Sunpointe LLC Makes New $290,000 Investment in Diamondback Energy, Inc. $FANG

Key Points

• Sunpointe LLC has invested approximately $290,000 in Diamondback Energy, Inc., purchasing 2,109 shares as part of a new position according to their recent SEC filing.
• Several institutional investors, including Man Group plc and Toronto Dominion Bank, have significantly increased their holdings in Diamondback Energy during the 4th quarter.
• Diamondback Energy recently declared a quarterly dividend of $1.00 per share, yielding about 2.8%, and reported a net income margin of 27.25% in their recent quarterly earnings.

Sunpointe LLC acquired a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 2,109 shares of the oil and natural gas company's stock, valued at approximately $290,000.

A number of other institutional investors also recently made changes to their positions in FANG. BankPlus Trust Department bought a new stake in shares of Diamondback Energy during the first quarter worth approximately $27,000. Pinnacle Bancorp Inc. boosted its holdings in shares of Diamondback Energy by 95.7% during the first quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock worth $29,000 after acquiring an additional 88 shares during the period. SouthState Corp boosted its holdings in shares of Diamondback Energy by 596.4% during the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock worth $31,000 after acquiring an additional 167 shares during the period. Grove Bank & Trust boosted its holdings in shares of Diamondback Energy by 65.0% during the first quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock worth $32,000 after acquiring an additional 80 shares during the period. Finally, WASHINGTON TRUST Co boosted its holdings in shares of Diamondback Energy by 119.8% during the first quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock worth $32,000 after acquiring an additional 109 shares during the period. Institutional investors own 90.01% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on FANG shares. Raymond James Financial cut their price target on 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. Morgan Stanley boosted their price target on Diamondback Energy from $184.00 to $186.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Melius Research started coverage on Diamondback Energy in a research note on Wednesday, August 20th. They issued a "buy" rating and a $213.00 price target for the company. Finally, KeyCorp cut their price target on Diamondback Energy from $180.00 to $176.00 and set an "overweight" rating for the company in a research note on Wednesday, September 3rd. Two equities research analysts have rated the stock with a Strong Buy rating and twenty-one have assigned a Buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $193.39.

Insiders Place Their Bets

In related news, Chairman Travis D. Stice sold 20,400 shares of the 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.70% of the stock is owned by insiders.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG traded down $0.97 during trading on Friday, hitting $139.67. 4,089,350 shares of the company were exchanged, compared to its average volume of 1,830,844. The business's 50 day moving average is $142.33 and its 200-day moving average is $141.76. The company has a market capitalization of $40.43 billion, a P/E ratio of 9.93 and a beta of 1.14. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35. Diamondback Energy, Inc. has a 1-year low of $114.00 and a 1-year high of $200.47.

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

Diamondback Energy Announces Dividend

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

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.