Mackenzie Financial Corp Decreases Stock Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Key Points

• Mackenzie Financial Corp has decreased its holdings in Diamondback Energy, Inc. by 33.0%, bringing its total shares owned to 75,893, valued at approximately $12.1 million.
• Several institutional investors have significantly increased their positions in Diamondback Energy, including GAMMA Investing LLC which raised its stake by over 16,000%.
• Diamondback Energy recently reported a quarterly earnings per share of $4.54, surpassing analyst expectations of $3.67, with revenue growth of 81.8% year-over-year.

Mackenzie Financial Corp reduced its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 33.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 75,893 shares of the oil and natural gas company's stock after selling 37,329 shares during the period. Mackenzie Financial Corp's holdings in Diamondback Energy were worth $12,134,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of FANG. Demars Financial Group LLC purchased a new stake in shares of Diamondback Energy during the 4th quarter worth $638,050,000. Alyeska Investment Group L.P. purchased a new stake in shares of Diamondback Energy during the 4th quarter worth $185,193,000. Price T Rowe Associates Inc. MD lifted its position in Diamondback Energy by 11.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company's stock valued at $1,496,859,000 after acquiring an additional 928,429 shares during the last quarter. GAMMA Investing LLC lifted its position in Diamondback Energy by 16,197.8% in the first quarter. GAMMA Investing LLC now owns 605,625 shares of the oil and natural gas company's stock valued at $96,827,000 after acquiring an additional 601,909 shares during the last quarter. Finally, Two Sigma Investments LP lifted its position in Diamondback Energy by 5,748.3% in the fourth quarter. Two Sigma Investments LP now owns 448,624 shares of the oil and natural gas company's stock valued at $73,498,000 after acquiring an additional 440,953 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Diamondback Energy Trading Down 1.5%

Shares of Diamondback Energy stock opened at $148.66 on Friday. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $203.98. The company has a quick ratio of 0.83, a current ratio of 0.86 and a debt-to-equity ratio of 0.31. The company's 50-day simple moving average is $142.69 and its 200-day simple moving average is $147.37. The firm has a market cap of $43.43 billion, a price-to-earnings ratio of 9.09 and a beta of 1.05.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.67 by $0.87. Diamondback Energy had a net margin of 30.84% and a return on equity of 11.22%. The business had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.58 billion. During the same period in the previous year, the business posted $4.50 earnings per share. The business's revenue was up 81.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.7%. The ex-dividend date was Thursday, May 15th. Diamondback Energy's dividend payout ratio is presently 24.46%.

Insiders Place Their Bets

In other Diamondback Energy news, President Hof Matthew Kaes Van't sold 10,000 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $142.69, for a total transaction of $1,426,900.00. Following the transaction, the president directly owned 120,645 shares in the company, valued at approximately $17,214,835.05. This represents a 7.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on FANG shares. Citigroup raised shares of Diamondback Energy from a "reduce" rating to a "buy" rating and boosted their price target for the company from $157.00 to $180.00 in a research report on Monday, April 7th. Mizuho reduced their price target on shares of Diamondback Energy from $186.00 to $179.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. KeyCorp reduced their price target on shares of Diamondback Energy from $216.00 to $180.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Wells Fargo & Company boosted their price target on shares of Diamondback Energy from $207.00 to $208.00 and gave the company an "overweight" rating in a research report on Monday, June 16th. Finally, Susquehanna reduced their price target on shares of Diamondback Energy from $192.00 to $188.00 and set a "positive" rating for the company in a research report on Wednesday, July 23rd. Two investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Diamondback Energy presently has an average rating of "Buy" and an average target price of $191.59.

Diamondback Energy Company 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.

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