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

Harmony Asset Management LLC lessened its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 5.0% in the second quarter, HoldingsChannel reports. The fund owned 3,306 shares of the oil and natural gas company’s stock after selling 174 shares during the period. Harmony Asset Management LLC’s holdings in Diamondback Energy were worth $662,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in Diamondback Energy by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 21,869,787 shares of the oil and natural gas company’s stock worth $3,391,567,000 after acquiring an additional 176,208 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Diamondback Energy by 38.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock worth $1,706,076,000 after acquiring an additional 2,381,488 shares during the period. Bank of New York Mellon Corp boosted its position in Diamondback Energy by 16.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock worth $603,038,000 after acquiring an additional 415,902 shares during the period. Boston Partners boosted its position in Diamondback Energy by 235.6% during the 1st quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock worth $541,844,000 after acquiring an additional 1,916,900 shares during the period. Finally, Massachusetts Financial Services Co. MA boosted its position in Diamondback Energy by 10.1% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,690,181 shares of the oil and natural gas company’s stock worth $538,547,000 after acquiring an additional 247,065 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on FANG shares. Wolfe Research started coverage on Diamondback Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Benchmark reaffirmed a “buy” rating and set a $154.00 target price on shares of Diamondback Energy in a research report on Tuesday, August 6th. Bank of America boosted their target price on Diamondback Energy from $201.00 to $215.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 23rd. StockNews.com lowered Diamondback Energy from a “buy” rating to a “hold” rating in a research report on Saturday, July 6th. Finally, Barclays boosted their target price on Diamondback Energy from $214.00 to $216.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Diamondback Energy currently has an average rating of “Moderate Buy” and a consensus price target of $209.71.

Diamondback Energy Stock Performance

FANG opened at $181.00 on Monday. The company has a market cap of $32.28 billion, a PE ratio of 10.20, a price-to-earnings-growth ratio of 1.06 and a beta of 1.89. The stock has a 50-day moving average of $192.28 and a 200-day moving average of $195.78. Diamondback Energy, Inc. has a 52-week low of $143.08 and a 52-week high of $214.50. The company has a debt-to-equity ratio of 0.65, a quick ratio of 3.64 and a current ratio of 3.66.

Diamondback Energy (NASDAQ:FANG) last released 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 the consensus estimate of $4.51 by $0.01. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The company had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter in the prior year, the company posted $3.68 EPS. The firm’s revenue was up 29.4% on a year-over-year basis. As a group, equities research analysts forecast that Diamondback Energy, Inc. will post 19.08 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently declared a None dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 15th were issued a $2.34 dividend. This is a boost from Diamondback Energy’s previous None dividend of $2.26. The ex-dividend date of this dividend was Thursday, August 15th. This represents a yield of 1.9%. Diamondback Energy’s dividend 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.