Victory Capital Management Inc. Sells 13,095 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Victory Capital Management Inc. decreased its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 2.0% in the 2nd quarter, HoldingsChannel reports. The fund owned 654,448 shares of the oil and natural gas company’s stock after selling 13,095 shares during the period. Victory Capital Management Inc.’s holdings in Diamondback Energy were worth $131,014,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of FANG. Founders Capital Management increased its stake in Diamondback Energy by 404.0% during the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after purchasing an additional 101 shares in the last quarter. First Community Trust NA bought a new stake in shares of Diamondback Energy during the second quarter worth about $26,000. Logan Capital Management Inc. acquired a new stake in shares of Diamondback Energy in the 4th quarter worth about $31,000. E Fund Management Hong Kong Co. Ltd. bought a new position in Diamondback Energy in the 1st quarter valued at about $49,000. Finally, Hobbs Group Advisors LLC acquired a new position in Diamondback Energy during the 2nd quarter valued at about $65,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FANG has been the subject of several analyst reports. StockNews.com downgraded Diamondback Energy from a “buy” rating to a “hold” rating in a research note on Saturday, July 6th. KeyCorp began coverage on Diamondback Energy in a research report on Thursday, June 27th. They issued an “overweight” rating and a $225.00 price target for the company. Scotiabank cut 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 report on Friday, July 12th. Wells Fargo & Company lowered their target price on shares of Diamondback Energy from $231.00 to $230.00 and set an “overweight” rating for the company in a report on Wednesday, August 14th. Finally, Bank of America boosted their price target on shares of Diamondback Energy from $201.00 to $215.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. One analyst has rated the stock with a sell rating, six have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Diamondback Energy currently has an average rating of “Moderate Buy” and a consensus price target of $211.45.

Diamondback Energy Stock Down 2.3 %

FANG stock opened at $179.73 on Friday. The stock has a fifty day moving average of $198.04 and a 200-day moving average of $195.81. Diamondback Energy, Inc. has a fifty-two week low of $143.08 and a fifty-two week high of $214.50. The company has a market capitalization of $32.05 billion, a price-to-earnings ratio of 10.13, a PEG ratio of 1.23 and a beta of 1.90. 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 issued its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, topping 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 firm 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 earnings per share. The company’s quarterly revenue was up 29.4% on a year-over-year basis. As a group, equities research analysts predict that Diamondback Energy, Inc. will post 19.08 earnings per share for the current year.

Diamondback Energy Increases Dividend

The firm also recently announced a None dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 15th were issued a dividend of $2.34 per share. 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 payout ratio is presently 20.29%.

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.