Strs Ohio Purchases New Position in Diamondback Energy, Inc. $FANG

Key Points

• Strs Ohio acquired a new position in Diamondback Energy, Inc. (NASDAQ:FANG), purchasing 149,000 shares valued at approximately $23.8 million in the first quarter of the year.
• Diamondback Energy reported $2.67 earnings per share for the last quarter, missing expectations, but had a revenue of $3.68 billion, exceeding forecasts.
• The company declared a quarterly dividend of $1.00 per share, translating to an annual yield of 2.9%, with a payout ratio of 28.43%.

Strs Ohio acquired a new stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 149,000 shares of the oil and natural gas company's stock, valued at approximately $23,822,000. Strs Ohio owned approximately 0.05% of Diamondback Energy at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Investor s Fiduciary Advisor Network LLC increased its position in shares of Diamondback Energy by 2.1% in the first quarter. Investor s Fiduciary Advisor Network LLC now owns 3,559 shares of the oil and natural gas company's stock valued at $569,000 after buying an additional 74 shares in the last quarter. Mesirow Financial Investment Management Inc. increased its position in shares of Diamondback Energy by 5.6% in the first quarter. Mesirow Financial Investment Management Inc. now owns 1,414 shares of the oil and natural gas company's stock valued at $226,000 after buying an additional 75 shares in the last quarter. FourThought Financial Partners LLC increased its position in shares of Diamondback Energy by 2.9% in the first quarter. FourThought Financial Partners LLC now owns 2,779 shares of the oil and natural gas company's stock valued at $444,000 after buying an additional 78 shares in the last quarter. Grove Bank & Trust increased its position in shares of Diamondback Energy by 65.0% in the first quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock valued at $32,000 after buying an additional 80 shares in the last quarter. Finally, Biondo Investment Advisors LLC increased its position in shares of Diamondback Energy by 0.3% in the first quarter. Biondo Investment Advisors LLC now owns 28,858 shares of the oil and natural gas company's stock valued at $4,614,000 after buying an additional 80 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Diamondback Energy Stock Down 1.1%

Shares of FANG opened at $136.88 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $200.47. The stock has a market capitalization of $39.63 billion, a price-to-earnings ratio of 9.73 and a beta of 1.14. The stock has a 50 day moving average price of $142.68 and a 200 day moving average price of $142.22.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued 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). The company had revenue of $3.68 billion during 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%. The firm's quarterly revenue was up 48.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.52 earnings per share. Equities research 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. Shareholders of record on Thursday, August 14th were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.9%. The ex-dividend date was Thursday, August 14th. Diamondback Energy's dividend payout ratio is presently 28.43%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on FANG shares. Bank of America boosted their price objective on Diamondback Energy from $165.00 to $170.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Melius Research started coverage on Diamondback Energy in a research report on Wednesday, August 20th. They issued a "buy" rating and a $213.00 price objective for the company. Wells Fargo & Company boosted their price objective on Diamondback Energy from $210.00 to $211.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Scotiabank reiterated an "outperform" rating on shares of Diamondback Energy in a research report on Friday, July 11th. Finally, Raymond James Financial dropped their price target on Diamondback Energy from $221.00 to $212.00 and set a "strong-buy" rating for the company in a research report on Wednesday, August 20th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $193.17.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the company's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total value of $2,913,120.00. Following the completion of the sale, the chairman directly owned 102,145 shares in the company, valued at $14,586,306. This represents a 16.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.70% of the stock is currently owned by insiders.

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.

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