Confluence Investment Management LLC Buys 200 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Confluence Investment Management LLC lifted its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 5.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,867 shares of the oil and natural gas company’s stock after acquiring an additional 200 shares during the period. Confluence Investment Management LLC’s holdings in Diamondback Energy were worth $667,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in FANG. First Community Trust NA bought a new stake in Diamondback Energy in the 2nd quarter valued at approximately $26,000. Carolinas Wealth Consulting LLC lifted its position 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 purchasing an additional 55 shares in the last quarter. HHM Wealth Advisors LLC acquired a new position in Diamondback Energy during the second quarter worth $40,000. Values First Advisors Inc. bought a new position in Diamondback Energy in the third quarter valued at $42,000. Finally, Founders Capital Management grew its position in Diamondback Energy by 99.2% in the second quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock valued at $50,000 after purchasing an additional 125 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FANG has been the subject of a number of recent research reports. Bank of America increased 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. Susquehanna reduced their price target on Diamondback Energy from $237.00 to $233.00 and set a “positive” rating for the company in a research report on Friday, October 18th. Citigroup began coverage on Diamondback Energy in a research report on Monday, October 14th. They set a “neutral” rating and a $195.00 price target on the stock. Morgan Stanley upped their price objective on Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Finally, Benchmark reissued a “buy” rating and issued a $195.00 target price on shares of Diamondback Energy in a research note on Tuesday, October 29th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Diamondback Energy currently has a consensus rating of “Moderate Buy” and an average target price of $209.64.

Diamondback Energy Trading Up 0.2 %

Shares of Diamondback Energy stock opened at $181.88 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 3.64 and a current ratio of 0.45. The firm has a 50-day moving average of $181.77 and a 200-day moving average of $192.33. Diamondback Energy, Inc. has a 52-week low of $145.70 and a 52-week high of $214.50. The stock has a market cap of $53.61 billion, a PE ratio of 10.41, a PEG ratio of 1.29 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last posted 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 analysts’ consensus estimates of $4.62 by ($1.24). Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The business had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the prior year, the firm earned $5.49 EPS. The business’s revenue for the quarter was up 13.0% on a year-over-year basis. As a group, sell-side analysts forecast that Diamondback Energy, Inc. will post 17.1 EPS for the current 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 paid a dividend of $0.90 per share. The ex-dividend date is Thursday, November 14th. This represents a $3.60 dividend on an annualized basis and a yield of 1.98%. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.61%.

Insider Buying and Selling at Diamondback Energy

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the company’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 directly owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.48% of the company’s stock.

About Diamondback Energy

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.