Lord Abbett & CO. LLC Has $46.18 Million Stock Position in Diamondback Energy, Inc. $FANG

Key Points

• Lord Abbett & CO. LLC has reduced its stake in Diamondback Energy, Inc. by 8.9%, currently holding a total of 288,815 shares valued at approximately $46.18 million.
• Institutional investors dominate Diamondback Energy's stock ownership, holding 90.01% of the company's shares, with several funds increasing their holdings during the recent quarter.
• Diamondback Energy recently announced a quarterly dividend of $1.00 per share, indicating an annual yield of 2.8% and a payout ratio of 28.43%.

Lord Abbett & CO. LLC cut its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 8.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 288,815 shares of the oil and natural gas company's stock after selling 28,332 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.10% of Diamondback Energy worth $46,176,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. BankPlus Trust Department acquired a new position in shares of Diamondback Energy during the 1st quarter worth approximately $27,000. Pinnacle Bancorp Inc. boosted its holdings in shares of 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 purchasing an additional 88 shares during the last quarter. SouthState Corp increased its holdings in shares of Diamondback Energy by 596.4% during the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock worth $31,000 after buying an additional 167 shares during the last quarter. Grove Bank & Trust increased its holdings 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 worth $32,000 after buying an additional 80 shares during the last quarter. Finally, WASHINGTON TRUST Co increased its holdings in shares of Diamondback Energy by 119.8% during the 1st quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock worth $32,000 after buying an additional 109 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Diamondback Energy 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 transaction of $2,913,120.00. Following the sale, the chairman directly owned 102,145 shares in the company, valued at approximately $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 can be accessed through this link. 0.48% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FANG. Bank of America raised their price target on shares of Diamondback Energy from $165.00 to $170.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. JPMorgan Chase & Co. cut their price target on shares of Diamondback Energy from $167.00 to $161.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Wall Street Zen downgraded shares of Diamondback Energy from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Piper Sandler reissued an "overweight" rating and issued a $222.00 price target (down from $228.00) on shares of Diamondback Energy in a research note on Thursday. Finally, Susquehanna dropped their target price on shares of Diamondback Energy from $192.00 to $188.00 and set a "positive" rating for the company in a report on Wednesday, July 23rd. 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 given a strong buy rating to the stock. According to data from MarketBeat, Diamondback Energy has a consensus rating of "Moderate Buy" and an average price target of $191.45.

Diamondback Energy Stock Down 0.4%

Shares of FANG traded down $0.55 during midday trading on Friday, hitting $140.22. The company had a trading volume of 1,889,655 shares, compared to its average volume of 2,067,470. The company's 50 day moving average price is $143.65 and its 200 day moving average price is $144.39. The stock has a market cap of $40.59 billion, a price-to-earnings ratio of 9.97 and a beta of 1.09. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week high of $200.47. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued 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 the consensus estimate of $3.35 billion. Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The company's revenue for the quarter was up 48.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.52 earnings per share. On average, equities research analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Thursday, August 14th will be given a $1.00 dividend. The ex-dividend date is Thursday, August 14th. This represents a $4.00 annualized dividend and a yield of 2.9%. Diamondback Energy's dividend payout ratio (DPR) is currently 28.43%.

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.