Meeder Asset Management Inc. Lowers Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Meeder Asset Management Inc. lessened its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 86.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,342 shares of the oil and natural gas company’s stock after selling 41,463 shares during the quarter. Meeder Asset Management Inc.’s holdings in Diamondback Energy were worth $1,093,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in FANG. First Community Trust NA bought a new position in Diamondback Energy in the 2nd quarter worth about $26,000. Carolinas Wealth Consulting LLC lifted its stake in shares of Diamondback Energy by 67.1% in the second 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 in the last quarter. HHM Wealth Advisors LLC purchased a new stake in shares of Diamondback Energy during the second quarter valued at approximately $40,000. Values First Advisors Inc. bought a new stake in shares of Diamondback Energy during the third quarter valued at approximately $42,000. Finally, Founders Capital Management raised its holdings in Diamondback Energy by 99.2% in the 2nd quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock worth $50,000 after acquiring an additional 125 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Diamondback Energy Stock Down 1.0 %

Shares of FANG opened at $180.12 on Wednesday. Diamondback Energy, Inc. has a 12-month low of $145.70 and a 12-month high of $214.50. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $52.59 billion, a PE ratio of 10.31, a price-to-earnings-growth ratio of 1.26 and a beta of 1.89. The business’s 50 day moving average is $181.39 and its 200 day moving average is $191.07.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.62 by ($1.24). Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The company had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the previous year, the business earned $5.49 EPS. The company’s quarterly revenue was up 13.0% on a year-over-year basis. Research analysts expect that Diamondback Energy, Inc. will post 16.78 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th will be issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 2.00%. The ex-dividend date of this dividend is Thursday, November 14th. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.61%.

Insider Activity

In other news, Director Mark Lawrence Plaumann sold 1,150 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total transaction of $208,150.00. Following the completion of the transaction, the director now directly owns 4,712 shares in the company, valued at approximately $852,872. This represents a 19.62 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Lyndal Greth sold 13,212,830 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the completion of the sale, the insider now owns 1,037,819 shares in the company, valued at $181,732,485.09. This represents a 92.72 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on FANG shares. Morgan Stanley lifted their target price on Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Truist Financial lifted their price objective on Diamondback Energy from $220.00 to $230.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. BMO Capital Markets raised shares of Diamondback Energy from a “market perform” rating to an “outperform” rating and raised their price target for the company from $205.00 to $215.00 in a report on Friday, October 4th. Evercore ISI decreased their price objective on shares of Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating for the company in a report on Monday, September 30th. Finally, Piper Sandler raised their target price on shares of Diamondback Energy from $240.00 to $252.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Diamondback Energy currently has an average rating of “Moderate Buy” and a consensus price target of $212.00.

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.