NEOS Investment Management LLC Purchases 24,410 Shares of Diamondback Energy, Inc. $FANG

Key Points

• NEOS Investment Management increased its Diamondback Energy stake by 13.4% in the second quarter, purchasing 24,410 shares for a total holding of 207,228 shares valued at approximately $36.4 million. Institutional investors collectively own 90.01% of the company.
• Analysts maintain a generally positive outlook, with Diamondback receiving a consensus “Moderate Buy” rating and an average price target of $222.21. The company also exceeded quarterly expectations, reporting $6.48 in earnings per share and $5.56 billion in revenue.
• Insiders sold 117,167 shares worth approximately $22.3 million over the past quarter, while Diamondback paid a quarterly dividend of $1.10 per share, representing a 2.2% annualized yield.

NEOS Investment Management LLC increased its position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 13.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 207,228 shares of the oil and natural gas company's stock after buying an additional 24,410 shares during the quarter. NEOS Investment Management LLC owned 0.07% of Diamondback Energy worth $36,427,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the business. Cedar Mountain Advisors LLC bought a new stake in Diamondback Energy during the 1st quarter worth approximately $26,000. JPL Wealth Management LLC acquired a new position in Diamondback Energy in the 3rd quarter valued at approximately $26,000. Wellington Shields & Co. LLC raised its stake in shares of Diamondback Energy by 264.7% during the fourth quarter. Wellington Shields & Co. LLC now owns 186 shares of the oil and natural gas company's stock valued at $28,000 after acquiring an additional 135 shares during the last quarter. Meeder Asset Management Inc. bought a new position in shares of Diamondback Energy during the second quarter valued at $28,000. Finally, Lloyd Advisory Services LLC. acquired a new position in shares of Diamondback Energy during the fourth quarter worth $31,000. Institutional investors own 90.01% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on FANG. Seaport Research Partners assumed coverage on shares of Diamondback Energy in a research note on Thursday. They issued a "neutral" rating on the stock. UBS Group lowered their target price 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. Truist Financial lifted their target price on Diamondback Energy from $220.00 to $224.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Roth Capital set a $212.00 price target on Diamondback Energy and gave the company a "buy" rating in a research report on Monday, June 22nd. Finally, Jefferies Financial Group reissued a "hold" rating and issued a $205.00 price target on shares of Diamondback Energy in a research note on Sunday, August 9th. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Diamondback Energy currently has an average rating of "Moderate Buy" and a consensus target price of $222.21.

Insider Transactions at Diamondback Energy

In related news, Director Charles Meloy sold 33,333 shares of the company's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $198.41, for a total transaction of $6,613,600.53. Following the sale, the director owned 818,197 shares in the company, valued at $162,338,466.77. This represents a 3.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Lawrence Plaumann sold 500 shares of the company's stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $196.50, for a total value of $98,250.00. Following the sale, the director owned 13,437 shares in the company, valued at approximately $2,640,370.50. The trade was a 3.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 117,167 shares of company stock valued at $22,305,309. Company insiders own 0.64% of the company's stock.

Diamondback Energy Stock Down 0.2%

Shares of NASDAQ FANG opened at $202.94 on Friday. The company has a market capitalization of $56.83 billion, a P/E ratio of 39.56 and a beta of 0.43. Diamondback Energy, Inc. has a 52-week low of $134.30 and a 52-week high of $216.90. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.45 and a current ratio of 0.47. The company's 50 day moving average price is $194.61 and its 200-day moving average price is $191.65.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share for the quarter, topping the consensus estimate of $6.08 by $0.40. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The company had revenue of $5.56 billion during the quarter, compared to analysts' expectations of $4.89 billion. During the same period in the prior year, the company posted $2.38 earnings per share. Diamondback Energy's revenue for the quarter was up 51.2% compared to the same quarter last year. Equities analysts forecast that Diamondback Energy, Inc. will post 20.13 earnings per share for the current year.

Diamondback Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th were given a dividend of $1.10 per share. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $4.40 dividend on an annualized basis and a yield of 2.2%. Diamondback Energy's dividend payout ratio is 85.77%.

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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