S&CO Inc. Takes Position in Diamondback Energy, Inc. $FANG

Key Points

• S&CO Inc. bought 32,200 shares of Diamondback Energy during the second quarter, valued at approximately $5.66 million. Institutional investors collectively own 90.01% of the company.
• Diamondback Energy reported quarterly earnings of $6.48 per share, beating estimates of $6.08, while revenue rose 51.2% year over year to $5.56 billion.
• The company declared a quarterly dividend of $1.10 per share, equivalent to an annualized $4.40 payout and a 2.2% yield. Analysts maintain a consensus “Buy” rating with an average price target of $222.30.

S&CO Inc. purchased a new position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 32,200 shares of the oil and natural gas company's stock, valued at approximately $5,660,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. JPL Wealth Management LLC bought a new position in Diamondback Energy during the 3rd quarter valued at approximately $26,000. Laurel Wealth Advisors LLC bought a new stake in Diamondback Energy in the fourth quarter worth $26,000. Cedar Mountain Advisors LLC bought a new stake in Diamondback Energy in the first quarter worth $26,000. Wellington Shields & Co. LLC grew its stake in shares of Diamondback Energy by 264.7% in the fourth quarter. Wellington Shields & Co. LLC now owns 186 shares of the oil and natural gas company's stock worth $28,000 after acquiring an additional 135 shares during the last quarter. Finally, Lloyd Advisory Services LLC. purchased a new stake in shares of Diamondback Energy in the fourth quarter worth $31,000. Hedge funds and other institutional investors own 90.01% of the company's stock.

Diamondback Energy Stock Performance

Shares of FANG opened at $202.47 on Friday. The business's fifty day simple moving average is $190.31 and its two-hundred day simple moving average is $187.50. The company has a current ratio of 0.47, a quick ratio of 0.45 and a debt-to-equity ratio of 0.25. Diamondback Energy, Inc. has a 12 month low of $134.30 and a 12 month high of $214.51. The company has a market cap of $56.70 billion, a price-to-earnings ratio of 39.47 and a beta of 0.43.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 EPS for the quarter, topping analysts' consensus estimates of $6.08 by $0.40. Diamondback Energy had a return on equity of 10.10% and a net margin of 8.58%.The business had revenue of $5.56 billion during the quarter, compared to analyst estimates of $4.89 billion. During the same quarter last year, the company earned $2.38 EPS. The company's quarterly revenue was up 51.2% compared to the same quarter last year. Research analysts anticipate that Diamondback Energy, Inc. will post 19.73 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 13th will be given a dividend of $1.10 per share. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $4.40 annualized dividend and a dividend yield of 2.2%. Diamondback Energy's dividend payout ratio (DPR) is 85.77%.

Insiders Place Their Bets

In related news, Director Charles Alvin Meloy sold 33,333 shares of Diamondback Energy stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $198.41, for a total value of $6,613,600.53. Following the completion of the sale, the director directly owned 818,197 shares in the company, valued at approximately $162,338,466.77. This trade represents a 3.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Teresa L. Dick sold 7,000 shares of the business's stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total value of $1,406,300.00. Following the completion of the transaction, the chief accounting officer directly owned 85,755 shares of the company's stock, valued at approximately $17,228,179.50. This trade represents a 7.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 134,167 shares of company stock valued at $25,749,309 over the last quarter. Corporate insiders own 0.64% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Roth Capital set a $212.00 price target on Diamondback Energy and gave the company a "buy" rating in a report on Monday, June 22nd. Jefferies Financial Group reiterated a "hold" rating and issued a $205.00 price target on shares of Diamondback Energy in a research note on Sunday, August 9th. Sanford C. Bernstein increased their price objective on shares of Diamondback Energy from $237.00 to $241.00 and gave the company an "outperform" rating in a research report on Monday, May 11th. Wall Street Zen upgraded shares of Diamondback Energy from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Finally, Wolfe Research reaffirmed an "outperform" rating and issued a $206.00 target price on shares of Diamondback Energy in a report on Tuesday, August 4th. Four analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $222.30.

About Diamondback Energy

Diamondback Energy, Inc NASDAQ: FANG is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback's activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.

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