Sowell Financial Services LLC Has $931,000 Position in Diamondback Energy, Inc. $FANG

Key Points

• Sowell Financial Services LLC reduced its stake in Diamondback Energy by 21.6% during the second quarter, holding 6,775 shares valued at $931,000 after selling 1,868 shares.
• Institutional investors own 90.01% of Diamondback Energy, with significant increases in holdings from firms like Boston Partners and Wellington Management Group.
• Despite missing earnings expectations for the quarter with an EPS of $2.67, Diamondback Energy's revenue increased by 48.1% year-over-year, totaling $3.68 billion.

Sowell Financial Services LLC lessened its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 21.6% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,775 shares of the oil and natural gas company's stock after selling 1,868 shares during the period. Sowell Financial Services LLC's holdings in Diamondback Energy were worth $931,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Boston Partners increased its stake in Diamondback Energy by 4.8% during the 1st quarter. Boston Partners now owns 5,418,840 shares of the oil and natural gas company's stock valued at $861,961,000 after purchasing an additional 249,098 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Diamondback Energy by 2.3% during the 1st quarter. Bank of New York Mellon Corp now owns 4,257,247 shares of the oil and natural gas company's stock valued at $680,649,000 after purchasing an additional 94,177 shares in the last quarter. Demars Financial Group LLC increased its stake in Diamondback Energy by 5.3% during the 1st quarter. Demars Financial Group LLC now owns 4,102,785 shares of the oil and natural gas company's stock valued at $655,953,000 after purchasing an additional 208,200 shares in the last quarter. Diamond Hill Capital Management Inc. increased its stake in Diamondback Energy by 4.1% during the 1st quarter. Diamond Hill Capital Management Inc. now owns 2,932,484 shares of the oil and natural gas company's stock valued at $468,846,000 after purchasing an additional 114,930 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in Diamondback Energy by 27.3% during the 1st quarter. Wellington Management Group LLP now owns 1,950,160 shares of the oil and natural gas company's stock valued at $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.

Insider Activity

In other news, Chairman Travis D. Stice sold 20,400 shares of the stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $142.80, for a total value of $2,913,120.00. Following the sale, the chairman directly owned 102,145 shares of the company's stock, valued at approximately $14,586,306. This represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.48% of the company's stock.

Analyst Ratings Changes

A number of analysts have commented on FANG shares. Raymond James Financial decreased their price target on shares of Diamondback Energy from $221.00 to $212.00 and set a "strong-buy" rating for the company in a research note on Wednesday, August 20th. Scotiabank reiterated an "outperform" rating on shares of Diamondback Energy in a research note on Friday, July 11th. William Blair assumed coverage on shares of Diamondback Energy in a research note on Monday, August 25th. They issued an "outperform" rating for the company. Wall Street Zen lowered shares of Diamondback Energy from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Finally, Wells Fargo & Company upped their target price on shares of Diamondback Energy from $210.00 to $211.00 and gave the stock an "overweight" rating in a research note on Thursday, August 14th. Two equities research analysts have rated the stock with a Strong Buy rating and twenty-one have assigned a Buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $193.39.

Diamondback Energy Price Performance

NASDAQ FANG opened at $142.18 on Wednesday. The company has a market cap of $41.16 billion, a PE ratio of 10.11 and a beta of 1.15. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week high of $200.47. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35. The firm's 50-day simple moving average is $142.35 and its two-hundred day simple moving average is $141.76.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The oil and natural gas company reported $2.67 EPS for the quarter, missing the consensus estimate of $2.72 by ($0.05). The business had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.35 billion. Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. Diamondback Energy's revenue for the quarter was up 48.1% compared to the same quarter last year. During the same period last year, the company earned $4.52 earnings per share. 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. Stockholders of record on Thursday, August 14th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Thursday, August 14th. Diamondback Energy's dividend payout ratio is presently 28.43%.

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.

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