Ramirez Asset Management Inc. Sells 2,981 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Key Points

• Ramirez Asset Management Inc. has reduced its stake in Diamondback Energy by 61.0%, now holding 1,905 shares worth approximately $305,000.
• Several hedge funds have altered their positions in Diamondback Energy, with Demars Financial Group LLC purchasing a new stake worth around $638 million in the fourth quarter.
• Diamondback Energy's stock recently saw an upgrade from Citigroup, raising the price target from $157.00 to $180.00, amidst an overall favorable outlook with 18 buy ratings from analysts.

Ramirez Asset Management Inc. reduced its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 61.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,905 shares of the oil and natural gas company's stock after selling 2,981 shares during the period. Ramirez Asset Management Inc.'s holdings in Diamondback Energy were worth $305,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Nomura Asset Management Co. Ltd. raised its stake in shares of Diamondback Energy by 6.4% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 68,070 shares of the oil and natural gas company's stock worth $11,152,000 after buying an additional 4,101 shares during the last quarter. Pictet Asset Management Holding SA lifted its stake in Diamondback Energy by 12.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 69,563 shares of the oil and natural gas company's stock valued at $11,397,000 after acquiring an additional 7,790 shares during the last quarter. Allstate Corp acquired a new stake in Diamondback Energy in the fourth quarter valued at $875,000. Allianz SE acquired a new stake in Diamondback Energy in the fourth quarter valued at $221,000. Finally, Schroder Investment Management Group lifted its stake in Diamondback Energy by 12.2% in the fourth quarter. Schroder Investment Management Group now owns 196,943 shares of the oil and natural gas company's stock valued at $31,704,000 after acquiring an additional 21,396 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently issued reports on FANG. Evercore ISI began coverage on shares of Diamondback Energy in a research note on Tuesday, May 6th. They set an "outperform" rating and a $165.00 target price for the company. JPMorgan Chase & Co. lowered their price target on shares of Diamondback Energy from $167.00 to $161.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 7th. Citigroup raised shares of Diamondback Energy from a "reduce" rating to a "buy" rating and raised their price target for the stock from $157.00 to $180.00 in a research report on Monday, April 7th. Wells Fargo & Company raised their price target on shares of Diamondback Energy from $207.00 to $208.00 and gave the stock an "overweight" rating in a research report on Monday, June 16th. Finally, Piper Sandler raised their price target on shares of Diamondback Energy from $225.00 to $228.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Two investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $191.59.

Diamondback Energy Trading Down 1.1%

Shares of NASDAQ FANG traded down $1.61 during midday trading on Friday, reaching $147.05. The stock had a trading volume of 1,868,129 shares, compared to its average volume of 2,458,330. The firm has a market cap of $42.96 billion, a price-to-earnings ratio of 8.97 and a beta of 1.05. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $202.87. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.83 and a current ratio of 0.86. The company's 50 day moving average price is $142.69 and its 200 day moving average price is $147.37.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share for the quarter, beating the consensus estimate of $3.67 by $0.87. The company had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.58 billion. Diamondback Energy had a net margin of 30.84% and a return on equity of 11.22%. Diamondback Energy's revenue for the quarter was up 81.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.50 EPS. As a group, sell-side analysts expect 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, May 22nd. Stockholders of record on Thursday, May 15th were paid a $1.00 dividend. The ex-dividend date was Thursday, May 15th. This represents a $4.00 annualized dividend and a dividend yield of 2.7%. Diamondback Energy's payout ratio is currently 24.46%.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, President Hof Matthew Kaes Van't sold 10,000 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $142.69, for a total transaction of $1,426,900.00. Following the completion of the sale, the president owned 120,645 shares in the company, valued at approximately $17,214,835.05. The trade was a 7.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.70% of the stock is 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.