OMERS ADMINISTRATION Corp Takes Position in Diamondback Energy, Inc. $FANG

Key Points

• OMERS Administration Corp. purchased 36,531 Diamondback Energy shares worth approximately $6.4 million during the second quarter. Institutional investors collectively own 90.01% of the company.
• Analysts maintain a positive outlook, with a consensus “Moderate Buy” rating and an average price target of $222.21. Diamondback recently exceeded quarterly earnings and revenue estimates, reporting $6.48 EPS and $5.56 billion in revenue.
• Diamondback shares opened at $205.60, while insiders sold more than $24.7 million worth of stock over the past quarter. The company also declared a quarterly dividend of $1.10 per share, equivalent to a 2.1% annualized yield.

OMERS ADMINISTRATION Corp purchased a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 36,531 shares of the oil and natural gas company's stock, valued at approximately $6,421,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. bought a new position in Diamondback Energy during the 2nd quarter worth approximately $3,303,362,000. Bank of New York Mellon Corp purchased a new position in shares of Diamondback Energy in the second quarter valued at about $852,791,000. Diamond Hill Capital Management LLC Investment Advisor purchased a new position in shares of Diamondback Energy in the second quarter valued at about $268,855,000. Wellington Management Group LLP raised its stake in shares of Diamondback Energy by 74.1% during the fourth quarter. Wellington Management Group LLP now owns 3,239,837 shares of the oil and natural gas company's stock valued at $487,045,000 after acquiring an additional 1,379,010 shares during the last quarter. Finally, EnCap Energy Capital Fund XII L.P. bought a new position in shares of Diamondback Energy during the fourth quarter valued at about $169,342,000. 90.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Raymond James Financial restated a "strong-buy" rating and set a $248.00 price target on shares of Diamondback Energy in a report on Friday, July 31st. Sanford C. Bernstein lifted their price objective on Diamondback Energy from $237.00 to $241.00 and gave the stock an "outperform" rating in a research report on Monday, May 11th. Wolfe Research reissued an "outperform" rating and set a $206.00 target price on shares of Diamondback Energy in a research note on Tuesday, August 4th. Roth Capital set a $212.00 target price on Diamondback Energy and gave the company a "buy" rating in a report on Monday, June 22nd. Finally, Zacks Research lowered Diamondback Energy from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 28th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $222.21.

Insider Buying and Selling

In related news, Director Mark Lawrence Plaumann sold 500 shares of the firm's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $196.50, for a total transaction of $98,250.00. Following the completion of the transaction, the director owned 13,437 shares of the company's stock, valued at $2,640,370.50. This trade represents a 3.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Matt Zmigrosky sold 5,000 shares of Diamondback Energy stock in a transaction on Monday, June 1st. The shares were sold at an average price of $200.54, for a total value of $1,002,700.00. Following the transaction, the executive vice president owned 46,392 shares of the company's stock, valued at $9,303,451.68. The trade was a 9.73% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 129,167 shares of company stock worth $24,714,309. 0.64% of the stock is currently owned by corporate insiders.

Diamondback Energy Stock Down 2.4%

Shares of Diamondback Energy stock opened at $205.60 on Tuesday. Diamondback Energy, Inc. has a 1 year low of $134.30 and a 1 year high of $216.90. The firm has a market cap of $57.57 billion, a price-to-earnings ratio of 40.08 and a beta of 0.43. The company has a 50-day moving average of $192.10 and a 200 day moving average of $189.74. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.47 and a quick ratio of 0.45.

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 EPS for the quarter, topping the consensus estimate of $6.08 by $0.40. The business had revenue of $5.56 billion for the quarter, compared to analyst estimates of $4.89 billion. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. Diamondback Energy's quarterly revenue was up 51.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.38 earnings per share. As a group, sell-side analysts anticipate that Diamondback Energy, Inc. will post 20.13 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were given a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Thursday, August 13th. Diamondback Energy's payout ratio is currently 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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