GQG Partners LLC Makes New $103.19 Million Investment in Diamondback Energy, Inc. $FANG

Key Points

• GQG Partners invested approximately $103.2 million in Diamondback Energy during the second quarter, acquiring 587,036 shares and a roughly 0.21% stake. Institutional investors collectively own 90.01% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $222.21; several firms recently raised their targets to between $224 and $241.
• Diamondback reported strong quarterly results, including $6.48 in EPS versus the $6.08 consensus and $5.56 billion in revenue, up 51.2% year over year. The company also paid a quarterly dividend of $1.10 per share, representing a 2.1% annualized yield.

GQG Partners LLC purchased a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 587,036 shares of the oil and natural gas company's stock, valued at approximately $103,192,000. GQG Partners LLC owned about 0.21% of Diamondback Energy as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. purchased a new stake in Diamondback Energy during the 2nd quarter worth approximately $3,303,362,000. Boston Partners raised its holdings in shares of Diamondback Energy by 2.9% in the third quarter. Boston Partners now owns 5,733,538 shares of the oil and natural gas company's stock worth $821,649,000 after buying an additional 163,548 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Diamondback Energy by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 5,621,120 shares of the oil and natural gas company's stock worth $844,073,000 after buying an additional 14,625 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Diamondback Energy by 11.5% during the fourth quarter. Bank of New York Mellon Corp now owns 5,159,365 shares of the oil and natural gas company's stock worth $775,607,000 after buying an additional 532,756 shares during the period. Finally, Capital Research Global Investors grew its holdings in shares of Diamondback Energy by 14.1% during the fourth quarter. Capital Research Global Investors now owns 4,332,885 shares of the oil and natural gas company's stock valued at $651,363,000 after buying an additional 534,073 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FANG has been the topic of several research reports. Mizuho upped their target price on Diamondback Energy from $220.00 to $240.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Sanford C. Bernstein boosted their price target on Diamondback Energy from $237.00 to $241.00 and gave the company an "outperform" rating in a research note on Monday, May 11th. Roth Capital set a $212.00 price objective on Diamondback Energy and gave the company a "buy" rating in a report on Monday, June 22nd. Zacks Research cut Diamondback Energy from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 28th. Finally, Truist Financial upped their target price on Diamondback Energy from $220.00 to $224.00 and gave the company a "buy" rating in a research report on Wednesday, August 5th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $222.21.

Diamondback Energy Stock Down 0.1%

Shares of FANG opened at $210.72 on Friday. Diamondback Energy, Inc. has a 52 week low of $134.30 and a 52 week high of $216.90. The company has a quick ratio of 0.45, a current ratio of 0.47 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $59.01 billion, a price-to-earnings ratio of 41.08 and a beta of 0.43. The stock's 50-day moving average price is $191.79 and its 200-day moving average price is $189.22.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its quarterly 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 company had revenue of $5.56 billion during the quarter, compared to analysts' expectations of $4.89 billion. During the same period last year, the business earned $2.38 earnings per share. Diamondback Energy's quarterly revenue was up 51.2% on a year-over-year basis. On average, sell-side analysts predict that Diamondback Energy, Inc. will post 20.13 EPS for the current year.

Diamondback Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 13th were paid a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 2.1%. The ex-dividend date was Thursday, August 13th. Diamondback Energy's payout ratio is currently 85.77%.

Insider Activity

In related news, Director Mark Lawrence Plaumann sold 500 shares of the stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $196.50, for a total transaction of $98,250.00. Following the sale, the director directly owned 13,437 shares of the company's stock, valued at approximately $2,640,370.50. This represents a 3.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Teresa L. Dick sold 7,000 shares of Diamondback Energy stock in a transaction 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 directly owned 85,755 shares of the company's stock, valued at $17,228,179.50. The trade was a 7.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 129,167 shares of company stock valued at $24,714,309. 0.64% of the stock is currently owned by company insiders.

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.

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