Envestnet Portfolio Solutions Inc. Decreases Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Envestnet Portfolio Solutions Inc. trimmed its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 11.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 6,464 shares of the oil and natural gas company’s stock after selling 838 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Diamondback Energy were worth $1,059,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. State Street Corp increased its holdings in Diamondback Energy by 1.3% in the 3rd quarter. State Street Corp now owns 11,858,555 shares of the oil and natural gas company’s stock worth $2,044,415,000 after buying an additional 149,871 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Diamondback Energy by 6.1% during the third quarter. Geode Capital Management LLC now owns 4,618,560 shares of the oil and natural gas company’s stock valued at $793,611,000 after purchasing an additional 266,299 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Diamondback Energy by 13.7% during the fourth quarter. Bank of New York Mellon Corp now owns 4,163,070 shares of the oil and natural gas company’s stock valued at $682,036,000 after purchasing an additional 502,916 shares during the period. Diamond Hill Capital Management Inc. boosted its holdings in Diamondback Energy by 30.5% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 2,817,554 shares of the oil and natural gas company’s stock worth $461,600,000 after purchasing an additional 658,644 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Diamondback Energy in the 4th quarter worth approximately $298,327,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

FANG has been the topic of several research analyst reports. Mizuho increased their price target on Diamondback Energy from $201.00 to $204.00 and gave the company an “outperform” rating in a report on Tuesday, February 25th. Royal Bank of Canada reissued an “outperform” rating and issued a $210.00 target price on shares of Diamondback Energy in a research report on Thursday, January 23rd. JPMorgan Chase & Co. reduced their price target on shares of Diamondback Energy from $212.00 to $167.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Williams Trading set a $190.00 price objective on shares of Diamondback Energy in a research note on Wednesday, March 5th. Finally, Wolfe Research upgraded shares of Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 target price for the company in a research report on Friday, January 3rd. Four analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Diamondback Energy has a consensus rating of “Moderate Buy” and an average target price of $209.92.

Diamondback Energy Trading Up 0.0 %

Shares of FANG stock opened at $158.50 on Friday. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $45.88 billion, a price-to-earnings ratio of 9.07, a price-to-earnings-growth ratio of 1.24 and a beta of 1.85. Diamondback Energy, Inc. has a 12-month low of $137.09 and a 12-month high of $214.50. The stock’s 50-day moving average price is $160.47 and its 200-day moving average price is $170.39.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.57 by $0.07. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The business had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.55 billion. Equities research analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Thursday, March 6th were paid a $1.00 dividend. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.90. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend was Thursday, March 6th. Diamondback Energy’s dividend payout ratio (DPR) is presently 25.32%.

Insider Transactions at Diamondback Energy

In related news, Director Frank D. Tsuru purchased 2,000 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was bought at an average price of $156.51 per share, for a total transaction of $313,020.00. Following the completion of the transaction, the director now owns 5,730 shares in the company, valued at approximately $896,802.30. The trade was a 53.62 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.48% of the company’s stock.

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.