Rafferty Asset Management LLC Trims Stake in Diamondback Energy, Inc. $FANG

Rafferty Asset Management LLC lowered its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 7.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 152,524 shares of the oil and natural gas company’s stock after selling 12,969 shares during the quarter. Rafferty Asset Management LLC owned 0.05% of Diamondback Energy worth $24,386,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Boston Partners raised its position in Diamondback Energy by 4.8% in the first quarter. Boston Partners now owns 5,418,840 shares of the oil and natural gas company’s stock valued at $861,961,000 after purchasing an additional 249,098 shares during the period. Bank of New York Mellon Corp raised its position in Diamondback Energy by 2.3% in the first quarter. Bank of New York Mellon Corp now owns 4,257,247 shares of the oil and natural gas company’s stock valued at $680,649,000 after purchasing an additional 94,177 shares during the period. Demars Financial Group LLC raised its position in Diamondback Energy by 5.3% in the first quarter. Demars Financial Group LLC now owns 4,102,785 shares of the oil and natural gas company’s stock valued at $655,953,000 after purchasing an additional 208,200 shares during the period. Diamond Hill Capital Management Inc. raised its position in Diamondback Energy by 4.1% in the first quarter. Diamond Hill Capital Management Inc. now owns 2,932,484 shares of the oil and natural gas company’s stock valued at $468,846,000 after purchasing an additional 114,930 shares during the period. Finally, Northern Trust Corp raised its position in Diamondback Energy by 11.7% in the fourth quarter. Northern Trust Corp now owns 2,092,919 shares of the oil and natural gas company’s stock valued at $342,883,000 after purchasing an additional 219,173 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Stock Down 0.9%

Shares of NASDAQ FANG opened at $143.96 on Wednesday. The company has a market capitalization of $41.67 billion, a price-to-earnings ratio of 10.23 and a beta of 1.09. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.55 and a quick ratio of 0.52. The business has a 50-day moving average of $142.49 and a two-hundred day moving average of $143.45. Diamondback Energy, Inc. has a 1 year low of $114.00 and a 1 year high of $200.47.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.72 by ($0.05). Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The business had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.35 billion. During the same period last year, the firm earned $4.52 earnings per share. The firm’s quarterly revenue was up 48.1% on a year-over-year basis. On average, analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 14th were given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.8%. The ex-dividend date was Thursday, August 14th. Diamondback Energy’s payout ratio is 28.43%.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the transaction, the chairman owned 102,145 shares in the company, valued at approximately $14,586,306. The trade was a 16.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. Royal Bank Of Canada assumed coverage on Diamondback Energy in a research report on Friday, May 2nd. They issued an “outperform” rating and a $180.00 target price on the stock. UBS Group lifted their target price on Diamondback Energy from $163.00 to $171.00 and gave the company a “buy” rating in a research report on Wednesday, August 20th. Raymond James Financial dropped their price objective on Diamondback Energy from $221.00 to $212.00 and set a “strong-buy” rating for the company in a research note on Wednesday, August 20th. Piper Sandler cut their price objective on Diamondback Energy from $228.00 to $222.00 and set an “overweight” rating on the stock in a report on Thursday, August 14th. Finally, William Blair assumed coverage on Diamondback Energy in a report on Monday. They issued an “outperform” rating on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average 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.