Waverly Advisors LLC Raises Stock Holdings in Diamondback Energy, Inc. $FANG

Key Points

• Waverly Advisors increased its Diamondback Energy stake by 347.1% in the second quarter, owning 164,536 shares valued at approximately $28.9 million. Institutional investors collectively hold 90.01% of FANG’s outstanding stock.
• Diamondback Energy reported quarterly earnings of $6.48 per share, exceeding estimates of $6.08, while revenue rose 51.2% year over year to $5.56 billion.
• The company paid a quarterly dividend of $1.10 per share, equal to a $4.40 annualized payout and a 2.2% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $222.21.

Waverly Advisors LLC grew its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 347.1% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 164,536 shares of the oil and natural gas company's stock after buying an additional 127,732 shares during the quarter. Waverly Advisors LLC owned 0.06% of Diamondback Energy worth $28,922,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Transamerica Financial Advisors LLC increased its holdings in shares of Diamondback Energy by 21.0% in the second quarter. Transamerica Financial Advisors LLC now owns 294 shares of the oil and natural gas company's stock worth $52,000 after buying an additional 51 shares during the period. Capital Advisors Inc. OK increased its stake in Diamondback Energy by 2.9% in the 2nd quarter. Capital Advisors Inc. OK now owns 1,929 shares of the oil and natural gas company's stock worth $339,000 after purchasing an additional 54 shares during the period. Rehmann Capital Advisory Group lifted its position in Diamondback Energy by 4.9% in the second quarter. Rehmann Capital Advisory Group now owns 1,251 shares of the oil and natural gas company's stock valued at $220,000 after purchasing an additional 59 shares during the last quarter. Deseret Mutual Benefit Administrators raised its holdings in Diamondback Energy by 31.7% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 274 shares of the oil and natural gas company's stock valued at $41,000 after buying an additional 66 shares during the last quarter. Finally, Scotia Capital Inc. boosted its position in Diamondback Energy by 0.3% during the 3rd quarter. Scotia Capital Inc. now owns 19,719 shares of the oil and natural gas company's stock valued at $2,822,000 after buying an additional 68 shares during the period. Hedge funds and other institutional investors own 90.01% of the company's stock.

Diamondback Energy Stock Up 0.2%

FANG traded up $0.43 during midday trading on Tuesday, reaching $199.65. The company's stock had a trading volume of 2,284,210 shares, compared to its average volume of 2,566,843. Diamondback Energy, Inc. has a 1 year low of $134.30 and a 1 year high of $216.90. The stock's 50-day moving average is $195.85 and its 200-day moving average is $192.26. The firm has a market capitalization of $55.91 billion, a price-to-earnings ratio of 38.92 and a beta of 0.43. The company has a current ratio of 0.47, a quick ratio of 0.45 and a debt-to-equity ratio of 0.25.

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, beating analysts' consensus estimates of $6.08 by $0.40. The company had revenue of $5.56 billion during 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 firm's revenue for the quarter was up 51.2% on a year-over-year basis. During the same quarter last year, the company earned $2.38 EPS. As a group, research analysts expect that Diamondback Energy, Inc. will post 20.14 EPS for the current year.

Diamondback Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were paid a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Thursday, August 13th. Diamondback Energy's dividend payout ratio is currently 85.77%.

Insider Activity at Diamondback Energy

In related news, Director Charles Meloy sold 33,333 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $198.41, for a total transaction of $6,613,600.53. Following the completion of the sale, the director owned 818,197 shares of the company's stock, valued at $162,338,466.77. This trade represents a 3.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.64% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on FANG shares. Seaport Research Partners began coverage on Diamondback Energy in a research note on Thursday, September 3rd. They set a "neutral" rating on the stock. Raymond James Financial reissued a "strong-buy" rating and set a $248.00 price objective on shares of Diamondback Energy in a research report on Friday, July 31st. Roth Capital set a $212.00 target price on shares of Diamondback Energy and gave the stock a "buy" rating in a research report on Monday, June 22nd. Barclays reduced their price target on shares of Diamondback Energy from $232.00 to $221.00 and set an "overweight" rating on the stock in a research report on Monday, August 17th. Finally, Mizuho increased their price target on shares of Diamondback Energy from $220.00 to $240.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $222.21.

Diamondback Energy Company Profile

Diamondback Energy, Inc NASDAQ: FANG is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback's activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.

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