King Luther Capital Management Corp Boosts Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Key Points

• King Luther Capital Management Corp increased its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 6.5%, holding approximately 182,514 shares valued at $29 million.
• Hedge funds collectively own 90.01% of Diamondback Energy's stock, with various funds adjusting their stakes during the recent quarter.
• Diamondback Energy declared a quarterly dividend of $1.00, resulting in a 2.8% yield for investors, with a payout ratio of 28.43%.

King Luther Capital Management Corp raised its position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 6.5% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 182,514 shares of the oil and natural gas company's stock after purchasing an additional 11,209 shares during the period. King Luther Capital Management Corp owned about 0.06% of Diamondback Energy worth $29,180,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in FANG. American Alpha Advisors LLC increased its stake in shares of Diamondback Energy by 26.3% during the 1st quarter. American Alpha Advisors LLC now owns 1,814 shares of the oil and natural gas company's stock worth $290,000 after purchasing an additional 378 shares in the last quarter. Pandora Wealth Inc. acquired a new stake in Diamondback Energy during the 1st quarter valued at $520,000. Fiduciary Family Office LLC acquired a new stake in Diamondback Energy during the 1st quarter valued at $1,526,000. True North Advisors LLC purchased a new position in Diamondback Energy during the first quarter worth $327,000. Finally, Benjamin Edwards Inc. raised its holdings in shares of Diamondback Energy by 8.9% in the first quarter. Benjamin Edwards Inc. now owns 12,119 shares of the oil and natural gas company's stock worth $1,938,000 after acquiring an additional 994 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.

Wall Street Analyst Weigh In

FANG has been the topic of a number of analyst reports. Evercore ISI initiated coverage on Diamondback Energy in a research note on Tuesday, May 6th. They set an "outperform" rating and a $165.00 price objective on the stock. Wall Street Zen cut shares of Diamondback Energy from a "hold" rating to a "sell" rating in a research note on Saturday. Morgan Stanley reiterated an "overweight" rating on shares of Diamondback Energy in a report on Tuesday, July 15th. Raymond James Financial boosted their price objective on shares of Diamondback Energy from $204.00 to $221.00 and gave the company a "strong-buy" rating in a research report on Tuesday, July 22nd. Finally, KeyCorp decreased their target price on shares of Diamondback Energy from $216.00 to $180.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. One analyst has rated the stock with a sell rating, one has issued a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $191.59.

Diamondback Energy Stock Up 0.6%

FANG opened at $142.03 on Monday. Diamondback Energy, Inc. has a 1 year low of $114.00 and a 1 year high of $202.87. The firm has a 50 day moving average price of $143.67 and a 200 day moving average price of $145.51. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55. The company has a market cap of $41.12 billion, a PE ratio of 10.09 and a beta of 1.09.

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 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 analysts' expectations of $3.35 billion. During the same quarter in the prior year, the firm earned $4.52 earnings per share. Diamondback Energy's quarterly revenue was up 48.1% compared to the same quarter last year. Sell-side analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Thursday, August 14th will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.8%. The ex-dividend date is Thursday, August 14th. Diamondback Energy's dividend payout ratio is currently 28.43%.

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.

Want to see what other hedge funds are holding FANG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Diamondback Energy, Inc. (NASDAQ:FANG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.