Tidal Investments LLC Lowers Holdings in Diamondback Energy, Inc. $FANG

Key Points

• Tidal Investments reduced its Diamondback Energy stake by 15.4% in the second quarter, selling 20,773 shares and retaining 114,195 shares valued at approximately $20.1 million. Institutional investors collectively own 90.01% of FANG.
• Analysts remain broadly positive, with Diamondback receiving a “Moderate Buy” consensus rating and an average price target of $224.05. Recent targets range from $205 to $248, although one firm initiated coverage with a neutral rating.
• Diamondback reported a quarterly earnings beat, generating $6.48 in adjusted EPS versus $6.08 expected and $5.56 billion in revenue, up 51.2% year over year. The company also declared a $1.10 quarterly dividend, representing a 2.1% annualized yield.

Tidal Investments LLC decreased its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 15.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 114,195 shares of the oil and natural gas company's stock after selling 20,773 shares during the quarter. Tidal Investments LLC's holdings in Diamondback Energy were worth $20,073,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Cresset Asset Management LLC raised its holdings in Diamondback Energy by 37.5% in the 2nd quarter. Cresset Asset Management LLC now owns 4,726 shares of the oil and natural gas company's stock valued at $649,000 after buying an additional 1,288 shares during the period. Jump Financial LLC purchased a new position in Diamondback Energy during the second quarter worth about $2,301,000. Cerity Partners LLC boosted its stake in Diamondback Energy by 13.5% during the second quarter. Cerity Partners LLC now owns 51,104 shares of the oil and natural gas company's stock worth $7,022,000 after buying an additional 6,069 shares during the period. AXA S.A. increased its position in shares of Diamondback Energy by 8.5% during the second quarter. AXA S.A. now owns 52,355 shares of the oil and natural gas company's stock valued at $7,194,000 after acquiring an additional 4,103 shares during the last quarter. Finally, Sei Investments Co. increased its position in shares of Diamondback Energy by 37.1% during the second quarter. Sei Investments Co. now owns 154,582 shares of the oil and natural gas company's stock valued at $21,239,000 after acquiring an additional 41,866 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on FANG. Raymond James Financial restated a "strong-buy" rating and issued a $248.00 price objective on shares of Diamondback Energy in a report on Friday, July 31st. Roth Capital set a $212.00 price target on Diamondback Energy and gave the stock a "buy" rating in a research note on Monday, June 22nd. Jefferies Financial Group restated a "hold" rating and set a $205.00 price target on shares of Diamondback Energy in a research report on Sunday, August 9th. Citigroup dropped their price objective on Diamondback Energy from $221.00 to $220.00 and set a "buy" rating for the company in a research note on Monday, August 10th. Finally, Seaport Research Partners started coverage on Diamondback Energy in a report on Thursday, September 3rd. They issued a "neutral" rating on the stock. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Diamondback Energy has an average rating of "Moderate Buy" and an average target price of $224.05.

Insider Transactions at Diamondback Energy

In other news, Director Charles Meloy sold 33,333 shares of Diamondback Energy stock in a transaction dated 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 in the company, valued at approximately $162,338,466.77. This trade represents a 3.91% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.64% of the stock is owned by corporate insiders.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $205.39 on Friday. The company has a quick ratio of 0.45, a current ratio of 0.47 and a debt-to-equity ratio of 0.25. Diamondback Energy, Inc. has a 52 week low of $134.30 and a 52 week high of $216.90. The stock has a market capitalization of $57.51 billion, a PE ratio of 40.04 and a beta of 0.43. The firm has a 50 day moving average of $197.13 and a two-hundred day moving average of $192.66.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share for the quarter, topping analysts' consensus estimates of $6.08 by $0.40. The business had revenue of $5.56 billion for the quarter, compared to analyst estimates of $4.89 billion. Diamondback Energy had a return on equity of 10.10% and a net margin of 8.58%.The company's revenue was up 51.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.38 earnings per share. On average, research analysts predict that Diamondback Energy, Inc. will post 20.14 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th were given a $1.10 dividend. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $4.40 dividend on an annualized basis and a yield of 2.1%. Diamondback Energy's dividend payout ratio (DPR) is currently 85.77%.

Diamondback Energy 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.

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