Element Capital Management LLC Acquires Shares of 16,722 Diamondback Energy, Inc. $FANG

Key Points

• Element Capital Management LLC has acquired a new stake in Diamondback Energy, buying 16,722 shares worth approximately $2.67 million in the first quarter, according to a recent SEC filing.
• Diamondback Energy has announced a quarterly dividend of $1.00, representing an annual yield of 2.8%, with the payment scheduled for August 21st.
• Despite a revenue increase of 48.1% compared to the same quarter last year, the company reported an EPS of $2.67, missing analysts' estimates by $0.05.

Element Capital Management LLC purchased a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 16,722 shares of the oil and natural gas company's stock, valued at approximately $2,674,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. BankPlus Trust Department purchased a new stake in shares of Diamondback Energy in the first quarter valued at about $27,000. Pinnacle Bancorp Inc. increased its position in shares of Diamondback Energy by 95.7% in the first quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock worth $29,000 after acquiring an additional 88 shares in the last quarter. SouthState Corp grew its holdings in Diamondback Energy by 596.4% during the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock valued at $31,000 after purchasing an additional 167 shares in the last quarter. Fourth Dimension Wealth LLC acquired a new stake in Diamondback Energy during the 4th quarter valued at $33,000. Finally, WASHINGTON TRUST Co grew its holdings in Diamondback Energy by 119.8% during the 1st quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock worth $32,000 after acquiring an additional 109 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FANG has been the topic of several recent research reports. 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. Morgan Stanley reissued an "overweight" rating on shares of Diamondback Energy in a research note on Tuesday, July 15th. Wall Street Zen cut shares of Diamondback Energy from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Scotiabank reissued an "outperform" rating on shares of Diamondback Energy in a research note on Friday, July 11th. Finally, Barclays lowered their target price on shares of Diamondback Energy from $200.00 to $185.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. One analyst has rated the stock with a sell rating, one has issued a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $191.45.

Insider Buying and Selling

In related news, Chairman Travis D. Stice sold 20,400 shares of the stock in a transaction on 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 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 filing with the SEC, which can be accessed through the SEC website. Insiders own 0.48% of the company's stock.

Diamondback Energy Trading Down 0.4%

FANG stock traded down $0.55 during trading on Friday, hitting $140.22. The company had a trading volume of 1,889,655 shares, compared to its average volume of 2,067,470. The stock has a market cap of $40.59 billion, a PE ratio of 9.97 and a beta of 1.09. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $200.47. The business has a 50-day moving average of $143.65 and a 200-day moving average of $144.39. 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 released 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). Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.35 billion. During the same quarter in the previous year, the company posted $4.52 EPS. The business's quarterly revenue was up 48.1% on a year-over-year basis. Research analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share 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 given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Thursday, August 14th. Diamondback Energy's dividend payout ratio is presently 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.