Guinness Asset Management LTD Cuts Stock Position in Diamondback Energy, Inc. $FANG

Key Points

• Guinness Asset Management LTD reduced its holdings in Diamondback Energy, Inc. by 19.7%, now owning 51,723 shares valued at approximately $8.2 million.
• Wall Street analysts have mixed reviews for Diamondback Energy, with a consensus rating of "Buy" and a target price of $193.17, while specific price targets range from $170.00 to $213.00.
• The company recently announced a quarterly dividend of $1.00 per share, representing an annualized yield of 2.9%, with a payout ratio of 28.43%.

Guinness Asset Management LTD lowered its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 19.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 51,723 shares of the oil and natural gas company's stock after selling 12,699 shares during the period. Guinness Asset Management LTD's holdings in Diamondback Energy were worth $8,236,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Investor s Fiduciary Advisor Network LLC boosted its position in Diamondback Energy by 2.1% in the first quarter. Investor s Fiduciary Advisor Network LLC now owns 3,559 shares of the oil and natural gas company's stock worth $569,000 after purchasing an additional 74 shares during the last quarter. Mesirow Financial Investment Management Inc. boosted its position in Diamondback Energy by 5.6% in the first quarter. Mesirow Financial Investment Management Inc. now owns 1,414 shares of the oil and natural gas company's stock worth $226,000 after purchasing an additional 75 shares during the last quarter. FourThought Financial Partners LLC boosted its position in Diamondback Energy by 2.9% in the first quarter. FourThought Financial Partners LLC now owns 2,779 shares of the oil and natural gas company's stock worth $444,000 after purchasing an additional 78 shares during the last quarter. Grove Bank & Trust lifted its position in shares of Diamondback Energy by 65.0% during the 1st quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock valued at $32,000 after buying an additional 80 shares during the last quarter. Finally, Biondo Investment Advisors LLC lifted its position in shares of Diamondback Energy by 0.3% during the 1st quarter. Biondo Investment Advisors LLC now owns 28,858 shares of the oil and natural gas company's stock valued at $4,614,000 after buying an additional 80 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on FANG shares. Bank of America upped their price target on Diamondback Energy from $165.00 to $170.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Susquehanna dropped their price target on Diamondback Energy from $192.00 to $188.00 and set a "positive" rating on the stock in a research report on Wednesday, July 23rd. Wall Street Zen cut Diamondback Energy from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Melius Research started coverage on Diamondback Energy in a research report on Wednesday, August 20th. They set a "buy" rating and a $213.00 price target on the stock. Finally, Morgan Stanley upped their price target on Diamondback Energy from $184.00 to $186.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $193.17.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $138.42 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $200.47. The firm has a market cap of $40.07 billion, a price-to-earnings ratio of 9.84 and a beta of 1.14. The business's fifty day moving average is $142.75 and its 200 day moving average is $142.32.

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 (EPS) for the quarter, missing analysts' consensus estimates of $2.72 by ($0.05). Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.35 billion. During the same quarter in the previous year, the firm posted $4.52 earnings per share. The business's revenue for the quarter was up 48.1% compared to the same quarter last year. Research analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Thursday, August 14th. Diamondback Energy's dividend payout ratio is currently 28.43%.

Insiders Place Their Bets

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the company's stock in a transaction dated 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 transaction, the chairman directly owned 102,145 shares in the company, valued at $14,586,306. This represents a 16.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.70% of the stock is owned by corporate insiders.

Diamondback Energy 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.

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