IFP Advisors Inc Sells 7,300 Shares of Diamondback Energy, Inc. $FANG

Key Points

• IFP Advisors Inc reduced its stake in Diamondback Energy by 78.3%, selling 7,300 shares and leaving them with 2,024 shares valued at approximately $308,000.
• Diamondback Energy reported quarterly earnings of $2.67 per share, missing estimates, but achieved a revenue of $3.68 billion, exceeding expectations.
• The company declared a quarterly dividend of $1.00 per share, resulting in an annualized dividend yield of 2.8% and a payout ratio of 28.43%.

IFP Advisors Inc lowered its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 78.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,024 shares of the oil and natural gas company's stock after selling 7,300 shares during the period. IFP Advisors Inc's holdings in Diamondback Energy were worth $308,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Nuveen LLC bought a new stake in Diamondback Energy in the first quarter worth $230,039,000. Adage Capital Partners GP L.L.C. bought a new stake in Diamondback Energy in the first quarter worth $77,622,000. Wellington Management Group LLP boosted its stake in Diamondback Energy by 27.3% in the 1st quarter. Wellington Management Group LLP now owns 1,950,160 shares of the oil and natural gas company's stock worth $311,792,000 after purchasing an additional 418,431 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Diamondback Energy by 50.6% in the 1st quarter. Victory Capital Management Inc. now owns 1,135,759 shares of the oil and natural gas company's stock worth $181,585,000 after purchasing an additional 381,542 shares in the last quarter. Finally, Boston Partners boosted its stake in Diamondback Energy by 4.8% in the 1st quarter. Boston Partners now owns 5,418,840 shares of the oil and natural gas company's stock worth $861,961,000 after purchasing an additional 249,098 shares in the last quarter. Institutional investors own 90.01% of the company's stock.

Diamondback Energy Stock Up 0.1%

FANG stock opened at $141.94 on Thursday. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $186.74. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35. The stock has a market cap of $41.09 billion, a P/E ratio of 10.09 and a beta of 1.04. The business's 50-day moving average price is $142.27 and its 200-day moving average price is $140.80.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share 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 analysts' expectations of $3.35 billion. During the same period in the previous year, the firm earned $4.52 earnings per share. The firm's quarterly revenue was up 48.1% on a year-over-year basis. On average, equities research analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 14th were paid a dividend of $1.00 per share. The ex-dividend date was Thursday, August 14th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.8%. Diamondback Energy's payout ratio is 28.43%.

Analysts Set New Price Targets

FANG has been the topic of a number of analyst reports. Melius started coverage on shares of Diamondback Energy in a research note on Wednesday, August 20th. They issued a "buy" rating and a $213.00 price target on the stock. Barclays dropped their target price on shares of Diamondback Energy from $185.00 to $178.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 7th. William Blair assumed coverage on Diamondback Energy in a research report on Monday, August 25th. They issued an "outperform" rating on the stock. Melius Research assumed coverage on Diamondback Energy in a research report on Wednesday, August 20th. They issued a "buy" rating and a $213.00 price objective on the stock. Finally, Wells Fargo & Company upped their price objective on Diamondback Energy from $210.00 to $211.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $192.23.

Insider Buying and Selling at Diamondback Energy

In other news, Chairman Travis D. Stice sold 20,400 shares of the business'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. The trade was a 16.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.70% of the company's stock.

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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