Diamondback Energy, Inc. (NASDAQ:FANG) Shares Sold by Rafferty Asset Management LLC

Rafferty Asset Management LLC cut its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANGGet Rating) by 13.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 135,912 shares of the oil and natural gas company’s stock after selling 21,031 shares during the quarter. Rafferty Asset Management LLC owned 0.08% of Diamondback Energy worth $16,466,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. GSA Capital Partners LLP purchased a new stake in shares of Diamondback Energy in the 1st quarter valued at approximately $790,000. Scotia Capital Inc. increased its position in shares of Diamondback Energy by 46.2% in the 1st quarter. Scotia Capital Inc. now owns 3,166 shares of the oil and natural gas company’s stock valued at $434,000 after purchasing an additional 1,001 shares during the last quarter. MAI Capital Management increased its position in shares of Diamondback Energy by 13.2% in the 2nd quarter. MAI Capital Management now owns 5,452 shares of the oil and natural gas company’s stock valued at $661,000 after purchasing an additional 635 shares during the last quarter. Envestnet Asset Management Inc. increased its position in shares of Diamondback Energy by 22.7% in the 2nd quarter. Envestnet Asset Management Inc. now owns 210,746 shares of the oil and natural gas company’s stock valued at $25,532,000 after purchasing an additional 38,973 shares during the last quarter. Finally, MetLife Investment Management LLC increased its position in shares of Diamondback Energy by 33.9% in the 1st quarter. MetLife Investment Management LLC now owns 50,373 shares of the oil and natural gas company’s stock valued at $6,905,000 after purchasing an additional 12,747 shares during the last quarter. 92.45% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

FANG has been the topic of a number of recent analyst reports. Morgan Stanley increased their target price on shares of Diamondback Energy from $170.00 to $175.00 and gave the company an “overweight” rating in a research report on Monday, August 29th. Truist Financial increased their target price on shares of Diamondback Energy from $203.00 to $209.00 and gave the company a “buy” rating in a research report on Friday, November 18th. Piper Sandler increased their target price on shares of Diamondback Energy from $209.00 to $214.00 and gave the company an “overweight” rating in a research report on Thursday, November 17th. Citigroup increased their target price on shares of Diamondback Energy from $155.00 to $170.00 in a research report on Tuesday. Finally, Susquehanna Bancshares increased their target price on shares of Diamondback Energy from $180.00 to $190.00 in a research report on Wednesday, November 9th. Four analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Diamondback Energy has a consensus rating of “Moderate Buy” and an average price target of $181.85.

Diamondback Energy Stock Performance

Shares of FANG stock traded down $1.45 during mid-day trading on Thursday, hitting $149.99. The stock had a trading volume of 2,309,848 shares, compared to its average volume of 2,629,032. Diamondback Energy, Inc. has a fifty-two week low of $95.02 and a fifty-two week high of $168.95. The firm has a market cap of $26.40 billion, a PE ratio of 6.11, a PEG ratio of 0.28 and a beta of 2.06. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.61 and a quick ratio of 0.58. The company’s 50-day simple moving average is $144.49 and its 200-day simple moving average is $135.37.

Diamondback Energy announced that its board has approved a stock buyback program on Monday, August 1st that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the oil and natural gas company to buy up to 17.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Diamondback Energy Dividend Announcement

The company also recently announced a None dividend, which will be paid on Friday, November 25th. Stockholders of record on Thursday, November 17th will be paid a $2.26 dividend. This represents a dividend yield of 4.7%. The ex-dividend date is Wednesday, November 16th. Diamondback Energy’s dividend payout ratio (DPR) is presently 12.22%.

About Diamondback Energy

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Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and 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.

See Also

Institutional Ownership by Quarter for Diamondback Energy (NASDAQ:FANG)

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