State Street Corp Raises Holdings in Diamondback Energy, Inc. $FANG

Key Points

• State Street increased its Diamondback Energy stake by 4.2% in the second quarter, holding 12.56 million shares worth approximately $2.21 billion. Institutional investors collectively own 90.01% of FANG.
• Diamondback reported quarterly EPS of $6.48, exceeding estimates of $6.08, while revenue rose 51.2% year over year to $5.56 billion.
• Analysts maintain a favorable outlook, with a consensus rating of “Moderate Buy” and an average price target of $226.33, compared with the stock’s $184.50 opening price cited in the article.

State Street Corp increased its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 4.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,562,224 shares of the oil and natural gas company's stock after acquiring an additional 510,281 shares during the quarter. State Street Corp owned approximately 4.49% of Diamondback Energy worth $2,208,188,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the stock. BlackRock Inc. purchased a new position in shares of Diamondback Energy in the second quarter worth $3,303,362,000. Wellington Management Group LLP raised its stake in shares of Diamondback Energy by 31.3% during the second quarter. Wellington Management Group LLP now owns 16,420,247 shares of the oil and natural gas company's stock valued at $2,886,351,000 after acquiring an additional 3,918,943 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Diamondback Energy by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 5,621,120 shares of the oil and natural gas company's stock worth $844,073,000 after purchasing an additional 14,625 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Diamondback Energy by 11.5% during the fourth quarter. Bank of New York Mellon Corp now owns 5,159,365 shares of the oil and natural gas company's stock worth $775,607,000 after purchasing an additional 532,756 shares during the period. Finally, Capital Research Global Investors boosted its holdings in shares of Diamondback Energy by 14.1% during the fourth quarter. Capital Research Global Investors now owns 4,332,885 shares of the oil and natural gas company's stock worth $651,363,000 after purchasing an additional 534,073 shares during the period. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, Director Travis Stice sold 75,000 shares of Diamondback Energy stock in a transaction on Friday, September 11th. The stock was sold at an average price of $204.31, for a total value of $15,323,250.00. Following the completion of the sale, the director owned 49,727 shares of the company's stock, valued at approximately $10,159,723.37. This trade represents a 60.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles Meloy sold 33,333 shares of the business's stock in a transaction on 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 transaction, the director owned 818,197 shares of the company's stock, valued at $162,338,466.77. This represents a 3.91% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 0.64% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FANG. Stifel Nicolaus initiated coverage on Diamondback Energy in a report on Thursday, September 10th. They set a "buy" rating and a $259.00 price target on the stock. Wall Street Zen upgraded Diamondback Energy from a "hold" rating to a "buy" rating in a report on Sunday, September 13th. Wells Fargo & Company lifted their price objective on Diamondback Energy from $262.00 to $263.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 5th. Mizuho boosted their target price on Diamondback Energy from $220.00 to $240.00 and gave the company an "outperform" rating in a research note on Wednesday, May 27th. Finally, Susquehanna upped their target price on Diamondback Energy from $245.00 to $255.00 and gave the company a "positive" rating in a report on Tuesday, July 21st. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $226.33.

Diamondback Energy Stock Performance

Shares of FANG opened at $184.50 on Wednesday. The company has a quick ratio of 0.45, a current ratio of 0.47 and a debt-to-equity ratio of 0.25. The stock has a market cap of $51.66 billion, a P/E ratio of 35.96 and a beta of 0.43. The business's 50 day moving average price is $199.52 and its 200-day moving average price is $194.01. Diamondback Energy, Inc. has a 52 week low of $137.03 and a 52 week high of $216.90.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.08 by $0.40. The business had revenue of $5.56 billion during the quarter, compared to analysts' expectations of $4.89 billion. Diamondback Energy had a return on equity of 10.10% and a net margin of 8.58%.The firm's quarterly revenue was up 51.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.38 earnings per share. Equities research analysts anticipate that Diamondback Energy, Inc. will post 20.33 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 13th were given a dividend of $1.10 per share. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $4.40 annualized dividend and a dividend yield of 2.4%. Diamondback Energy's dividend payout ratio (DPR) is 85.77%.

Diamondback Energy Company Profile

Diamondback Energy, Inc is an independent oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin of West Texas and southeastern New Mexico. The company's operations are concentrated primarily in the Midland and Delaware sub-basins.

Diamondback produces crude oil, natural gas and natural gas liquids. Its activities include drilling and completing horizontal wells, operating gathering and infrastructure assets, and managing mineral and royalty interests through its Viper Energy platform.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.