Ethic Inc. Has $623,000 Stake in Diamondback Energy, Inc. $FANG

Key Points

• Ethic Inc. reduced its stake in Diamondback Energy by 34.1%, holding 3,872 shares worth $623,000 after selling 2,001 shares in the 1st quarter.
• Wall Street analysts have varied opinions on Diamondback Energy, with price targets ranging from $180.00 to $228.00 and a consensus rating of "Buy".
• Diamondback Energy's recent quarterly earnings showed a miss against consensus estimates, reporting $2.67 EPS compared to expectations of $2.72, despite an increase in revenue to $3.68 billion.

Ethic Inc. trimmed its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 34.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,872 shares of the oil and natural gas company's stock after selling 2,001 shares during the period. Ethic Inc.'s holdings in Diamondback Energy were worth $623,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Transce3nd LLC acquired a new stake in shares of Diamondback Energy during the 4th quarter valued at about $38,000. TD Waterhouse Canada Inc. lifted its holdings in Diamondback Energy by 8.9% during the 4th quarter. TD Waterhouse Canada Inc. now owns 7,915 shares of the oil and natural gas company's stock valued at $1,297,000 after purchasing an additional 647 shares during the last quarter. Stifel Financial Corp lifted its holdings in Diamondback Energy by 23.2% during the 4th quarter. Stifel Financial Corp now owns 260,307 shares of the oil and natural gas company's stock valued at $42,650,000 after purchasing an additional 48,991 shares during the last quarter. Hsbc Holdings PLC lifted its holdings in Diamondback Energy by 17.7% during the 4th quarter. Hsbc Holdings PLC now owns 561,935 shares of the oil and natural gas company's stock valued at $92,041,000 after purchasing an additional 84,464 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Diamondback Energy by 11.3% during 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 purchasing an additional 928,429 shares during 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 subject of several analyst reports. Raymond James Financial cut their price target on shares of Diamondback Energy from $221.00 to $212.00 and set a "strong-buy" rating for the company in a report on Wednesday. Piper Sandler cut their price target on shares of Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating for the company in a report on Thursday, August 14th. Wells Fargo & Company lifted their price target on shares of Diamondback Energy from $210.00 to $211.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. Royal Bank Of Canada started coverage on shares of Diamondback Energy in a research note on Friday, May 2nd. They issued an "outperform" rating and a $180.00 target price for the company. Finally, Susquehanna dropped their target price on shares of Diamondback Energy from $192.00 to $188.00 and set a "positive" rating for the company in a research note on Wednesday, July 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, Diamondback Energy has a consensus rating of "Buy" and an average target price of $193.33.

Diamondback Energy Stock Down 0.8%

Shares of NASDAQ:FANG opened at $137.87 on Thursday. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $200.47. The company has a 50 day moving average of $143.25 and a 200-day moving average of $144.14. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.55 and a quick ratio of 0.52. The stock has a market cap of $39.91 billion, a price-to-earnings ratio of 9.80 and a beta of 1.09.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued 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). 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 prior year, the firm earned $4.52 EPS. The firm's quarterly revenue was up 48.1% compared to the same quarter last year. On average, sell-side analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th will be given a dividend of $1.00 per share. The ex-dividend date is Thursday, August 14th. This represents a $4.00 annualized dividend and a dividend yield of 2.9%. Diamondback Energy's payout ratio is currently 28.43%.

Insider Activity at Diamondback Energy

In other news, Chairman Travis D. Stice sold 20,400 shares of Diamondback Energy stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the completion of the sale, the chairman owned 102,145 shares in the company, valued at $14,586,306. The trade was a 16.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.70% of the stock is currently owned by corporate insiders.

About Diamondback Energy

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.

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