Diamondback Energy, Inc. (NASDAQ:FANG) Shares Sold by Kentucky Retirement Systems

Kentucky Retirement Systems decreased its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 1.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,439 shares of the oil and natural gas company’s stock after selling 154 shares during the period. Kentucky Retirement Systems’ holdings in Diamondback Energy were worth $2,690,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Franklin Resources Inc. increased its stake in Diamondback Energy by 14.1% during the 4th quarter. Franklin Resources Inc. now owns 50,633 shares of the oil and natural gas company’s stock worth $7,852,000 after buying an additional 6,240 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Diamondback Energy by 178.1% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 30,532 shares of the oil and natural gas company’s stock worth $6,112,000 after acquiring an additional 19,552 shares in the last quarter. TFO Wealth Partners LLC boosted its holdings in Diamondback Energy by 78,990.0% in the fourth quarter. TFO Wealth Partners LLC now owns 7,909 shares of the oil and natural gas company’s stock valued at $1,227,000 after purchasing an additional 7,899 shares during the last quarter. Integrated Advisors Network LLC grew its stake in Diamondback Energy by 92.8% during the 4th quarter. Integrated Advisors Network LLC now owns 13,031 shares of the oil and natural gas company’s stock valued at $2,021,000 after purchasing an additional 6,272 shares in the last quarter. Finally, Kapitalo Investimentos Ltda increased its holdings in Diamondback Energy by 1,842.5% during the 4th quarter. Kapitalo Investimentos Ltda now owns 4,390 shares of the oil and natural gas company’s stock worth $681,000 after purchasing an additional 4,164 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FANG has been the subject of a number of recent analyst reports. UBS Group decreased their price target on shares of Diamondback Energy from $247.00 to $223.00 and set a “buy” rating for the company in a research report on Wednesday. Wells Fargo & Company dropped their target price on shares of Diamondback Energy from $231.00 to $230.00 and set an “overweight” rating for the company in a research report on Wednesday, August 14th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $220.00 price target on shares of Diamondback Energy in a research report on Tuesday. Truist Financial boosted their price objective on Diamondback Energy from $249.00 to $255.00 and gave the company a “buy” rating in a report on Wednesday, August 7th. Finally, Scotiabank reduced their target price on Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Diamondback Energy has an average rating of “Moderate Buy” and an average price target of $209.71.

Diamondback Energy Stock Performance

FANG opened at $181.00 on Friday. Diamondback Energy, Inc. has a twelve month low of $143.08 and a twelve month high of $214.50. The stock 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 business’s 50 day moving average is $192.28 and its 200-day moving average is $195.57. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65.

Diamondback Energy (NASDAQ:FANG) last announced 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 analysts’ consensus estimates of $4.51 by $0.01. The company had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.19 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The firm’s quarterly revenue was up 29.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $3.68 EPS. On average, analysts predict that Diamondback Energy, Inc. will post 19.08 earnings per share for the current year.

Diamondback Energy Increases Dividend

The business also recently announced a None dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were given a $2.34 dividend. This represents a yield of 1.9%. The ex-dividend date was Thursday, August 15th. This is a positive change from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s dividend payout ratio is currently 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.