Price T Rowe Associates Inc. MD Decreases Stock Holdings in Diamondback Energy, Inc. $FANG

Key Points

• Price T Rowe Associates Inc. reduced its holdings in Diamondback Energy by 32.2%, owning approximately 2.12% of the company with a value of $990.41 million at the end of the first quarter.
• Diamondback Energy reported $2.67 earnings per share for its last quarterly results, missing analysts' estimates of $2.72, but its revenue increased by 48.1% year-over-year.
• The company declared a quarterly dividend of $1.00 per share, representing an annualized dividend yield of 2.9% and a payout ratio of 28.43%.

Price T Rowe Associates Inc. MD cut its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 32.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,194,715 shares of the oil and natural gas company's stock after selling 2,941,930 shares during the quarter. Price T Rowe Associates Inc. MD owned 2.12% of Diamondback Energy worth $990,412,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Investor s Fiduciary Advisor Network LLC lifted its stake in Diamondback Energy by 2.1% in the 1st quarter. Investor s Fiduciary Advisor Network LLC now owns 3,559 shares of the oil and natural gas company's stock valued at $569,000 after acquiring an additional 74 shares in the last quarter. Mesirow Financial Investment Management Inc. grew its holdings in Diamondback Energy by 5.6% in the 1st quarter. Mesirow Financial Investment Management Inc. now owns 1,414 shares of the oil and natural gas company's stock valued at $226,000 after buying an additional 75 shares in the last quarter. FourThought Financial Partners LLC raised its position in shares of Diamondback Energy by 2.9% in the first quarter. FourThought Financial Partners LLC now owns 2,779 shares of the oil and natural gas company's stock valued at $444,000 after buying an additional 78 shares in the last quarter. Grove Bank & Trust grew its stake in Diamondback Energy by 65.0% during the first quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock worth $32,000 after buying an additional 80 shares in the last quarter. Finally, Rehmann Capital Advisory Group lifted its stake in Diamondback Energy by 6.0% during the fourth quarter. Rehmann Capital Advisory Group now owns 1,439 shares of the oil and natural gas company's stock worth $236,000 after purchasing an additional 82 shares during the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Diamondback Energy

In other Diamondback Energy 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 value of $2,913,120.00. Following the sale, the chairman owned 102,145 shares in the company, valued at $14,586,306. The trade was a 16.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.48% of the stock is currently owned by company insiders.

Diamondback Energy Stock Up 3.8%

Shares of Diamondback Energy stock traded up $5.28 during midday trading on Friday, hitting $143.28. The company had a trading volume of 2,028,152 shares, compared to its average volume of 2,122,723. The stock has a market capitalization of $41.48 billion, a P/E ratio of 10.18 and a beta of 1.09. The company has a 50 day moving average of $142.79 and a 200 day moving average of $143.54. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $200.47. 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 posted its 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 during 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%.The firm's revenue for the quarter was up 48.1% on a year-over-year basis. During the same period in the previous year, the business posted $4.52 EPS. On average, equities analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

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 $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Thursday, August 14th. Diamondback Energy's payout ratio is presently 28.43%.

Analysts Set New Price Targets

FANG has been the topic of a number of recent research reports. JPMorgan Chase & Co. cut their price target on Diamondback Energy from $167.00 to $161.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. Melius initiated coverage on Diamondback Energy in a report on Wednesday. They issued a "buy" rating and a $213.00 target price for the company. UBS Group raised their target price on Diamondback Energy from $163.00 to $171.00 and gave the company a "buy" rating in a research note on Wednesday. Bank of America upped their price objective on shares of Diamondback Energy from $165.00 to $170.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Finally, Susquehanna reduced their price objective on Diamondback Energy from $192.00 to $188.00 and set a "positive" rating for the company in a report on Wednesday, July 23rd. Two research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target 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.