Wealthfront Advisers LLC Buys Shares of 81,064 Diamondback Energy, Inc. $FANG

Key Points

• Wealthfront Advisers bought 81,064 shares of Diamondback Energy worth approximately $14.25 million in the second quarter. Institutional investors collectively own 90.01% of the company.
• Diamondback Energy reported quarterly EPS of $6.48, beating estimates, while revenue rose 51.2% year over year to $5.56 billion. The company also declared a quarterly dividend of $1.10, representing a 2.1% annualized yield.
• Insiders sold 129,167 shares worth roughly $24.7 million over the past 90 days. Despite the selling, analysts maintain a consensus “Buy” rating with an average price target of $221.75.

Wealthfront Advisers LLC bought a new stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 81,064 shares of the oil and natural gas company's stock, valued at approximately $14,249,000.

A number of other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in Diamondback Energy in the 2nd quarter valued at $3,303,362,000. Bank of New York Mellon Corp purchased a new stake in shares of Diamondback Energy during the second quarter worth $852,791,000. Diamond Hill Capital Management LLC Investment Advisor purchased a new stake in shares of Diamondback Energy during the second quarter worth $268,855,000. Wellington Management Group LLP raised its position in shares of Diamondback Energy by 74.1% in the fourth quarter. Wellington Management Group LLP now owns 3,239,837 shares of the oil and natural gas company's stock valued at $487,045,000 after buying an additional 1,379,010 shares during the last quarter. Finally, EnCap Energy Capital Fund XII L.P. acquired a new stake in shares of Diamondback Energy in the fourth quarter valued at about $169,342,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CAO Teresa L. Dick sold 7,000 shares of the company's stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total value of $1,406,300.00. Following the transaction, the chief accounting officer owned 85,755 shares of the company's stock, valued at $17,228,179.50. This represents a 7.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Charles Alvin Meloy sold 83,334 shares of the company's stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $187.12, for a total value of $15,593,458.08. Following the completion of the transaction, the director directly owned 851,530 shares in the company, valued at approximately $159,338,293.60. This trade represents a 8.91% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 129,167 shares of company stock valued at $24,714,309. 0.64% of the stock is currently owned by insiders.

Diamondback Energy Price Performance

Diamondback Energy stock opened at $210.02 on Wednesday. The company has a current ratio of 0.47, a quick ratio of 0.45 and a debt-to-equity ratio of 0.25. The company has a 50-day moving average price of $190.79 and a 200 day moving average price of $188.42. Diamondback Energy, Inc. has a 12-month low of $134.30 and a 12-month high of $214.51. The stock has a market cap of $58.81 billion, a P/E ratio of 40.94 and a beta of 0.43.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share for the quarter, beating the consensus estimate of $6.08 by $0.40. The company had revenue of $5.56 billion for the quarter, compared to analyst estimates of $4.89 billion. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. Diamondback Energy's revenue was up 51.2% on a year-over-year basis. During the same period in the previous year, the business posted $2.38 EPS. Sell-side analysts anticipate that Diamondback Energy, Inc. will post 19.5 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 13th will be issued a $1.10 dividend. The ex-dividend date is 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 is currently 85.77%.

Analyst Ratings Changes

FANG has been the topic of a number of recent research reports. Citigroup lowered their price target on shares of Diamondback Energy from $221.00 to $220.00 and set a "buy" rating on the stock in a research report on Monday, August 10th. Roth Capital set a $212.00 target price on shares of Diamondback Energy and gave the stock a "buy" rating in a research note on Monday, June 22nd. Scotiabank boosted their target price on Diamondback Energy from $175.00 to $195.00 and gave the stock a "sector outperform" rating in a report on Wednesday, April 22nd. Wolfe Research restated an "outperform" rating and issued a $206.00 price target on shares of Diamondback Energy in a research report on Tuesday, August 4th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and issued a $248.00 price target on shares of Diamondback Energy in a report on Friday, July 31st. Four analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $221.75.

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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