Korea Investment CORP Purchases New Holdings in Diamondback Energy, Inc. $FANG

Key Points

• Korea Investment CORP acquired 125,089 shares of Diamondback Energy in the second quarter, valued at approximately $21.99 million. Institutional investors collectively own 90.01% of the company.
• Diamondback reported quarterly earnings of $6.48 per share, exceeding the $6.08 analyst consensus, while revenue rose 51.2% year over year to $5.56 billion.
• The company paid a quarterly dividend of $1.10 per share, equivalent to a $4.40 annualized payout and a 2.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $222.21.

Korea Investment CORP acquired a new position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 125,089 shares of the oil and natural gas company's stock, valued at approximately $21,988,000.

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

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $210.72 on Monday. The firm has a market cap of $59.01 billion, a price-to-earnings ratio of 41.08 and a beta of 0.43. Diamondback Energy, Inc. has a 1 year low of $134.30 and a 1 year high of $216.90. The company has a current ratio of 0.47, a quick ratio of 0.45 and a debt-to-equity ratio of 0.25. The business has a fifty day simple moving average of $191.79 and a 200 day simple moving average of $189.44.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 EPS for the quarter, beating analysts' consensus estimates of $6.08 by $0.40. Diamondback Energy had a return on equity of 10.10% and a net margin of 8.58%.The firm had revenue of $5.56 billion for the quarter, compared to the consensus estimate of $4.89 billion. During the same quarter in the previous year, the company posted $2.38 earnings per share. The business's quarterly revenue was up 51.2% compared to the same quarter last year. As a group, sell-side analysts predict that Diamondback Energy, Inc. will post 20.13 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

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

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, CAO Teresa L. Dick sold 7,000 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $200.90, for a total value of $1,406,300.00. Following the completion of the sale, the chief accounting officer directly owned 85,755 shares in the company, valued at $17,228,179.50. The trade was a 7.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Matt Zmigrosky sold 5,000 shares of Diamondback Energy stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $200.54, for a total transaction of $1,002,700.00. Following the completion of the sale, the executive vice president owned 46,392 shares of the company's stock, valued at $9,303,451.68. This trade represents a 9.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 129,167 shares of company stock worth $24,714,309. 0.64% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on FANG. UBS Group decreased their price objective on Diamondback Energy from $246.00 to $243.00 and set a "buy" rating for the company in a research report on Tuesday, July 21st. Sanford C. Bernstein upped their target price on Diamondback Energy from $237.00 to $241.00 and gave the company an "outperform" rating in a report on Monday, May 11th. Morgan Stanley reissued an "equal weight" rating and issued a $216.00 price target on shares of Diamondback Energy in a research report on Wednesday. Wall Street Zen upgraded shares of Diamondback Energy from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Finally, Zacks Research downgraded shares of Diamondback Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 28th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Diamondback Energy currently has an average rating of "Moderate Buy" and a consensus price target of $222.21.

Diamondback Energy 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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