Energy Income Partners LLC Purchases Shares of 23,891 Diamondback Energy, Inc. $FANG

Key Points

• Energy Income Partners acquired 23,891 shares of Diamondback Energy during the second quarter, worth approximately $4.2 million. Institutional investors collectively own 90.01% of the company.
• Analysts maintain a favorable outlook, with a consensus “Buy” rating and a $221.75 price target. Diamondback recently exceeded quarterly earnings and revenue expectations, reporting $6.48 EPS and $5.56 billion in revenue.
• Diamondback declared a quarterly dividend of $1.10 per share, equivalent to an annualized $4.40 payout and a 2.1% yield. Shares recently traded at $210.02, near the company’s 52-week high.

Energy Income Partners LLC acquired a new stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 23,891 shares of the oil and natural gas company's stock, valued at approximately $4,200,000.

Other hedge funds have also recently made changes to their positions in the company. Laurel Wealth Advisors LLC purchased a new position in Diamondback Energy in the 4th quarter worth approximately $26,000. Cedar Mountain Advisors LLC purchased a new stake in Diamondback Energy during the 1st quarter valued at approximately $26,000. JPL Wealth Management LLC purchased a new stake in Diamondback Energy during the 3rd quarter valued at approximately $26,000. Wellington Shields & Co. LLC raised its position in shares of Diamondback Energy by 264.7% during the fourth quarter. Wellington Shields & Co. LLC now owns 186 shares of the oil and natural gas company's stock valued at $28,000 after buying an additional 135 shares during the last quarter. Finally, Meeder Asset Management Inc. bought a new stake in shares of Diamondback Energy during the second quarter valued at approximately $28,000. Institutional investors own 90.01% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FANG. Weiss Ratings upgraded shares of Diamondback Energy from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, July 31st. Truist Financial boosted their price target on shares of Diamondback Energy from $220.00 to $224.00 and gave the stock a "buy" rating in a research note on Wednesday, August 5th. Scotiabank increased their price objective on shares of Diamondback Energy from $175.00 to $195.00 and gave the company a "sector outperform" rating in a report on Wednesday, April 22nd. Barclays cut their price objective on Diamondback Energy from $232.00 to $221.00 and set an "overweight" rating for the company in a research report on Monday. Finally, Citigroup reduced their target price on Diamondback Energy from $221.00 to $220.00 and set a "buy" rating on the stock in a report on Monday, August 10th. Four analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $221.75.

Diamondback Energy Trading Up 1.8%

Shares of FANG opened at $210.02 on Wednesday. The stock has a market capitalization of $58.81 billion, a PE ratio of 40.94 and a beta of 0.43. The company's fifty day moving average is $190.79 and its 200 day moving average is $188.42. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.45 and a current ratio of 0.47. Diamondback Energy, Inc. has a fifty-two week low of $134.30 and a fifty-two week high of $214.51.

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 (EPS) for the quarter, beating the consensus estimate of $6.08 by $0.40. The firm had revenue of $5.56 billion for the quarter, compared to analysts' expectations of $4.89 billion. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The business's revenue was up 51.2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.38 EPS. Sell-side analysts expect that Diamondback Energy, Inc. will post 19.5 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th will be paid a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Thursday, August 13th. Diamondback Energy's dividend payout ratio (DPR) is presently 85.77%.

Insider Buying and Selling

In other news, Director Mark Lawrence Plaumann sold 500 shares of the business's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $196.50, for a total transaction of $98,250.00. Following the transaction, the director owned 13,437 shares of the company's stock, valued at approximately $2,640,370.50. The trade was a 3.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Teresa L. Dick sold 7,000 shares of the stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $200.90, for a total value of $1,406,300.00. Following the sale, the chief accounting officer owned 85,755 shares in the company, valued at $17,228,179.50. The trade was a 7.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 129,167 shares of company stock worth $24,714,309 in the last 90 days. Company insiders own 0.64% of the company's stock.

About Diamondback Energy

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.

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