Kayne Anderson Rudnick Investment Management LLC Has $55.05 Million Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Kayne Anderson Rudnick Investment Management LLC decreased its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 3.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 274,971 shares of the oil and natural gas company’s stock after selling 9,872 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Diamondback Energy were worth $55,047,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in FANG. Brown Advisory Inc. increased its position in Diamondback Energy by 61.8% during the 4th quarter. Brown Advisory Inc. now owns 2,244 shares of the oil and natural gas company’s stock worth $348,000 after buying an additional 857 shares during the period. Corient Private Wealth LLC increased its position in Diamondback Energy by 1.8% during the fourth quarter. Corient Private Wealth LLC now owns 14,590 shares of the oil and natural gas company’s stock worth $2,263,000 after acquiring an additional 262 shares during the period. Franklin Resources Inc. raised its stake in Diamondback Energy by 14.1% in the 4th quarter. Franklin Resources Inc. now owns 50,633 shares of the oil and natural gas company’s stock worth $7,852,000 after purchasing an additional 6,240 shares in the last quarter. Aigen Investment Management LP boosted its holdings in Diamondback Energy by 47.2% in the 4th quarter. Aigen Investment Management LP now owns 2,415 shares of the oil and natural gas company’s stock valued at $375,000 after purchasing an additional 774 shares during the period. Finally, Cambridge Investment Research Advisors Inc. grew its position in shares of Diamondback Energy by 11.0% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 27,020 shares of the oil and natural gas company’s stock worth $4,190,000 after purchasing an additional 2,675 shares in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Susquehanna dropped their price target on shares of Diamondback Energy from $245.00 to $237.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. Truist Financial upped their target price on Diamondback Energy from $249.00 to $255.00 and gave the company a “buy” rating in a research report on Wednesday, August 7th. StockNews.com cut Diamondback Energy from a “buy” rating to a “hold” rating in a research report on Saturday, July 6th. Barclays boosted their price target on Diamondback Energy from $214.00 to $216.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Finally, Jefferies Financial Group began coverage on shares of Diamondback Energy in a research note on Monday, September 16th. They set a “hold” rating and a $185.00 price objective on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Diamondback Energy currently has an average rating of “Moderate Buy” and a consensus price target of $209.71.

Diamondback Energy Price Performance

Shares of FANG opened at $181.00 on Friday. The business has a 50-day simple moving average of $192.28 and a two-hundred day simple moving average of $195.68. Diamondback Energy, Inc. has a 12-month low of $143.08 and a 12-month high of $214.50. The stock has a market cap of $32.28 billion, a PE ratio of 10.20, a PEG ratio of 1.06 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 data on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, beating 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 last year, the business earned $3.68 EPS. The firm’s quarterly revenue was up 29.4% on a year-over-year basis. Analysts anticipate that Diamondback Energy, Inc. will post 19.08 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently declared a None dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th were issued a dividend of $2.34 per share. This represents a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, August 15th. This is a positive change from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s payout ratio is 20.29%.

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.