MBB Public Markets I LLC Takes $324,000 Position in Diamondback Energy, Inc. $FANG

Key Points

• MBB Public Markets I LLC acquired a new position in Diamondback Energy, purchasing 2,028 shares valued at approximately $324,000 during the first quarter of 2024.
• Diamondback Energy's quarterly earnings report revealed a miss in EPS estimate, reporting $2.67, while net revenue increased 48.1% year-over-year to $3.68 billion.
• Analysts have varied opinions on the stock, with a consensus rating of "Buy" and an average price target of $193.17, amid recent adjustments in target prices by various firms.

MBB Public Markets I LLC purchased a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 2,028 shares of the oil and natural gas company's stock, valued at approximately $324,000.

A number of other hedge funds have also recently bought and sold shares of FANG. BankPlus Trust Department acquired a new stake in Diamondback Energy in the first quarter worth about $27,000. Pinnacle Bancorp Inc. raised its holdings in Diamondback Energy by 95.7% in the first 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 period. SouthState Corp lifted its holdings in Diamondback Energy by 596.4% during the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock worth $31,000 after acquiring an additional 167 shares in the last quarter. Grove Bank & Trust grew its position 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 period. Finally, WASHINGTON TRUST Co boosted 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 buying an additional 109 shares during the period. 90.01% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Wells Fargo & Company lifted their price target on Diamondback Energy from $210.00 to $211.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. UBS Group increased their price target on shares of Diamondback Energy from $163.00 to $171.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. KeyCorp cut their price objective on shares of Diamondback Energy from $180.00 to $176.00 and set an "overweight" rating for the company in a research report on Wednesday, September 3rd. Susquehanna decreased their price target on shares of Diamondback Energy from $192.00 to $188.00 and set a "positive" rating on the stock in a report on Wednesday, July 23rd. Finally, Bank of America increased their price objective on Diamondback Energy from $165.00 to $170.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $193.17.

Insider Activity at Diamondback Energy

In related news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the completion of the transaction, 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.70% of the stock is owned by company insiders.

Diamondback Energy Price Performance

Shares of NASDAQ FANG traded down $1.54 during trading hours on Friday, reaching $136.88. 1,751,998 shares of the stock traded hands, compared to its average volume of 2,376,545. 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, Inc. has a 52-week low of $114.00 and a 52-week high of $200.47. The company's 50-day simple moving average is $142.75 and its two-hundred day simple moving average is $142.32. The company has a market capitalization of $39.62 billion, a P/E ratio of 9.73 and a beta of 1.14.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.72 by ($0.05). The business had revenue of $3.68 billion for 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 firm's revenue for the quarter was up 48.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.52 EPS. Equities research analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 14th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.9%. The ex-dividend date was Thursday, August 14th. Diamondback Energy's payout ratio is 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.