Diamond Hill Capital Management LLC Investment Advisor Takes $268.86 Million Position in Diamondback Energy, Inc. $FANG

Diamond Hill Capital Management LLC Investment Advisor bought a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 1,529,498 shares of the oil and natural gas company’s stock, valued at approximately $268,855,000. Diamondback Energy makes up about 2.2% of Diamond Hill Capital Management LLC Investment Advisor’s investment portfolio, making the stock its 8th biggest position. Diamond Hill Capital Management LLC Investment Advisor owned approximately 0.54% of Diamondback Energy as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Laurel Wealth Advisors LLC acquired a new stake in Diamondback Energy during the fourth quarter valued at $26,000. Cedar Mountain Advisors LLC acquired a new position in shares of Diamondback Energy in the first quarter worth about $26,000. JPL Wealth Management LLC acquired a new position in shares of Diamondback Energy in the third quarter worth about $26,000. Wellington Shields & Co. LLC boosted its stake in shares of Diamondback Energy by 264.7% during the 4th quarter. Wellington Shields & Co. LLC now owns 186 shares of the oil and natural gas company’s stock worth $28,000 after acquiring an additional 135 shares in the last quarter. Finally, Lloyd Advisory Services LLC. purchased a new stake in shares of Diamondback Energy during the 4th quarter worth about $31,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Diamondback Energy Price Performance

Shares of NASDAQ FANG opened at $202.47 on Monday. The company’s 50-day simple moving average is $190.31 and its 200-day simple moving average is $187.74. Diamondback Energy, Inc. has a 52-week low of $134.30 and a 52-week high of $214.51. The firm has a market cap of $56.70 billion, a price-to-earnings ratio of 39.47 and a beta of 0.43. The company has a quick ratio of 0.45, a current ratio of 0.47 and a debt-to-equity ratio of 0.25.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share for the quarter, topping the consensus estimate of $6.08 by $0.40. The firm had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $4.89 billion. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The company’s revenue for the quarter was up 51.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.38 EPS. Equities analysts predict that Diamondback Energy, Inc. will post 19.73 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th will be paid a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 2.2%. The ex-dividend date is Thursday, August 13th. Diamondback Energy’s payout ratio is 85.77%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on FANG shares. UBS Group cut their price target on Diamondback Energy from $246.00 to $243.00 and set a “buy” rating for the company in a research note on Tuesday, July 21st. Scotiabank increased their price target on Diamondback Energy from $175.00 to $195.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, April 22nd. Sanford C. Bernstein raised their price objective on Diamondback Energy from $237.00 to $241.00 and gave the company an “outperform” rating in a report on Monday, May 11th. Weiss Ratings raised Diamondback Energy from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, July 31st. Finally, Jefferies Financial Group restated a “hold” rating and issued a $205.00 price objective on shares of Diamondback Energy in a research report on Sunday, August 9th. Four research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, Diamondback Energy presently has a consensus rating of “Buy” and a consensus price target of $222.30.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, Director Charles Alvin Meloy sold 33,333 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $198.41, for a total transaction of $6,613,600.53. Following the completion of the transaction, the director owned 818,197 shares of the company’s stock, valued at $162,338,466.77. This 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 through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Teresa L. Dick sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $200.90, for a total value of $1,406,300.00. Following the completion of the transaction, the chief accounting officer owned 85,755 shares in the company, valued at approximately $17,228,179.50. This trade represents a 7.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 134,167 shares of company stock valued at $25,749,309 in the last 90 days. Corporate insiders own 0.64% of the company’s stock.

Diamondback Energy 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.