Encore Global Management LP Takes Position in Diamondback Energy, Inc. $FANG

Key Points

• Encore Global Management LP acquired 7,000 shares of Diamondback Energy during the second quarter, valued at approximately $1.23 million. Institutional investors collectively own 90.01% of the company.
• Diamondback reported quarterly earnings of $6.48 per share, beating estimates of $6.08, while revenue rose 51.2% year over year to $5.56 billion. The company also pays a $1.10 quarterly dividend, equivalent to a 2.1% yield.
• Analysts maintain a generally positive view, with the stock receiving a consensus “Moderate Buy” rating and an average price target of $222.21. However, insiders have sold 129,167 shares worth approximately $24.7 million over the past 90 days.

Encore Global Management LP acquired a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 7,000 shares of the oil and natural gas company's stock, valued at approximately $1,230,000.

A number of other large investors have also recently bought and sold shares of the business. Hsbc Holdings PLC lifted its position in shares of Diamondback Energy by 16.3% in the fourth quarter. Hsbc Holdings PLC now owns 338,577 shares of the oil and natural gas company's stock worth $50,890,000 after purchasing an additional 47,450 shares in the last quarter. Oppenheimer & Co. Inc. grew its position in Diamondback Energy by 1,127.5% during the fourth quarter. Oppenheimer & Co. Inc. now owns 26,907 shares of the oil and natural gas company's stock valued at $4,045,000 after purchasing an additional 24,715 shares in the last quarter. Guinness Asset Management LTD grew its position in Diamondback Energy by 12.0% during the fourth quarter. Guinness Asset Management LTD now owns 54,132 shares of the oil and natural gas company's stock valued at $8,042,000 after purchasing an additional 5,816 shares in the last quarter. Peterson Wealth Services increased its stake in Diamondback Energy by 174.2% in the 4th quarter. Peterson Wealth Services now owns 23,973 shares of the oil and natural gas company's stock valued at $3,604,000 after buying an additional 15,229 shares during the period. Finally, National Pension Service increased its stake in Diamondback Energy by 7.7% in the 4th quarter. National Pension Service now owns 381,710 shares of the oil and natural gas company's stock valued at $57,382,000 after buying an additional 27,229 shares during the period. Institutional investors own 90.01% of the company's stock.

Insider Buying and Selling

In other news, EVP Matt Zmigrosky sold 5,000 shares of the company's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $200.54, for a total value of $1,002,700.00. Following the sale, the executive vice president owned 46,392 shares of the company's stock, valued at approximately $9,303,451.68. This represents a 9.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Teresa L. Dick sold 7,000 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the completion of the transaction, the chief accounting officer owned 85,755 shares of the company's stock, valued at $17,228,179.50. This trade represents a 7.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 129,167 shares of company stock valued at $24,714,309. 0.64% of the stock is currently owned by insiders.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $210.72 on Friday. The firm has a market capitalization of $59.01 billion, a PE ratio of 41.08 and a beta of 0.43. Diamondback Energy, Inc. has a 1 year low of $134.30 and a 1 year high of $216.90. The company has a current ratio of 0.47, a quick ratio of 0.45 and a debt-to-equity ratio of 0.25. The firm's fifty day simple moving average is $191.79 and its 200 day simple moving average is $189.22.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share for the quarter, beating the consensus estimate of $6.08 by $0.40. Diamondback Energy had a return on equity of 10.10% and a net margin of 8.58%.The firm had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $4.89 billion. During the same quarter in the prior year, the company earned $2.38 EPS. The firm's revenue for the quarter was up 51.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Diamondback Energy, Inc. will post 19.78 EPS for the current year.

Diamondback Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th were issued a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Thursday, August 13th. Diamondback Energy's payout ratio is presently 85.77%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Citigroup decreased their target price on shares of Diamondback Energy from $221.00 to $220.00 and set a "buy" rating for the company in a research note on Monday, August 10th. Sanford C. Bernstein increased their price objective on Diamondback Energy from $237.00 to $241.00 and gave the stock an "outperform" rating in a report on Monday, May 11th. Jefferies Financial Group reissued a "hold" rating and set a $205.00 price objective on shares of Diamondback Energy in a research report on Sunday, August 9th. Wells Fargo & Company boosted their target price on Diamondback Energy from $262.00 to $263.00 and gave the company an "overweight" rating in a research note on Wednesday, August 5th. Finally, Truist Financial upped their target price on Diamondback Energy from $220.00 to $224.00 and gave the stock a "buy" rating in a research report on Wednesday, August 5th. Four analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $222.21.

Diamondback Energy Company Profile

Diamondback Energy, Inc NASDAQ: FANG is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback's activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source