Diamondback Energy, Inc. $FANG Shares Sold by Hodges Capital Management Inc.

Hodges Capital Management Inc. trimmed its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 3.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,826 shares of the oil and natural gas company’s stock after selling 503 shares during the quarter. Hodges Capital Management Inc.’s holdings in Diamondback Energy were worth $2,174,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nuveen LLC acquired a new position in shares of Diamondback Energy in the 1st quarter valued at $230,039,000. Adage Capital Partners GP L.L.C. acquired a new position in Diamondback Energy in the first quarter valued at $77,622,000. Wellington Management Group LLP grew its holdings in shares of Diamondback Energy by 27.3% during the first quarter. Wellington Management Group LLP now owns 1,950,160 shares of the oil and natural gas company’s stock worth $311,792,000 after purchasing an additional 418,431 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Diamondback Energy by 9.0% during the second quarter. Bank of New York Mellon Corp now owns 4,642,218 shares of the oil and natural gas company’s stock worth $637,841,000 after purchasing an additional 384,971 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of Diamondback Energy by 50.6% in the 1st quarter. Victory Capital Management Inc. now owns 1,135,759 shares of the oil and natural gas company’s stock valued at $181,585,000 after purchasing an additional 381,542 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Wells Fargo & Company cut their price target on Diamondback Energy from $211.00 to $160.00 and set an “overweight” rating on the stock in a research report on Friday, October 17th. Morgan Stanley cut their target price on shares of Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating on the stock in a report on Tuesday, October 14th. Evercore ISI increased their price target on shares of Diamondback Energy from $165.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday, October 6th. William Blair initiated coverage on shares of Diamondback Energy in a research note on Monday, August 25th. They issued an “outperform” rating on the stock. Finally, KeyCorp decreased their target price on shares of Diamondback Energy from $180.00 to $176.00 and set an “overweight” rating for the company in a research note on Wednesday, September 3rd. Two analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $188.41.

Diamondback Energy Stock Up 2.0%

Shares of Diamondback Energy stock opened at $143.65 on Monday. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $186.07. The company has a market cap of $41.16 billion, a P/E ratio of 9.98 and a beta of 0.99. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.60 and a current ratio of 0.62. The firm has a fifty day moving average of $142.31 and a two-hundred day moving average of $141.78.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, November 3rd. The oil and natural gas company reported $3.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.94 by $0.14. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.48 billion. Diamondback Energy had a net margin of 27.32% and a return on equity of 9.57%. The business’s revenue was up 48.4% compared to the same quarter last year. During the same period in the previous year, the business posted $3.19 earnings per share. On average, analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Thursday, November 13th will be paid a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Thursday, November 13th. Diamondback Energy’s dividend payout ratio is 27.80%.

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.