Strategic Wealth Partners Ltd. Lowers Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Strategic Wealth Partners Ltd. cut its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 12.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,262 shares of the oil and natural gas company’s stock after selling 3,031 shares during the period. Strategic Wealth Partners Ltd.’s holdings in Diamondback Energy were worth $3,666,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of FANG. Price T Rowe Associates Inc. MD grew its position in shares of Diamondback Energy by 38.2% during the first 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 last quarter. Boston Partners grew its position in shares of Diamondback Energy by 235.6% during the first 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 last quarter. Homestead Advisers Corp purchased a new position in shares of Diamondback Energy during the first quarter worth approximately $87,940,000. Bank of New York Mellon Corp grew its position in shares of Diamondback Energy by 16.0% during the second 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 last quarter. Finally, Canada Pension Plan Investment Board grew its position in shares of Diamondback Energy by 280.8% during the second quarter. Canada Pension Plan Investment Board now owns 545,202 shares of the oil and natural gas company’s stock worth $109,144,000 after acquiring an additional 402,026 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Diamondback Energy Trading Down 2.9 %

Shares of FANG stock opened at $193.77 on Wednesday. Diamondback Energy, Inc. has a twelve month low of $145.70 and a twelve month high of $214.50. The firm has a 50-day moving average price of $187.43 and a 200 day moving average price of $195.30. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65. The company has a market capitalization of $34.56 billion, a price-to-earnings ratio of 10.92, a PEG ratio of 1.17 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 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 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 company’s quarterly revenue was up 29.4% compared to the same quarter last year. Research analysts forecast that Diamondback Energy, Inc. will post 18.97 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

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

Insider Activity

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the business’s stock in a transaction dated 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 approximately $181,732,485.09. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.48% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on FANG shares. Barclays upgraded shares of Diamondback Energy from an “equal weight” rating to an “overweight” rating and lowered their price objective for the company from $216.00 to $210.00 in a research report on Wednesday, October 2nd. Bank of America lifted their price objective on shares of Diamondback Energy from $201.00 to $215.00 and gave the company a “neutral” rating in a research report on Tuesday, July 23rd. Wolfe Research started coverage on shares of Diamondback Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Scotiabank lowered their price objective on shares of Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Finally, Johnson Rice lowered shares of Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Diamondback Energy presently has an average rating of “Moderate Buy” and an average price target of $209.50.

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.