Wellington Management Group LLP Purchases 418,431 Shares of Diamondback Energy, Inc. $FANG

Key Points

• Wellington Management Group LLP increased its holdings in Diamondback Energy by 27.3% during the first quarter, owning approximately 1.95 million shares valued at around $311.8 million.
• Diamondback Energy reported $2.67 earnings per share (EPS) for its latest quarter, missing the consensus estimate by $0.05, though its revenue grew by 48.1% year-over-year to $3.68 billion.
• The company declared a quarterly dividend of $1.00 per share, providing a 2.9% yield with an annual payout ratio of 28.43%.

Wellington Management Group LLP lifted its position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 27.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,950,160 shares of the oil and natural gas company's stock after purchasing an additional 418,431 shares during the quarter. Wellington Management Group LLP owned about 0.67% of Diamondback Energy worth $311,792,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Investor s Fiduciary Advisor Network LLC increased its holdings in shares of Diamondback Energy by 2.1% in the first quarter. Investor s Fiduciary Advisor Network LLC now owns 3,559 shares of the oil and natural gas company's stock worth $569,000 after purchasing an additional 74 shares during the last quarter. Mesirow Financial Investment Management Inc. increased its stake in Diamondback Energy by 5.6% during the first quarter. Mesirow Financial Investment Management Inc. now owns 1,414 shares of the oil and natural gas company's stock worth $226,000 after acquiring an additional 75 shares during the last quarter. FourThought Financial Partners LLC increased its stake in Diamondback Energy by 2.9% during the first quarter. FourThought Financial Partners LLC now owns 2,779 shares of the oil and natural gas company's stock worth $444,000 after acquiring an additional 78 shares during the last quarter. Grove Bank & Trust increased its stake in 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 last quarter. Finally, Rehmann Capital Advisory Group increased its stake in Diamondback Energy by 6.0% during the fourth quarter. Rehmann Capital Advisory Group now owns 1,439 shares of the oil and natural gas company's stock worth $236,000 after acquiring an additional 82 shares during the last quarter. 90.01% of the stock is owned by institutional investors.

Insider Activity at Diamondback Energy

In related news, Chairman Travis D. Stice sold 20,400 shares of the stock in a transaction that occurred 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 transaction, the chairman owned 102,145 shares of the company's stock, valued at $14,586,306. This represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.70% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on FANG shares. Royal Bank Of Canada started coverage on Diamondback Energy in a research note on Friday, May 2nd. They set an "outperform" rating and a $180.00 price objective on the stock. Morgan Stanley boosted their price objective on Diamondback Energy from $184.00 to $186.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Raymond James Financial reduced their price objective on Diamondback Energy from $221.00 to $212.00 and set a "strong-buy" rating on the stock in a research note on Wednesday. Wall Street Zen cut Diamondback Energy from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Finally, Susquehanna reduced their price objective on Diamondback Energy from $192.00 to $188.00 and set a "positive" rating on the stock in a research note on Wednesday, July 23rd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, Diamondback Energy has a consensus rating of "Buy" and an average target price of $193.33.

Diamondback Energy Trading Up 3.8%

Shares of FANG traded up $5.28 during mid-day trading on Friday, reaching $143.28. 2,028,152 shares of the company's stock traded hands, compared to its average volume of 2,073,046. The stock has a market cap of $41.48 billion, a P/E ratio of 10.18 and a beta of 1.09. The stock's 50-day moving average is $142.79 and its two-hundred day moving average is $143.80. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $200.47. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.55 and a quick ratio of 0.52.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its earnings results 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 business had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.35 billion. Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The company's quarterly revenue was up 48.1% compared to the same quarter last year. During the same period in the prior year, the company posted $4.52 EPS. Research analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were paid a dividend of $1.00 per share. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.8%. Diamondback Energy's dividend payout ratio is currently 28.43%.

About Diamondback Energy

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.