Shorepoint Capital Partners LLC Takes $3.90 Million Position in Diamondback Energy, Inc. $FANG

Shorepoint Capital Partners LLC bought a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 27,228 shares of the oil and natural gas company’s stock, valued at approximately $3,896,000.

Several other institutional investors have also added to or reduced their stakes in FANG. Woodmont Investment Counsel LLC grew its holdings in Diamondback Energy by 1,123.0% in the 2nd quarter. Woodmont Investment Counsel LLC now owns 43,515 shares of the oil and natural gas company’s stock worth $5,979,000 after acquiring an additional 39,957 shares during the last quarter. NorthRock Partners LLC raised its position in shares of Diamondback Energy by 181.6% in the 2nd quarter. NorthRock Partners LLC now owns 3,551 shares of the oil and natural gas company’s stock worth $488,000 after acquiring an additional 2,290 shares in the last quarter. Shell Asset Management Co. raised its holdings in Diamondback Energy by 22.9% in the second quarter. Shell Asset Management Co. now owns 12,998 shares of the oil and natural gas company’s stock worth $1,786,000 after purchasing an additional 2,423 shares in the last quarter. Vantage Investment Partners LLC boosted its holdings in shares of Diamondback Energy by 4.4% during the 2nd quarter. Vantage Investment Partners LLC now owns 83,184 shares of the oil and natural gas company’s stock valued at $11,429,000 after buying an additional 3,476 shares in the last quarter. Finally, Forte Capital LLC ADV boosted its holdings in shares of Diamondback Energy by 11.3% during the 2nd quarter. Forte Capital LLC ADV now owns 48,237 shares of the oil and natural gas company’s stock valued at $6,628,000 after buying an additional 4,911 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on FANG shares. Piper Sandler lowered their price target on shares of Diamondback Energy from $222.00 to $219.00 and set an “overweight” rating for the company in a research report on Tuesday, November 18th. Morgan Stanley reiterated an “overweight” rating and set a $183.00 target price on shares of Diamondback Energy in a report on Thursday, November 20th. UBS Group upped their price target on Diamondback Energy from $174.00 to $194.00 and gave the stock a “buy” rating in a research note on Friday. Susquehanna reduced their price objective on Diamondback Energy to $188.00 and set a “positive” rating for the company in a research report on Monday, October 20th. Finally, Evercore ISI boosted their target price on Diamondback Energy from $165.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, October 6th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $188.76.

Diamondback Energy Stock Performance

FANG stock opened at $154.06 on Tuesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.62 and a quick ratio of 0.60. Diamondback Energy, Inc. has a 1 year low of $114.00 and a 1 year high of $180.91. The company has a market cap of $44.12 billion, a P/E ratio of 10.71 and a beta of 0.63. The stock’s fifty day moving average price is $147.39 and its 200-day moving average price is $144.44.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Monday, November 3rd. The oil and natural gas company reported $3.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.94 by $0.14. The business had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.48 billion. Diamondback Energy had a return on equity of 9.57% and a net margin of 27.32%.The business’s revenue for the quarter was up 48.4% on a year-over-year basis. During the same period last year, the firm posted $3.19 earnings per share. On average, equities analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Thursday, November 13th were given a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Thursday, November 13th. Diamondback Energy’s payout ratio is presently 27.80%.

Insider Activity

In related news, Director Charles Alvin Meloy sold 377,911 shares of Diamondback Energy stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $138.61, for a total transaction of $52,382,243.71. Following the sale, the director owned 1,044,864 shares of the company’s stock, valued at approximately $144,828,599.04. This trade represents a 26.56% 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.

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.