Texas Permanent School Fund Corp Lowers Stock Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Texas Permanent School Fund Corp cut its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 20.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 29,593 shares of the oil and natural gas company’s stock after selling 7,408 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Diamondback Energy were worth $5,924,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Quent Capital LLC increased its stake in shares of Diamondback Energy by 7.2% during the 2nd quarter. Quent Capital LLC now owns 809 shares of the oil and natural gas company’s stock valued at $162,000 after acquiring an additional 54 shares during the last quarter. Sugarloaf Wealth Management LLC increased its position in Diamondback Energy by 0.3% during 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 purchasing an additional 56 shares during the last quarter. Versant Capital Management Inc raised its stake in Diamondback Energy by 16.1% during the second quarter. Versant Capital Management Inc now owns 412 shares of the oil and natural gas company’s stock worth $82,000 after purchasing an additional 57 shares during the period. Confluence Investment Management LLC boosted its holdings in shares of Diamondback Energy by 1.6% in the 2nd quarter. Confluence Investment Management LLC now owns 3,667 shares of the oil and natural gas company’s stock valued at $734,000 after purchasing an additional 58 shares during the last quarter. Finally, Center For Asset Management LLC grew its stake in shares of Diamondback Energy by 3.3% during the 2nd quarter. Center For Asset Management LLC now owns 1,859 shares of the oil and natural gas company’s stock valued at $372,000 after buying an additional 60 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

Diamondback Energy Price Performance

FANG stock opened at $168.50 on Thursday. The stock’s 50 day moving average is $196.11 and its two-hundred day moving average is $195.84. Diamondback Energy, Inc. has a 52-week low of $143.08 and a 52-week high of $214.50. The company has a market capitalization of $30.05 billion, a PE ratio of 9.50, a P/E/G ratio of 1.13 and a beta of 1.89. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.51 by $0.01. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The business had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same quarter in the previous year, the firm earned $3.68 earnings per share. The business’s revenue was up 29.4% compared to the same quarter last year. Analysts predict that Diamondback Energy, Inc. will post 19.08 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently declared a None dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th were given a dividend of $2.34 per share. This is a boost from Diamondback Energy’s previous None dividend of $2.26. The ex-dividend date was Thursday, August 15th. This represents a dividend yield of 1.9%. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.29%.

Wall Street Analyst Weigh In

FANG has been the topic of a number of research analyst reports. Sanford C. Bernstein reduced their target price on Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating on the stock in a report on Wednesday, July 17th. Scotiabank cut their price objective on Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. UBS Group boosted their target price on Diamondback Energy from $245.00 to $247.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Piper Sandler cut their price target on shares of Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Finally, Bank of America boosted their price objective on shares of Diamondback Energy from $201.00 to $215.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $211.45.

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.