NewEdge Advisors LLC Boosts Holdings in Diamondback Energy, Inc. $FANG

Key Points

• NewEdge Advisors LLC increased its stake in Diamondback Energy by 9.5%, holding 40,877 shares valued at approximately $6.54 million.
• Other institutional investors have also raised their stakes in Diamondback Energy, with Encompass Capital Advisors LLC increasing its holdings by 69.3%.
• Diamondback Energy reported a net margin of 27.25% and quarterly revenue of $3.68 billion, surpassing analyst estimates of $3.35 billion.

NewEdge Advisors LLC raised its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 9.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 40,877 shares of the oil and natural gas company's stock after purchasing an additional 3,530 shares during the period. NewEdge Advisors LLC's holdings in Diamondback Energy were worth $6,535,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC lifted its holdings in Diamondback Energy by 23.7% during the first quarter. Integrated Wealth Concepts LLC now owns 38,524 shares of the oil and natural gas company's stock valued at $6,159,000 after purchasing an additional 7,381 shares in the last quarter. Interval Partners LP lifted its holdings in Diamondback Energy by 89.8% during the first quarter. Interval Partners LP now owns 52,910 shares of the oil and natural gas company's stock valued at $8,459,000 after purchasing an additional 25,027 shares in the last quarter. Hancock Whitney Corp lifted its holdings in Diamondback Energy by 4.1% during the first quarter. Hancock Whitney Corp now owns 9,175 shares of the oil and natural gas company's stock valued at $1,467,000 after purchasing an additional 358 shares in the last quarter. DnB Asset Management AS lifted its holdings in Diamondback Energy by 1.2% during the first quarter. DnB Asset Management AS now owns 224,968 shares of the oil and natural gas company's stock valued at $35,968,000 after purchasing an additional 2,588 shares in the last quarter. Finally, Encompass Capital Advisors LLC lifted its holdings in Diamondback Energy by 69.3% during the first quarter. Encompass Capital Advisors LLC now owns 471,944 shares of the oil and natural gas company's stock valued at $75,454,000 after purchasing an additional 193,181 shares in the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Diamondback Energy

In related news, Chairman Travis D. Stice sold 20,400 shares of the firm'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 completion of the sale, the chairman directly owned 102,145 shares in the company, valued at approximately $14,586,306. This trade represents a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.48% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FANG. Wall Street Zen downgraded shares of Diamondback Energy from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. KeyCorp decreased their price target on shares of Diamondback Energy from $180.00 to $176.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 3rd. William Blair began coverage on shares of Diamondback Energy in a research note on Monday, August 25th. They issued an "outperform" rating on the stock. Scotiabank reissued an "outperform" rating on shares of Diamondback Energy in a research note on Friday, July 11th. Finally, Raymond James Financial decreased their price target on shares of Diamondback Energy from $221.00 to $212.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, August 20th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Diamondback Energy currently has an average rating of "Buy" and a consensus target price of $193.17.

Diamondback Energy Price Performance

Diamondback Energy stock opened at $138.71 on Monday. Diamondback Energy, Inc. has a 12-month low of $114.00 and a 12-month high of $200.47. The stock has a market cap of $40.16 billion, a P/E ratio of 9.86 and a beta of 1.15. The company has a 50-day moving average price of $142.93 and a 200 day moving average price of $142.63. The company has a current ratio of 0.55, a quick ratio of 0.52 and a debt-to-equity ratio of 0.35.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.72 by ($0.05). Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.35 billion. During the same quarter in the previous year, the business posted $4.52 earnings per share. Diamondback Energy's revenue for the quarter was up 48.1% on a year-over-year basis. Sell-side analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Announces Dividend

The company also recently disclosed 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 dividend payout ratio (DPR) is presently 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.

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