HITE Hedge Asset Management LLC Acquires Shares of 42,377 Diamondback Energy, Inc. (NASDAQ:FANG)

HITE Hedge Asset Management LLC acquired a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) in the third quarter, HoldingsChannel.com reports. The institutional investor acquired 42,377 shares of the oil and natural gas company’s stock, valued at approximately $7,306,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cetera Investment Advisers grew its stake in Diamondback Energy by 265.6% during the 1st quarter. Cetera Investment Advisers now owns 46,488 shares of the oil and natural gas company’s stock valued at $9,213,000 after purchasing an additional 33,772 shares in the last quarter. Cetera Advisors LLC lifted its holdings in shares of Diamondback Energy by 345.2% during the first quarter. Cetera Advisors LLC now owns 13,963 shares of the oil and natural gas company’s stock valued at $2,767,000 after acquiring an additional 10,827 shares during the period. Mather Group LLC. increased its stake in shares of Diamondback Energy by 49.2% in the 2nd quarter. Mather Group LLC. now owns 1,778 shares of the oil and natural gas company’s stock valued at $352,000 after buying an additional 586 shares during the period. Fulton Bank N.A. grew its holdings in shares of Diamondback Energy by 32.8% in the 2nd quarter. Fulton Bank N.A. now owns 2,666 shares of the oil and natural gas company’s stock valued at $534,000 after buying an additional 659 shares during the period. Finally, Kingswood Wealth Advisors LLC acquired a new position in Diamondback Energy during the second quarter worth $213,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Transactions at Diamondback Energy

In other news, Director Mark Lawrence Plaumann sold 1,150 shares of Diamondback Energy stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total value of $208,150.00. Following the completion of the transaction, the director now owns 4,712 shares of the company’s stock, valued at $852,872. The trade was a 19.62 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Lyndal Greth sold 13,212,830 shares of the company’s 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 of the company’s stock, valued at $181,732,485.09. The trade was a 92.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by insiders.

Diamondback Energy Stock Down 1.0 %

FANG opened at $175.83 on Tuesday. Diamondback Energy, Inc. has a one year low of $145.70 and a one year high of $214.50. The firm has a market capitalization of $51.34 billion, a P/E ratio of 10.06, a price-to-earnings-growth ratio of 1.31 and a beta of 1.88. The company has a fifty day moving average price of $181.76 and a 200-day moving average price of $189.68. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share for the quarter, missing the consensus estimate of $4.62 by ($1.24). The business had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.43 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. Diamondback Energy’s revenue was up 13.0% compared to the same quarter last year. During the same period in the previous year, the business posted $5.49 EPS. Equities research analysts expect that Diamondback Energy, Inc. will post 16.26 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th were given a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 2.05%. The ex-dividend date of this dividend was Thursday, November 14th. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.61%.

Analyst Upgrades and Downgrades

FANG has been the subject of a number of research reports. Morgan Stanley raised their price objective on shares of Diamondback Energy from $185.00 to $198.00 and gave the company an “overweight” rating in a report on Monday, September 16th. Johnson Rice lowered shares of Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, September 24th. Barclays upgraded Diamondback Energy from an “equal weight” rating to an “overweight” rating and cut their price target for the stock from $216.00 to $210.00 in a research note on Wednesday, October 2nd. StockNews.com upgraded shares of Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, November 13th. Finally, Evercore ISI decreased their target price on Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating on the stock in a research report on Monday, September 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $212.65.

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.