Tortoise Capital Advisors L.L.C. Lowers Stake in Diamondback Energy, Inc. $FANG

Key Points

• Tortoise Capital Advisors L.L.C. sold 17,687 shares of Diamondback Energy, reducing its holdings by 21.7% to 63,974 shares valued at approximately $10.23 million.
• Analysts have set a consensus rating of "Buy" on Diamondback Energy, with a price target averaging $193.33, and several firms have recently raised their price objectives.
• The company declared a quarterly dividend of $1.00, reflecting an annualized dividend yield of 2.9%, with a payout ratio of 28.43%.

Tortoise Capital Advisors L.L.C. lessened its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 21.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,974 shares of the oil and natural gas company's stock after selling 17,687 shares during the period. Tortoise Capital Advisors L.L.C.'s holdings in Diamondback Energy were worth $10,228,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of FANG. Nuveen LLC purchased a new stake in Diamondback Energy during the 1st quarter valued at about $230,039,000. Alyeska Investment Group L.P. purchased a new position in Diamondback Energy during the fourth quarter worth about $185,193,000. Price T Rowe Associates Inc. MD raised its stake in Diamondback Energy by 11.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company's stock worth $1,496,859,000 after purchasing an additional 928,429 shares during the period. GAMMA Investing LLC raised its stake in Diamondback Energy by 16,197.8% during the first quarter. GAMMA Investing LLC now owns 605,625 shares of the oil and natural gas company's stock worth $96,827,000 after purchasing an additional 601,909 shares during the period. Finally, Two Sigma Investments LP raised its stake in Diamondback Energy by 5,748.3% during the fourth quarter. Two Sigma Investments LP now owns 448,624 shares of the oil and natural gas company's stock worth $73,498,000 after purchasing an additional 440,953 shares during the period. Hedge funds and other institutional investors own 90.01% of the company's stock.

Diamondback Energy Stock Performance

NASDAQ:FANG traded up $1.99 during trading hours on Monday, reaching $145.27. 1,623,044 shares of the company's stock were exchanged, compared to its average volume of 2,426,064. The firm has a market capitalization of $42.05 billion, a price-to-earnings ratio of 10.32 and a beta of 1.09. The company has a 50-day moving average of $142.79 and a 200 day moving average of $143.54. 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 data on Monday, August 4th. The oil and natural gas company reported $2.67 EPS for the quarter, missing analysts' consensus estimates of $2.72 by ($0.05). The firm had revenue of $3.68 billion for the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.52 EPS. Research analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Dividend Announcement

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 $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Thursday, August 14th. Diamondback Energy's dividend payout ratio (DPR) is currently 28.43%.

Insider Activity

In other news, Chairman Travis D. Stice sold 20,400 shares of the stock in a transaction dated 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 completion of the transaction, the chairman owned 102,145 shares in the company, valued at $14,586,306. This trade represents a 16.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.48% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on FANG shares. Melius started coverage on shares of Diamondback Energy in a research note on Wednesday, August 20th. They issued a "buy" rating and a $213.00 price target on the stock. Royal Bank Of Canada started coverage on shares of Diamondback Energy in a research note on Friday, May 2nd. They set an "outperform" rating and a $180.00 target price on the stock. Melius Research began coverage on shares of Diamondback Energy in a research note on Wednesday, August 20th. They set a "buy" rating and a $213.00 target price on the stock. Susquehanna lowered their price target on shares of Diamondback Energy from $192.00 to $188.00 and set a "positive" rating for the company in a report on Wednesday, July 23rd. Finally, UBS Group boosted their price target on shares of Diamondback Energy from $163.00 to $171.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $193.33.

Diamondback Energy Company 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.