Nordea Investment Management AB Has $2.54 Million Position in Diamondback Energy, Inc. $FANG

Key Points

• Nordea Investment Management AB reduced its stake in Diamondback Energy by 10.5%, now holding 18,338 shares worth approximately $2.54 million.
• Analysts have given Diamondback Energy a consensus rating of "Buy" with a target price averaging $189.91, indicating potential confidence in the company's performance.
• Diamondback Energy recently announced a quarterly dividend of $1.00 per share, representing a yield of 2.8% and a payout ratio of 28.43%.

Nordea Investment Management AB cut its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 10.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,338 shares of the oil and natural gas company's stock after selling 2,154 shares during the quarter. Nordea Investment Management AB's holdings in Diamondback Energy were worth $2,536,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Robeco Institutional Asset Management B.V. grew its stake in shares of Diamondback Energy by 4.0% in the first quarter. Robeco Institutional Asset Management B.V. now owns 36,177 shares of the oil and natural gas company's stock valued at $5,784,000 after buying an additional 1,384 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in Diamondback Energy by 50.4% in the first quarter. China Universal Asset Management Co. Ltd. now owns 7,149 shares of the oil and natural gas company's stock valued at $1,143,000 after acquiring an additional 2,397 shares during the last quarter. True North Advisors LLC bought a new position in shares of Diamondback Energy in the 1st quarter valued at about $327,000. Wealth Advisory Solutions LLC acquired a new position in shares of Diamondback Energy during the 1st quarter worth about $2,631,000. Finally, Nuveen LLC bought a new stake in shares of Diamondback Energy in the 1st quarter valued at about $230,039,000. Institutional investors own 90.01% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on FANG. Melius initiated coverage on Diamondback Energy in a research report on Wednesday, August 20th. They set a "buy" rating and a $213.00 price target on the stock. William Blair initiated coverage on Diamondback Energy in a report on Monday, August 25th. They set an "outperform" rating on the stock. Morgan Stanley cut their price target on Diamondback Energy from $186.00 to $184.00 and set an "overweight" rating for the company in a report on Tuesday, October 14th. Barclays reduced their price objective on shares of Diamondback Energy from $185.00 to $178.00 and set an "overweight" rating for the company in a research report on Tuesday, October 7th. Finally, UBS Group increased their price objective on shares of Diamondback Energy from $163.00 to $171.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Two analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $189.91.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the firm's stock in a transaction 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 transaction, the chairman owned 102,145 shares in the company, valued at $14,586,306. This trade represents a 16.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.70% of the stock is owned by corporate insiders.

Diamondback Energy Stock Up 0.5%

FANG opened at $142.28 on Thursday. The stock has a fifty day moving average of $142.37 and a 200-day moving average of $140.50. The company has a market capitalization of $41.19 billion, a P/E ratio of 10.11 and a beta of 1.04. Diamondback Energy, Inc. has a fifty-two week low of $114.00 and a fifty-two week high of $186.07. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 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 the consensus estimate of $3.35 billion. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.Diamondback Energy's revenue was up 48.1% compared to the same quarter last year. During the same period in the prior year, the business posted $4.52 earnings per share. On average, equities analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Dividend Announcement

The business also recently declared 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. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $4.00 dividend on an annualized basis and a yield of 2.8%. Diamondback Energy's dividend payout ratio is currently 28.43%.

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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