Reliant Investment Management LLC Has $4.80 Million Holdings in Diamondback Energy, Inc. $FANG

Key Points

• Reliant Investment Management LLC increased its stake in Diamondback Energy by 2,670.5% during Q2, now owning 34,936 shares worth approximately $4.80 million.
• Diamondback Energy recently reported quarterly earnings with EPS of $2.67, missing estimates, but showing a 48.1% increase in revenue year-over-year, totaling $3.68 billion.
• The company declared a quarterly dividend of $1.00 per share, resulting in a 2.8% annual yield and a payout ratio of 28.43%.

Reliant Investment Management LLC grew its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 2,670.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 34,936 shares of the oil and natural gas company's stock after purchasing an additional 33,675 shares during the period. Diamondback Energy comprises 2.1% of Reliant Investment Management LLC's portfolio, making the stock its 29th largest holding. Reliant Investment Management LLC's holdings in Diamondback Energy were worth $4,800,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in FANG. BankPlus Trust Department purchased a new position in Diamondback Energy during the first quarter valued at approximately $27,000. Pinnacle Bancorp Inc. boosted its stake in shares of Diamondback Energy by 95.7% during the 1st quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock valued at $29,000 after buying an additional 88 shares during the period. SouthState Corp grew its holdings in shares of Diamondback Energy by 596.4% during the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock valued at $31,000 after acquiring an additional 167 shares in the last quarter. WASHINGTON TRUST Co grew its holdings in shares of Diamondback Energy by 119.8% during the 1st quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock valued at $32,000 after acquiring an additional 109 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. acquired a new position in shares of Diamondback Energy in the first quarter worth $33,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Diamondback Energy Trading Up 0.5%

Shares of NASDAQ:FANG opened at $142.28 on Thursday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55. The stock's 50-day moving average is $142.37 and its 200-day moving average is $140.50. The company has a market cap of $41.19 billion, a P/E ratio of 10.11 and a beta of 1.04. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $186.07.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its quarterly 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). Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.35 billion. During the same quarter last year, the firm earned $4.52 earnings per share. The firm's quarterly revenue was up 48.1% compared to the same quarter last year. Equities research analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 14th were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.8%. The ex-dividend date was Thursday, August 14th. Diamondback Energy's payout ratio is currently 28.43%.

Insider Activity

In related news, Chairman Travis D. Stice sold 20,400 shares of the firm's stock in a transaction on 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 transaction, the chairman directly owned 102,145 shares of the company's stock, valued at $14,586,306. This trade represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.70% of the company's stock.

Analyst Ratings Changes

FANG has been the subject of a number of research reports. Royal Bank Of Canada reissued an "outperform" rating and set a $173.00 price objective on shares of Diamondback Energy in a research report on Friday, October 10th. Wells Fargo & Company reduced their price target on Diamondback Energy from $211.00 to $160.00 and set an "overweight" rating for the company in a report on Friday, October 17th. Scotiabank reissued an "outperform" rating on shares of Diamondback Energy in a research note on Thursday, October 9th. Susquehanna dropped their price objective on Diamondback Energy to $188.00 and set a "positive" rating on the stock in a report on Monday. Finally, Mizuho cut their price objective on shares of Diamondback Energy from $183.00 to $176.00 and set an "outperform" rating on the stock in a research report on Monday, September 15th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $189.91.

Diamondback Energy 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.

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