CI Investments Inc. Lowers Stock Holdings in Diamondback Energy, Inc. $FANG

CI Investments Inc. reduced its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 6.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 63,114 shares of the oil and natural gas company’s stock after selling 4,625 shares during the quarter. CI Investments Inc.’s holdings in Diamondback Energy were worth $9,032,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the business. E Fund Management Hong Kong Co. Ltd. increased its stake in shares of Diamondback Energy by 106.3% during the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the oil and natural gas company’s stock valued at $28,000 after acquiring an additional 102 shares during the last quarter. Twin Peaks Wealth Advisors LLC purchased a new stake in Diamondback Energy in the second quarter valued at approximately $29,000. Salomon & Ludwin LLC purchased a new stake in Diamondback Energy in the third quarter valued at approximately $31,000. Estabrook Capital Management purchased a new stake in Diamondback Energy in the second quarter valued at approximately $41,000. Finally, City Holding Co. acquired a new position in Diamondback Energy during the third quarter worth approximately $43,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Diamondback Energy

In other news, Director Charles Alvin Meloy sold 60,605 shares of the company’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $161.12, for a total value of $9,764,677.60. Following the completion of the transaction, the director directly owned 982,006 shares in the company, valued at approximately $158,220,806.72. This represents a 5.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Fang Holdings Lp Sgf sold 1,000,000 shares of the firm’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $162.88, for a total transaction of $162,880,000.00. Following the sale, the insider directly owned 98,686,727 shares of the company’s stock, valued at approximately $16,074,094,093.76. The trade was a 1.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.70% of the stock is owned by company insiders.

Diamondback Energy Stock Down 0.5%

Shares of Diamondback Energy stock opened at $176.71 on Thursday. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $183.36. The stock has a market cap of $49.85 billion, a price-to-earnings ratio of 31.50 and a beta of 0.59. The company has a current ratio of 0.42, a quick ratio of 0.40 and a debt-to-equity ratio of 0.32. The company has a fifty day moving average price of $159.93 and a 200 day moving average price of $150.59.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, February 23rd. The oil and natural gas company reported $1.74 EPS for the quarter, missing analysts’ consensus estimates of $2.00 by ($0.26). Diamondback Energy had a return on equity of 8.08% and a net margin of 11.07%.The company had revenue of $3.38 billion for the quarter, compared to analyst estimates of $3.41 billion. During the same quarter in the prior year, the firm earned $3.67 EPS. The company’s revenue for the quarter was down 9.0% compared to the same quarter last year. Equities research analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 12th. Shareholders of record on Thursday, March 5th will be issued a $1.05 dividend. The ex-dividend date is Thursday, March 5th. This represents a $4.20 dividend on an annualized basis and a yield of 2.4%. This is a boost from Diamondback Energy’s previous quarterly dividend of $1.00. Diamondback Energy’s dividend payout ratio (DPR) is currently 71.30%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FANG. Piper Sandler lifted their price target on shares of Diamondback Energy from $215.00 to $218.00 and gave the company an “overweight” rating in a report on Wednesday, January 28th. Mizuho increased their target price on Diamondback Energy from $194.00 to $205.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 24th. Wall Street Zen cut Diamondback Energy from a “hold” rating to a “sell” rating in a report on Saturday, December 27th. Citigroup lowered their price target on Diamondback Energy from $180.00 to $178.00 and set a “buy” rating for the company in a research report on Tuesday, January 6th. Finally, TD Cowen upgraded Diamondback Energy to a “strong-buy” rating in a report on Monday, February 9th. Two research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Diamondback Energy has an average rating of “Buy” and an average price target of $188.10.

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.