Connor Clark & Lunn Investment Management Ltd. Takes $53.78 Million Position in Diamondback Energy, Inc. $FANG

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) in the second quarter, HoldingsChannel reports. The firm bought 305,960 shares of the oil and natural gas company’s stock, valued at approximately $53,782,000.

A number of other large investors have also bought and sold shares of the business. Deseret Mutual Benefit Administrators lifted its position in Diamondback Energy by 31.7% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 274 shares of the oil and natural gas company’s stock valued at $41,000 after acquiring an additional 66 shares in the last quarter. Scotia Capital Inc. raised its stake in shares of Diamondback Energy by 0.3% in the 3rd quarter. Scotia Capital Inc. now owns 19,719 shares of the oil and natural gas company’s stock valued at $2,822,000 after purchasing an additional 68 shares during the period. Capital Financial Group Inc. Co. ADV lifted its holdings in shares of Diamondback Energy by 2.1% in the first quarter. Capital Financial Group Inc. Co. ADV now owns 3,584 shares of the oil and natural gas company’s stock valued at $709,000 after purchasing an additional 75 shares in the last quarter. Physician Wealth Advisors Inc. lifted its holdings in shares of Diamondback Energy by 40.0% in the fourth quarter. Physician Wealth Advisors Inc. now owns 301 shares of the oil and natural gas company’s stock valued at $45,000 after purchasing an additional 86 shares in the last quarter. Finally, Kestra Private Wealth Services LLC boosted its position in shares of Diamondback Energy by 0.5% during the third quarter. Kestra Private Wealth Services LLC now owns 17,564 shares of the oil and natural gas company’s stock worth $2,513,000 after buying an additional 86 shares during the period. 90.01% of the stock is owned by institutional investors.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, Director Charles Alvin Meloy sold 83,334 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $187.12, for a total value of $15,593,458.08. Following the transaction, the director directly owned 851,530 shares of the company’s stock, valued at $159,338,293.60. This represents a 8.91% decrease in their position. The sale was disclosed in a filing with the SEC, 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 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 in the company, valued at $17,228,179.50. The trade was a 7.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 129,167 shares of company stock worth $24,714,309 in the last ninety days. 0.64% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on FANG shares. Wells Fargo & Company increased their price objective on Diamondback Energy from $262.00 to $263.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. Sanford C. Bernstein upped their price target on Diamondback Energy from $237.00 to $241.00 and gave the stock an “outperform” rating in a research report on Monday, May 11th. Weiss Ratings raised shares of Diamondback Energy from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, July 31st. Wall Street Zen upgraded shares of Diamondback Energy from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Finally, Wolfe Research reissued an “outperform” rating and set a $206.00 price target on shares of Diamondback Energy in a research report on Tuesday, August 4th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $222.21.

Diamondback Energy Trading Down 2.4%

FANG stock opened at $205.60 on Tuesday. The stock has a market cap of $57.57 billion, a price-to-earnings ratio of 40.08 and a beta of 0.43. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.47 and a quick ratio of 0.45. The company has a fifty day moving average price of $192.10 and a two-hundred day moving average price of $189.74. Diamondback Energy, Inc. has a one year low of $134.30 and a one year high of $216.90.

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, beating the consensus estimate of $6.08 by $0.40. The firm had revenue of $5.56 billion for the quarter, compared to analysts’ expectations of $4.89 billion. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The business’s revenue was up 51.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.38 EPS. Equities analysts anticipate that Diamondback Energy, Inc. will post 20.13 EPS for the current year.

Diamondback Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were paid a dividend of $1.10 per share. The ex-dividend date was Thursday, August 13th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.1%. Diamondback Energy’s dividend payout ratio (DPR) is 85.77%.

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.