ratio of 9.97 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 0.52. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $200.47. The stock's 50-day moving average price is $143.65 and its 200-day moving average price is $144.58.

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 the consensus estimate of $2.72 by ($0.05). The company had revenue of $3.68 billion during 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%. Diamondback Energy's quarterly revenue was up 48.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.52 EPS. Equities analysts forecast 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. Stockholders of record on Thursday, August 14th will be paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Thursday, August 14th. Diamondback Energy's dividend payout ratio is 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.