Steel Grove Capital Advisors LLC Raises Position in Diamondback Energy, Inc. $FANG

Key Points

• Steel Grove Capital Advisors LLC increased its stake in Diamondback Energy by 19.4% during the second quarter, holding a total of 12,599 shares valued at approximately $1,731,000.
• Recent analyst reports have lowered target prices for Diamondback Energy, with Piper Sandler reducing it from $228.00 to $222.00, while Wells Fargo cut theirs from $211.00 to $160.00.
• Diamondback Energy announced a quarterly dividend of $1.00, representing an annualized yield of 2.8%, with a payout ratio of 28.43%.

Steel Grove Capital Advisors LLC grew its position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 19.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 12,599 shares of the oil and natural gas company's stock after buying an additional 2,047 shares during the period. Steel Grove Capital Advisors LLC's holdings in Diamondback Energy were worth $1,731,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the stock. FNY Investment Advisers LLC purchased a new position in shares of Diamondback Energy during the second quarter valued at approximately $54,000. D.A. Davidson & CO. raised its holdings in shares of Diamondback Energy by 14.6% during the second quarter. D.A. Davidson & CO. now owns 25,911 shares of the oil and natural gas company's stock valued at $3,560,000 after purchasing an additional 3,294 shares during the last quarter. Cullen Frost Bankers Inc. raised its holdings in shares of Diamondback Energy by 23.3% during the second quarter. Cullen Frost Bankers Inc. now owns 107,967 shares of the oil and natural gas company's stock valued at $14,835,000 after purchasing an additional 20,419 shares during the last quarter. Dupree Financial Group LLC purchased a new position in shares of Diamondback Energy during the second quarter valued at approximately $2,919,000. Finally, Aurora Investment Counsel raised its holdings in shares of Diamondback Energy by 5.5% during the second quarter. Aurora Investment Counsel now owns 7,324 shares of the oil and natural gas company's stock valued at $1,006,000 after purchasing an additional 379 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Piper Sandler cut their target price on shares of Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating for the company in a research report on Thursday, August 14th. Wall Street Zen lowered shares of Diamondback Energy from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Morgan Stanley cut their target price on shares of Diamondback Energy from $186.00 to $184.00 and set an "overweight" rating for the company in a research report on Tuesday, October 14th. Wells Fargo & Company cut their target price on shares of Diamondback Energy from $211.00 to $160.00 and set an "overweight" rating for the company in a research report on Friday, October 17th. Finally, Susquehanna cut their target price on shares of Diamondback Energy to $188.00 and set a "positive" rating for the company in a research report on Monday. Two analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $189.91.

Diamondback Energy Stock Performance

FANG opened at $141.53 on Wednesday. The firm has a market cap of $40.97 billion, a P/E ratio of 10.06 and a beta of 1.04. Diamondback Energy, Inc. has a 1-year low of $114.00 and a 1-year high of $186.07. The company has a 50 day simple moving average of $142.32 and a two-hundred day simple moving average of $140.49. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.55 and a quick ratio of 0.52.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its quarterly earnings results 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 return on equity of 9.48% and a net margin of 27.25%.The firm had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.35 billion. During the same quarter in the previous year, the company earned $4.52 earnings per share. The business's revenue for the quarter was up 48.1% compared to the same quarter last year. Equities analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The business also recently announced 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 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Thursday, August 14th. 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 on 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 transaction, the chairman owned 102,145 shares of the company's stock, valued at approximately $14,586,306. The trade was a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.48% of the company's stock.

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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