Oppenheimer Asset Management Inc. Makes New Investment in Diamondback Energy, Inc. $FANG

Key Points

• Oppenheimer Asset Management bought 36,505 Diamondback Energy shares worth approximately $6.4 million in the second quarter. Institutional investors now own about 90.01% of FANG.
• Analysts maintain a broadly positive outlook, with a consensus “Buy” rating and an average price target of $222.30. Recent targets range from $206 to $263.
• Diamondback exceeded quarterly expectations, reporting $6.48 in EPS and $5.56 billion in revenue, up 51.2% year over year. The company also declared a $1.10 quarterly dividend, representing a 2.2% yield.

Oppenheimer Asset Management Inc. purchased a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 36,505 shares of the oil and natural gas company's stock, valued at approximately $6,417,000.

A number of other large investors also recently modified their holdings of FANG. Boston Partners boosted its stake in shares of Diamondback Energy by 2.9% during the third quarter. Boston Partners now owns 5,733,538 shares of the oil and natural gas company's stock valued at $821,649,000 after purchasing an additional 163,548 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Diamondback Energy by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 5,621,120 shares of the oil and natural gas company's stock valued at $844,073,000 after buying an additional 14,625 shares during the period. Bank of New York Mellon Corp raised its holdings in Diamondback Energy by 11.5% in the 4th quarter. Bank of New York Mellon Corp now owns 5,159,365 shares of the oil and natural gas company's stock valued at $775,607,000 after buying an additional 532,756 shares during the last quarter. Capital Research Global Investors raised its holdings in Diamondback Energy by 14.1% in the 4th quarter. Capital Research Global Investors now owns 4,332,885 shares of the oil and natural gas company's stock valued at $651,363,000 after buying an additional 534,073 shares during the last quarter. Finally, Morgan Stanley boosted its position in Diamondback Energy by 3.2% during the 4th quarter. Morgan Stanley now owns 3,828,941 shares of the oil and natural gas company's stock worth $575,605,000 after buying an additional 117,798 shares during the period. 90.01% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FANG has been the topic of a number of research reports. Wolfe Research reissued an "outperform" rating and set a $206.00 target price on shares of Diamondback Energy in a report on Tuesday, August 4th. Wells Fargo & Company lifted their price target on shares of Diamondback Energy from $262.00 to $263.00 and gave the stock an "overweight" rating in a report on Wednesday, August 5th. Morgan Stanley reduced their price objective on shares of Diamondback Energy from $229.00 to $216.00 and set an "overweight" rating on the stock in a research note on Monday, June 29th. Mizuho increased their price objective on Diamondback Energy from $220.00 to $240.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. Finally, Weiss Ratings raised Diamondback Energy from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, July 31st. Four investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Diamondback Energy has a consensus rating of "Buy" and a consensus target price of $222.30.

Insiders Place Their Bets

In other Diamondback Energy news, Director Charles Alvin Meloy sold 33,333 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $198.41, for a total value of $6,613,600.53. Following the transaction, the director directly owned 818,197 shares of the company's stock, valued at approximately $162,338,466.77. The trade was a 3.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Teresa L. Dick sold 7,000 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total value of $1,406,300.00. Following the transaction, the chief accounting officer owned 85,755 shares in the company, valued at $17,228,179.50. The trade was a 7.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 134,167 shares of company stock worth $25,749,309. Company insiders own 0.64% of the company's stock.

Diamondback Energy Price Performance

FANG stock opened at $202.47 on Friday. The firm has a market cap of $56.70 billion, a price-to-earnings ratio of 39.47 and a beta of 0.43. The company has a quick ratio of 0.45, a current ratio of 0.47 and a debt-to-equity ratio of 0.25. Diamondback Energy, Inc. has a 12-month low of $134.30 and a 12-month high of $214.51. The company's fifty day simple moving average is $190.31 and its 200 day simple moving average is $187.50.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 EPS for the quarter, beating analysts' consensus estimates of $6.08 by $0.40. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The business had revenue of $5.56 billion for the quarter, compared to analysts' expectations of $4.89 billion. During the same quarter in the prior year, the firm posted $2.38 earnings per share. The business's quarterly revenue was up 51.2% compared to the same quarter last year. On average, analysts expect that Diamondback Energy, Inc. will post 19.73 earnings per share for the current year.

Diamondback Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 13th will be given a dividend of $1.10 per share. The ex-dividend date is Thursday, August 13th. This represents a $4.40 annualized dividend and a dividend yield of 2.2%. Diamondback Energy's dividend payout ratio is presently 85.77%.

About Diamondback Energy

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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