SCS Capital Management LLC Acquires New Holdings in Diamondback Energy, Inc. $FANG

Key Points

• SCS Capital Management LLC acquired 7,429 shares of Diamondback Energy, Inc., valuing the investment at approximately $1.19 million.
• Several institutional investors, including Nuveen LLC, GAMMA Investing LLC, and Two Sigma Investments LP, significantly increased their stakes in Diamondback Energy, boosting overall institutional ownership to 90.01%.
• Diamondback Energy's stock has seen analyst upgrades with a consensus price target of $193.17, while the company also announced a $1.00 quarterly dividend, reflecting a yield of 2.9%.

SCS Capital Management LLC bought a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 7,429 shares of the oil and natural gas company's stock, valued at approximately $1,188,000.

Several other institutional investors have also bought and sold shares of FANG. Jefferies Financial Group Inc. boosted its stake in shares of Diamondback Energy by 412.1% in the 4th quarter. Jefferies Financial Group Inc. now owns 7,799 shares of the oil and natural gas company's stock worth $1,278,000 after buying an additional 6,276 shares during the last quarter. Janus Henderson Group PLC grew its stake in Diamondback Energy by 52.8% in the 4th quarter. Janus Henderson Group PLC now owns 80,957 shares of the oil and natural gas company's stock valued at $13,265,000 after purchasing an additional 27,983 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Diamondback Energy by 81.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 225,395 shares of the oil and natural gas company's stock valued at $36,926,000 after purchasing an additional 101,211 shares during the last quarter. NorthRock Partners LLC raised its stake in shares of Diamondback Energy by 16.3% during the 4th quarter. NorthRock Partners LLC now owns 1,952 shares of the oil and natural gas company's stock worth $320,000 after purchasing an additional 274 shares during the period. Finally, Nissay Asset Management Corp Japan ADV boosted its holdings in shares of Diamondback Energy by 41.2% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 52,401 shares of the oil and natural gas company's stock worth $8,297,000 after buying an additional 15,298 shares during the last quarter. Institutional investors own 90.01% of the company's stock.

Insider Buying and Selling at Diamondback Energy

In other news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction on Thursday, August 7th. The shares were 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 in the company, valued at approximately $14,586,306. The trade was a 16.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.70% of the company's stock.

Diamondback Energy Trading Down 1.1%

FANG stock traded down $1.54 during midday trading on Friday, hitting $136.88. The company had a trading volume of 1,751,998 shares, compared to its average volume of 1,638,129. The stock has a market cap of $39.63 billion, a price-to-earnings ratio of 9.73 and a beta of 1.14. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week high of $200.47. 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 stock's 50 day moving average price is $142.68 and its 200 day moving average price is $142.22.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its 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). 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 during the quarter, compared to the consensus estimate of $3.35 billion. During the same period in the previous year, the business earned $4.52 earnings per share. The firm's revenue for the quarter was up 48.1% compared to the same quarter last year. As a group, equities research analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Thursday, August 14th. Diamondback Energy's payout ratio is presently 28.43%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FANG. Piper Sandler reduced their price objective on Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating for the company in a report on Thursday, August 14th. Melius Research initiated coverage on Diamondback Energy in a report on Wednesday, August 20th. They issued a "buy" rating and a $213.00 price objective for the company. Raymond James Financial decreased their price objective on Diamondback Energy from $221.00 to $212.00 and set a "strong-buy" rating on the stock in a report on Wednesday, August 20th. Wells Fargo & Company upped their target price on Diamondback Energy from $210.00 to $211.00 and gave the stock an "overweight" rating in a research note on Thursday, August 14th. Finally, KeyCorp decreased their price target on shares of Diamondback Energy from $180.00 to $176.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 3rd. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Diamondback Energy presently has a consensus rating of "Buy" and a consensus price target of $193.17.

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.