Requisite Capital Management LLC Reduces Holdings in Diamondback Energy, Inc. $FANG

Key Points

• Requisite Capital Management LLC has significantly reduced its stake in Diamondback Energy, Inc. by 84.5%, now holding just 9,188 shares worth approximately $1.26 million.
• Despite Requisite's divestiture, several institutional investors, including Boston Partners and Wellington Management, have increased their holdings in Diamondback Energy during the first quarter.
• Diamondback Energy's stock has been rated with a consensus of "Buy" by analysts, with a target price range adjusted between $176.00 and $228.00.

Requisite Capital Management LLC trimmed its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 84.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,188 shares of the oil and natural gas company's stock after selling 50,093 shares during the period. Diamondback Energy makes up 0.3% of Requisite Capital Management LLC's investment portfolio, making the stock its 27th largest holding. Requisite Capital Management LLC's holdings in Diamondback Energy were worth $1,262,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Boston Partners increased its position in shares of Diamondback Energy by 4.8% during the first quarter. Boston Partners now owns 5,418,840 shares of the oil and natural gas company's stock worth $861,961,000 after purchasing an additional 249,098 shares in the last quarter. Bank of New York Mellon Corp increased its position 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 worth $680,649,000 after purchasing an additional 94,177 shares in the last quarter. Demars Financial Group LLC increased its position 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 in the last quarter. Diamond Hill Capital Management Inc. increased its position 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 in the last quarter. Finally, Wellington Management Group LLP increased its position in shares of Diamondback Energy by 27.3% during the first quarter. Wellington Management Group LLP now owns 1,950,160 shares of the oil and natural gas company's stock worth $311,792,000 after purchasing an additional 418,431 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on FANG. Raymond James Financial cut their target price on 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 target price on Diamondback Energy from $210.00 to $211.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. Melius Research assumed coverage on Diamondback Energy in a research report on Wednesday, August 20th. They set a "buy" rating and a $213.00 target price on the stock. Mizuho lowered their price target on Diamondback Energy from $183.00 to $176.00 and set an "outperform" rating on the stock in a report on Monday, September 15th. Finally, Piper Sandler lowered their price target on Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating on the stock in a report on Thursday, August 14th. Two research analysts have rated the stock with a Strong Buy rating and twenty-one have given a Buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $193.39.

Diamondback Energy Price Performance

Shares of FANG opened at $143.10 on Wednesday. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $200.47. The stock's 50 day moving average is $142.85 and its two-hundred day moving average is $141.74. The firm has a market capitalization of $41.43 billion, a PE ratio of 10.17 and a beta of 1.14. The company has a current ratio of 0.55, a quick ratio of 0.52 and a debt-to-equity ratio of 0.35.

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

Diamondback Energy Dividend Announcement

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

Insider Activity at Diamondback Energy

In other news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the sale, the chairman owned 102,145 shares of the company's stock, valued at $14,586,306. The trade was a 16.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.48% of the stock is owned by company insiders.

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.

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