Los Angeles Capital Management LLC Lowers Stock Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Los Angeles Capital Management LLC lowered its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 77.4% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 42,185 shares of the oil and natural gas company’s stock after selling 144,064 shares during the period. Los Angeles Capital Management LLC’s holdings in Diamondback Energy were worth $7,273,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State of New Jersey Common Pension Fund D grew its stake in shares of Diamondback Energy by 1.2% in the third quarter. State of New Jersey Common Pension Fund D now owns 62,203 shares of the oil and natural gas company’s stock worth $10,724,000 after acquiring an additional 741 shares during the last quarter. Legacy Capital Wealth Partners LLC boosted its stake in Diamondback Energy by 89.7% in the 3rd quarter. Legacy Capital Wealth Partners LLC now owns 6,373 shares of the oil and natural gas company’s stock worth $1,099,000 after purchasing an additional 3,013 shares in the last quarter. Sigma Planning Corp grew its position in Diamondback Energy by 19.4% during the 3rd quarter. Sigma Planning Corp now owns 6,948 shares of the oil and natural gas company’s stock valued at $1,198,000 after purchasing an additional 1,127 shares during the last quarter. Covestor Ltd increased its stake in Diamondback Energy by 49.8% during the 3rd quarter. Covestor Ltd now owns 704 shares of the oil and natural gas company’s stock valued at $122,000 after purchasing an additional 234 shares in the last quarter. Finally, Atria Investments Inc raised its holdings in Diamondback Energy by 18.5% in the third quarter. Atria Investments Inc now owns 42,678 shares of the oil and natural gas company’s stock worth $7,358,000 after buying an additional 6,672 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Insider Transactions at Diamondback Energy

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following 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 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.48% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on FANG shares. Morgan Stanley raised their price target on shares of Diamondback Energy from $185.00 to $198.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Truist Financial lifted their target price on Diamondback Energy from $220.00 to $230.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Susquehanna lowered their price target on Diamondback Energy from $237.00 to $233.00 and set a “positive” rating on the stock in a report on Friday, October 18th. Johnson Rice downgraded Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, September 24th. Finally, Jefferies Financial Group assumed coverage on Diamondback Energy in a research report on Monday, September 16th. They issued a “hold” rating and a $185.00 target price for the company. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $209.64.

Diamondback Energy Stock Performance

Shares of NASDAQ FANG opened at $179.13 on Tuesday. The stock has a market cap of $52.80 billion, a PE ratio of 10.25, a price-to-earnings-growth ratio of 1.28 and a beta of 1.89. Diamondback Energy, Inc. has a 1 year low of $145.70 and a 1 year high of $214.50. The firm has a fifty day moving average price of $181.77 and a 200-day moving average price of $192.15. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 3.64.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 EPS for the quarter, missing analysts’ consensus estimates 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 prior year, the business earned $5.49 earnings per share. Equities analysts anticipate that Diamondback Energy, Inc. will post 17 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th will be given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 2.01%. The ex-dividend date is Thursday, November 14th. Diamondback Energy’s dividend payout ratio (DPR) is 20.61%.

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.