New York State Teachers Retirement System Reduces Stock Position in Diamondback Energy, Inc. $FANG

Key Points

• The New York State Teachers Retirement System reduced its stake in Diamondback Energy, Inc. by 1.5%, now holding approximately 167,894 shares, valued at $23 million as of the last SEC filing.
• Diamondback Energy recently announced a quarterly dividend of $1.00 per share, reflecting a 2.9% yield on an annualized basis.
• Analysts have given Diamondback Energy a consensus rating of "Buy", with a target price ranging from $173.00 to $189.91.

New York State Teachers Retirement System decreased its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 1.5% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 167,894 shares of the oil and natural gas company's stock after selling 2,633 shares during the quarter. New York State Teachers Retirement System owned approximately 0.06% of Diamondback Energy worth $23,069,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Robeco Institutional Asset Management B.V. grew its holdings in shares of Diamondback Energy by 4.0% during the first quarter. Robeco Institutional Asset Management B.V. now owns 36,177 shares of the oil and natural gas company's stock worth $5,784,000 after purchasing an additional 1,384 shares during the last quarter. Oppenheimer Asset Management Inc. grew its holdings in shares of Diamondback Energy by 6.3% during the first quarter. Oppenheimer Asset Management Inc. now owns 58,853 shares of the oil and natural gas company's stock worth $9,409,000 after buying an additional 3,467 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in shares of Diamondback Energy by 50.4% during the first quarter. China Universal Asset Management Co. Ltd. now owns 7,149 shares of the oil and natural gas company's stock worth $1,143,000 after buying an additional 2,397 shares during the last quarter. True North Advisors LLC purchased a new position in shares of Diamondback Energy during the first quarter worth about $327,000. Finally, Wealth Advisory Solutions LLC purchased a new position in shares of Diamondback Energy during the first quarter worth about $2,631,000. Hedge funds and other institutional investors own 90.01% of the company's stock.

Diamondback Energy Stock Down 0.3%

FANG opened at $139.09 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55. The company has a market cap of $40.26 billion, a price-to-earnings ratio of 9.89 and a beta of 1.04. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $186.74. The business's fifty day moving average is $142.18 and its two-hundred day moving average is $140.51.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its earnings results 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 analyst estimates 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 period last year, the company posted $4.52 EPS. Analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were issued a $1.00 dividend. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $4.00 annualized dividend and a yield of 2.9%. Diamondback Energy's dividend payout ratio is 28.43%.

Insider Activity

In related news, Chairman Travis D. Stice sold 20,400 shares of Diamondback Energy 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 $14,586,306. The trade was a 16.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently issued reports on FANG. Mizuho lowered their price target on Diamondback Energy from $183.00 to $176.00 and set an "outperform" rating on the stock in a report on Monday, September 15th. Wall Street Zen downgraded shares of Diamondback Energy from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. William Blair initiated coverage on shares of Diamondback Energy in a research report on Monday, August 25th. They issued an "outperform" rating for the company. Royal Bank Of Canada restated an "outperform" rating and issued a $173.00 price objective on shares of Diamondback Energy in a research report on Friday, October 10th. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of Diamondback Energy in a research report on Wednesday, October 8th. Two 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, Diamondback Energy has a consensus rating of "Buy" and a consensus target price of $189.91.

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.

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