Diamondback Energy, Inc. (NASDAQ:FANG) Stake Lessened by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd cut its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 15.5% during the 3rd quarter, Holdings Channel reports. The firm owned 8,530 shares of the oil and natural gas company’s stock after selling 1,560 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Diamondback Energy were worth $1,470,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Quent Capital LLC lifted its holdings in shares of Diamondback Energy by 7.2% during the second quarter. Quent Capital LLC now owns 809 shares of the oil and natural gas company’s stock valued at $162,000 after purchasing an additional 54 shares during the last quarter. Carolinas Wealth Consulting LLC raised its holdings in Diamondback Energy by 67.1% during the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after buying an additional 55 shares during the period. Financial Advocates Investment Management lifted its stake in Diamondback Energy by 3.0% during the third quarter. Financial Advocates Investment Management now owns 1,907 shares of the oil and natural gas company’s stock valued at $329,000 after buying an additional 55 shares in the last quarter. Sugarloaf Wealth Management LLC boosted its holdings in shares of Diamondback Energy by 0.3% in the second quarter. Sugarloaf Wealth Management LLC now owns 19,975 shares of the oil and natural gas company’s stock worth $3,999,000 after buying an additional 56 shares during the period. Finally, Versant Capital Management Inc increased its position in shares of Diamondback Energy by 16.1% in the second quarter. Versant Capital Management Inc now owns 412 shares of the oil and natural gas company’s stock worth $82,000 after acquiring an additional 57 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

Insider Activity

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the 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 sale, the insider now directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. This represents a 92.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Mark Lawrence Plaumann sold 1,150 shares of the stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total value of $208,150.00. Following the completion of the sale, the director now directly owns 4,712 shares of the company’s stock, valued at $852,872. The trade was a 19.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.48% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on FANG shares. Benchmark reiterated a “buy” rating and set a $195.00 price objective on shares of Diamondback Energy in a research report on Tuesday, October 29th. Royal Bank of Canada reissued an “outperform” rating and set a $210.00 price target on shares of Diamondback Energy in a research report on Wednesday, November 6th. Piper Sandler increased their price objective on Diamondback Energy from $240.00 to $252.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 15th. Barclays raised Diamondback Energy from an “equal weight” rating to an “overweight” rating and lowered their target price for the company from $216.00 to $210.00 in a research note on Wednesday, October 2nd. Finally, Truist Financial raised their price target on shares of Diamondback Energy from $220.00 to $230.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $212.00.

Diamondback Energy Trading Down 3.1 %

NASDAQ FANG opened at $179.55 on Tuesday. The firm has a market capitalization of $52.43 billion, a PE ratio of 10.28, a price-to-earnings-growth ratio of 1.36 and a beta of 1.89. The business’s 50-day moving average price is $182.24 and its two-hundred day moving average price is $190.46. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a 12 month low of $145.70 and a 12 month high of $214.50.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The firm had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the prior year, the business earned $5.49 EPS. Diamondback Energy’s quarterly revenue was up 13.0% on a year-over-year basis. On average, analysts expect that Diamondback Energy, Inc. will post 16.35 EPS for the current year.

Diamondback Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th were paid a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend was Thursday, November 14th. Diamondback Energy’s dividend payout ratio (DPR) is currently 20.61%.

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.