Oak Harvest Investment Services Purchases 2,217 Shares of Diamondback Energy, Inc. $FANG

Key Points

• Oak Harvest Investment Services increased its stake in Diamondback Energy by 5.7%, now owning shares valued at $6.57 million.
• Several hedge funds, including Boston Partners and Bank of New York Mellon Corp, also increased their positions in Diamondback Energy, reflecting a strong institutional interest with 90.01% of the company's stock owned by these entities.
• Diamondback Energy reported $2.67 earnings per share for the last quarter, missing analyst expectations by $0.05, while its revenue surged by 48.1% year-over-year.

Oak Harvest Investment Services raised its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 5.7% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 41,120 shares of the oil and natural gas company's stock after acquiring an additional 2,217 shares during the quarter. Oak Harvest Investment Services' holdings in Diamondback Energy were worth $6,574,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Smartleaf Asset Management LLC boosted its position in Diamondback Energy by 7.5% during the 1st quarter. Smartleaf Asset Management LLC now owns 2,959 shares of the oil and natural gas company's stock valued at $466,000 after acquiring an additional 207 shares in the last quarter. Biondo Investment Advisors LLC boosted its position in Diamondback Energy by 0.3% during the 1st quarter. Biondo Investment Advisors LLC now owns 28,858 shares of the oil and natural gas company's stock valued at $4,614,000 after acquiring an additional 80 shares in the last quarter. AlphaQuest LLC lifted its holdings in shares of Diamondback Energy by 30.6% during the first quarter. AlphaQuest LLC now owns 3,271 shares of the oil and natural gas company's stock valued at $523,000 after purchasing an additional 766 shares during the last quarter. Allstate Corp lifted its holdings in shares of Diamondback Energy by 89.2% during the first quarter. Allstate Corp now owns 10,105 shares of the oil and natural gas company's stock valued at $1,616,000 after purchasing an additional 4,764 shares during the last quarter. Finally, Laffer Tengler Investments Inc. lifted its holdings in shares of Diamondback Energy by 13.4% during the first quarter. Laffer Tengler Investments Inc. now owns 15,882 shares of the oil and natural gas company's stock valued at $2,539,000 after purchasing an additional 1,875 shares during the last quarter. 90.01% of the stock is owned by institutional investors.

Insider Activity

In other news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction on 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 owned 102,145 shares of the company's stock, valued at $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 is available at this link. 0.48% of the stock is currently owned by insiders.

Diamondback Energy Stock Performance

FANG traded down $1.31 during mid-day trading on Tuesday, reaching $143.96. 2,046,156 shares of the company traded hands, compared to its average volume of 2,119,544. The stock has a market capitalization of $41.67 billion, a P/E ratio of 10.23 and a beta of 1.09. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35. The company's fifty day moving average price is $142.49 and its 200-day moving average price is $143.45. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $200.47.

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

Diamondback Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Stockholders 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 dividend yield of 2.8%. Diamondback Energy's payout ratio is presently 28.43%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on FANG shares. Melius Research started coverage on shares of Diamondback Energy in a report on Wednesday, August 20th. They set a "buy" rating and a $213.00 target price for the company. Morgan Stanley lifted their target price on shares of Diamondback Energy from $184.00 to $186.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Susquehanna lowered their target price on shares of Diamondback Energy from $192.00 to $188.00 and set a "positive" rating for the company in a report on Wednesday, July 23rd. Bank of America lifted their target price on shares of Diamondback Energy from $165.00 to $170.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Finally, Piper Sandler decreased their price objective on shares of Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating for the company in a report on Thursday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Diamondback Energy presently has a consensus rating of "Buy" and an average target price of $193.33.

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.