Ethic Inc. Decreases Stock Holdings in Diamondback Energy, Inc. $FANG

Ethic Inc. trimmed its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 8.7% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,534 shares of the oil and natural gas company’s stock after selling 338 shares during the period. Ethic Inc.’s holdings in Diamondback Energy were worth $494,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. BankPlus Trust Department purchased a new stake in Diamondback Energy during the first quarter valued at approximately $27,000. SouthState Corp boosted its position in shares of Diamondback Energy by 596.4% during the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock worth $31,000 after acquiring an additional 167 shares during the last quarter. WASHINGTON TRUST Co lifted its position in Diamondback Energy by 119.8% during the first quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company’s stock valued at $32,000 after purchasing an additional 109 shares during the last quarter. Financial Gravity Asset Management Inc. bought a new position in Diamondback Energy during the first quarter valued at $33,000. Finally, Catalyst Capital Advisors LLC lifted its position in Diamondback Energy by 60.9% during the first quarter. Catalyst Capital Advisors LLC now owns 222 shares of the oil and natural gas company’s stock valued at $35,000 after purchasing an additional 84 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Diamondback Energy Trading Down 2.3%

NASDAQ FANG opened at $141.14 on Wednesday. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $186.07. The company has a market capitalization of $40.86 billion, a price-to-earnings ratio of 10.03 and a beta of 1.04. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55. The company’s 50-day simple moving average is $142.75 and its two-hundred day simple moving average is $141.23.

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

Diamondback Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Thursday, August 14th. Diamondback Energy’s payout ratio is 28.43%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. William Blair assumed coverage on shares of Diamondback Energy in a research report on Monday, August 25th. They set an “outperform” rating for the company. Melius initiated coverage on shares of Diamondback Energy in a research note on Wednesday, August 20th. They issued a “buy” rating and a $213.00 target price on the stock. KeyCorp reduced their target price on shares of Diamondback Energy from $180.00 to $176.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 3rd. Susquehanna reduced their target price on shares of Diamondback Energy to $188.00 and set a “positive” rating on the stock in a research note on Monday, October 20th. Finally, Melius Research initiated coverage on shares of Diamondback Energy in a research note on Wednesday, August 20th. They issued a “buy” rating and a $213.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $189.67.

Insider Buying and Selling at Diamondback Energy

In related news, Chairman Travis D. Stice sold 20,400 shares of the business’s stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $142.80, for a total value of $2,913,120.00. Following the completion of the sale, the chairman owned 102,145 shares of the company’s stock, valued at approximately $14,586,306. The trade was a 16.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.48% of the stock is currently owned by company insiders.

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.