Diamondback Energy, Inc. $FANG Shares Sold by Palo Duro Investment Partners LP

Key Points

• Palo Duro Investment Partners LP has sold 106,532 shares of Diamondback Energy, reducing its holdings by 63.3% and now owns 61,645 shares, representing 3.0% of its portfolio.
• Diamondback Energy's stock recently faced a 2.8% decline, with the company's market cap at $40.16 billion and a PE ratio of 9.86.
• The firm declared a quarterly dividend of $1.00 per share, yielding 2.9%, with a payout ratio of 28.43%.

Palo Duro Investment Partners LP cut its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 63.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 61,645 shares of the oil and natural gas company's stock after selling 106,532 shares during the period. Diamondback Energy comprises approximately 3.0% of Palo Duro Investment Partners LP's investment portfolio, making the stock its 7th biggest position. Palo Duro Investment Partners LP's holdings in Diamondback Energy were worth $9,856,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of FANG. Boston Partners grew its position in Diamondback Energy by 4.8% during the 1st quarter. Boston Partners now owns 5,418,840 shares of the oil and natural gas company's stock worth $861,961,000 after acquiring an additional 249,098 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Diamondback Energy by 2.3% during the first quarter. Bank of New York Mellon Corp now owns 4,257,247 shares of the oil and natural gas company's stock valued at $680,649,000 after purchasing an additional 94,177 shares in the last quarter. Demars Financial Group LLC grew its holdings in shares of Diamondback Energy by 5.3% during the first quarter. Demars Financial Group LLC now owns 4,102,785 shares of the oil and natural gas company's stock worth $655,953,000 after purchasing an additional 208,200 shares during the last quarter. Diamond Hill Capital Management Inc. grew its holdings in shares of Diamondback Energy by 4.1% during the first quarter. Diamond Hill Capital Management Inc. now owns 2,932,484 shares of the oil and natural gas company's stock worth $468,846,000 after purchasing an additional 114,930 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Diamondback Energy by 27.3% in the first quarter. Wellington Management Group LLP now owns 1,950,160 shares of the oil and natural gas company's stock valued at $311,792,000 after buying an additional 418,431 shares during the period. 90.01% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FANG has been the topic of several recent research reports. Raymond James Financial cut their target price on shares of Diamondback Energy from $221.00 to $212.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, August 20th. Wells Fargo & Company lifted their price target on shares of Diamondback Energy from $210.00 to $211.00 and gave the stock an "overweight" rating in a report on Thursday, August 14th. William Blair initiated coverage on shares of Diamondback Energy in a research note on Monday, August 25th. They issued an "outperform" rating on the stock. Melius Research assumed coverage on Diamondback Energy in a report on Wednesday, August 20th. They issued a "buy" rating and a $213.00 price objective for the company. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Diamondback Energy in a report on Friday, July 11th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, Diamondback Energy currently has an average rating of "Buy" and an average price target of $193.17.

Diamondback Energy Trading Down 0.7%

FANG traded down $0.99 during trading on Tuesday, hitting $136.29. The company's stock had a trading volume of 2,147,893 shares, compared to its average volume of 1,652,203. The firm has a market capitalization of $39.45 billion, a P/E ratio of 9.69 and a beta of 1.14. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $200.47. The stock's fifty day moving average price is $142.85 and its 200-day moving average price is $142.46. The company has a quick ratio of 0.52, a current ratio of 0.55 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 for the quarter, missing the consensus estimate of $2.72 by ($0.05). The company had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.35 billion. Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The business's revenue was up 48.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.52 EPS. Analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

The business 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. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Thursday, August 14th. Diamondback Energy's dividend payout ratio is 28.43%.

Insider Activity at Diamondback Energy

In other news, Chairman Travis D. Stice sold 20,400 shares of the firm's stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $142.80, for a total value of $2,913,120.00. Following the completion of the sale, the chairman directly owned 102,145 shares in the company, valued at $14,586,306. This trade represents a 16.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.48% of the stock is currently owned by corporate insiders.

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.