Quarry LP Sells 6,265 Shares of Diamondback Energy, Inc. $FANG

Key Points

• Quarry LP reduced its stake in Diamondback Energy by 30.6%, selling 6,265 shares and bringing its total to 14,220 shares valued at $2,273,000.
• Diamondback Energy reported a quarterly EPS of $2.67, missing estimates by $0.05, although revenue increased by 48.1% year-over-year, totaling $3.68 billion.
• The company declared a quarterly dividend of $1.00, with a projected annual yield of 2.7%, reflecting a dividend payout ratio of 28.43%.

Quarry LP lessened its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 30.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,220 shares of the oil and natural gas company's stock after selling 6,265 shares during the period. Quarry LP's holdings in Diamondback Energy were worth $2,273,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Investor s Fiduciary Advisor Network LLC grew its holdings in Diamondback Energy by 2.1% during the 1st quarter. Investor s Fiduciary Advisor Network LLC now owns 3,559 shares of the oil and natural gas company's stock worth $569,000 after acquiring an additional 74 shares during the period. Mesirow Financial Investment Management Inc. grew its holdings in Diamondback Energy by 5.6% during the 1st quarter. Mesirow Financial Investment Management Inc. now owns 1,414 shares of the oil and natural gas company's stock worth $226,000 after acquiring an additional 75 shares during the period. FourThought Financial Partners LLC grew its holdings in Diamondback Energy by 2.9% during the 1st quarter. FourThought Financial Partners LLC now owns 2,779 shares of the oil and natural gas company's stock worth $444,000 after acquiring an additional 78 shares during the period. Grove Bank & Trust grew its holdings in Diamondback Energy by 65.0% during the 1st quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock worth $32,000 after acquiring an additional 80 shares during the period. Finally, Biondo Investment Advisors LLC grew its holdings 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 worth $4,614,000 after acquiring an additional 80 shares during the period. Institutional investors and hedge funds own 90.01% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Mizuho lowered their target price on shares of Diamondback Energy from $186.00 to $179.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Wells Fargo & Company boosted their price objective on shares of Diamondback Energy from $210.00 to $211.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Evercore ISI started coverage on shares of Diamondback Energy in a research report on Tuesday, May 6th. They set an "outperform" rating and a $165.00 price target on the stock. Susquehanna cut their price target on shares of Diamondback Energy from $192.00 to $188.00 and set a "positive" rating on the stock in a research report on Wednesday, July 23rd. Finally, Morgan Stanley upped 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. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Diamondback Energy currently has an average rating of "Buy" and a consensus target price of $193.33.

Insider Buying and Selling

In related news, Chairman Travis D. Stice sold 20,400 shares of the stock in a transaction that occurred 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 completion of the transaction, the chairman owned 102,145 shares of the company's stock, valued at $14,586,306. This represents a 16.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.70% of the stock is currently owned by insiders.

Diamondback Energy Stock Performance

NASDAQ FANG opened at $148.76 on Friday. The company has a current ratio of 0.55, a quick ratio of 0.52 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $43.06 billion, a price-to-earnings ratio of 10.57 and a beta of 1.09. The firm's 50 day simple moving average is $142.46 and its 200 day simple moving average is $143.22. Diamondback Energy, Inc. has a 1 year low of $114.00 and a 1 year high of $200.47.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.72 by ($0.05). The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.35 billion. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The business's revenue was up 48.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $4.52 EPS. As a group, research analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 14th were paid a $1.00 dividend. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $4.00 annualized dividend and a yield of 2.7%. Diamondback Energy's dividend payout ratio is presently 28.43%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.