Diamondback Energy, Inc. $FANG Shares Sold by Kovitz Investment Group Partners LLC

Key Points

• Kovitz Investment Group Partners LLC reduced its holdings in Diamondback Energy by 39.1%, now owning 6,056 shares worth approximately $968,000.
• Diamondback Energy reported $2.67 EPS for the last quarter, missing the estimate by $0.05, while revenue rose by 48.1% year-over-year.
• The company announced a quarterly dividend of $1.00 per share, reflecting a 2.9% yield and a payout ratio of 28.43%.

Kovitz Investment Group Partners LLC reduced its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 39.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 6,056 shares of the oil and natural gas company's stock after selling 3,886 shares during the period. Kovitz Investment Group Partners LLC's holdings in Diamondback Energy were worth $968,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. BankPlus Trust Department purchased a new position in shares of Diamondback Energy during the first quarter worth about $27,000. Pinnacle Bancorp Inc. lifted its position in Diamondback Energy by 95.7% during the 1st quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock worth $29,000 after acquiring an additional 88 shares during the period. SouthState Corp grew its stake in shares of Diamondback Energy by 596.4% in the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock valued at $31,000 after purchasing an additional 167 shares during the last quarter. Grove Bank & Trust grew its stake in shares of Diamondback Energy by 65.0% in the 1st quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock valued at $32,000 after purchasing an additional 80 shares during the last quarter. Finally, WASHINGTON TRUST Co increased its holdings in shares of Diamondback Energy by 119.8% in the first quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock valued at $32,000 after purchasing an additional 109 shares during the period. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on FANG shares. Piper Sandler decreased their price target on Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating for the company in a report on Thursday, August 14th. Wall Street Zen downgraded shares of Diamondback Energy from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Morgan Stanley lifted their target price on shares of Diamondback Energy from $184.00 to $186.00 and gave the company an "overweight" rating in a report on Monday. Wells Fargo & Company boosted their price target on shares of Diamondback Energy from $210.00 to $211.00 and gave the stock an "overweight" rating in a research note on Thursday, August 14th. Finally, UBS Group increased their price target on shares of Diamondback Energy from $163.00 to $171.00 and gave the stock a "buy" rating in a report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $193.33.

Diamondback Energy Price Performance

Shares of FANG stock traded up $5.28 during midday trading on Friday, reaching $143.28. 2,028,152 shares of the company traded hands, compared to its average volume of 2,073,046. The firm's 50 day simple moving average is $143.02 and its two-hundred day simple moving average is $143.96. The firm has a market cap of $41.48 billion, a PE ratio of 10.18 and a beta of 1.09. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.55 and a quick ratio of 0.52. Diamondback Energy, Inc. has a 1-year low of $114.00 and a 1-year high of $200.47.

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 for the quarter, missing the consensus estimate of $2.72 by ($0.05). The firm had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.35 billion. Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The business's revenue for the quarter was up 48.1% on a year-over-year basis. During the same period in the previous year, the business earned $4.52 earnings per share. On average, equities research analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

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

Insider Activity

In related news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $142.80, for a total value of $2,913,120.00. Following the sale, the chairman directly owned 102,145 shares in the company, valued at $14,586,306. The trade was a 16.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.70% of the stock is owned by company 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.