Diamondback Energy, Inc. (NASDAQ:FANG) Shares Acquired by Quarry LP

Quarry LP increased its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 87.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,410 shares of the oil and natural gas company’s stock after acquiring an additional 7,637 shares during the quarter. Diamondback Energy comprises 0.7% of Quarry LP’s investment portfolio, making the stock its 16th biggest position. Quarry LP’s holdings in Diamondback Energy were worth $3,285,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Founders Capital Management raised its holdings in shares of Diamondback Energy by 404.0% in the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after buying an additional 101 shares during the period. First Community Trust NA purchased a new position in shares of Diamondback Energy in the 2nd quarter valued at $26,000. Carolinas Wealth Consulting LLC boosted its position in shares of Diamondback Energy by 67.1% in the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock valued at $27,000 after purchasing an additional 55 shares during the period. Logan Capital Management Inc. purchased a new position in Diamondback Energy during the 4th quarter worth approximately $31,000. Finally, HHM Wealth Advisors LLC acquired a new position in shares of Diamondback Energy in the 2nd quarter valued at $40,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on FANG shares. KeyCorp started coverage on shares of Diamondback Energy in a report on Thursday, June 27th. They set an “overweight” rating and a $225.00 price target for the company. StockNews.com downgraded Diamondback Energy from a “buy” rating to a “hold” rating in a research note on Saturday, July 6th. Piper Sandler cut their target price on shares of Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating for the company in a research report on Thursday, August 15th. Scotiabank cut their price target on Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $220.00 price objective on shares of Diamondback Energy in a research note on Tuesday, September 17th. One analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $209.71.

Diamondback Energy Stock Performance

Diamondback Energy stock opened at $170.63 on Monday. The company has a market cap of $30.43 billion, a price-to-earnings ratio of 9.62, a price-to-earnings-growth ratio of 1.17 and a beta of 1.89. Diamondback Energy, Inc. has a 12 month low of $143.08 and a 12 month high of $214.50. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64. The stock’s 50-day moving average is $189.17 and its 200-day moving average is $195.55.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, beating analysts’ consensus estimates of $4.51 by $0.01. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The firm had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the previous year, the company posted $3.68 earnings per share. Diamondback Energy’s revenue was up 29.4% compared to the same quarter last year. Equities analysts anticipate that Diamondback Energy, Inc. will post 18.97 earnings per share for the current year.

Diamondback Energy Increases Dividend

The company also recently announced a None dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th were paid a $2.34 dividend. The ex-dividend date was Thursday, August 15th. This is an increase from Diamondback Energy’s previous None dividend of $2.26. This represents a dividend yield of 1.9%. Diamondback Energy’s dividend payout ratio is 20.29%.

Insider Activity

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the transaction, the insider now owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.48% of the company’s stock.

Diamondback Energy 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.