Smith Moore & CO. decreased its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 7.2% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 12,270 shares of the oil and natural gas company’s stock after selling 945 shares during the period. Smith Moore & CO.’s holdings in Diamondback Energy were worth $1,152,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of FANG. Blackstone Group Inc. acquired a new position in shares of Diamondback Energy during the 1st quarter valued at about $784,588,000. Nuveen Asset Management LLC boosted its stake in Diamondback Energy by 357.3% during the 1st quarter. Nuveen Asset Management LLC now owns 2,582,126 shares of the oil and natural gas company’s stock valued at $189,760,000 after purchasing an additional 2,017,460 shares during the period. BlackRock Inc. boosted its stake in Diamondback Energy by 19.1% during the 1st quarter. BlackRock Inc. now owns 11,550,359 shares of the oil and natural gas company’s stock valued at $848,835,000 after purchasing an additional 1,849,404 shares during the period. Boston Partners boosted its stake in Diamondback Energy by 44.8% during the 1st quarter. Boston Partners now owns 3,796,970 shares of the oil and natural gas company’s stock valued at $279,066,000 after purchasing an additional 1,174,775 shares during the period. Finally, GW&K Investment Management LLC bought a new stake in Diamondback Energy during the 1st quarter valued at approximately $58,712,000. 89.61% of the stock is currently owned by institutional investors and hedge funds.
Several analysts recently weighed in on FANG shares. Mizuho decreased their target price on Diamondback Energy from $131.00 to $126.00 and set a “buy” rating for the company in a research note on Friday, August 13th. Truist increased their target price on Diamondback Energy from $115.00 to $126.00 and gave the company a “buy” rating in a research note on Thursday, July 1st. They noted that the move was a valuation call. Wells Fargo & Company reiterated a “buy” rating on shares of Diamondback Energy in a research report on Tuesday. KeyCorp raised their price objective on Diamondback Energy from $102.00 to $104.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 21st. Finally, Capital One Financial reiterated an “overweight” rating on shares of Diamondback Energy in a research report on Wednesday, May 26th. Three research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Diamondback Energy presently has an average rating of “Buy” and a consensus target price of $98.52.
Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Sunday, August 1st. The oil and natural gas company reported $2.40 earnings per share for the quarter, topping the consensus estimate of $2.19 by $0.21. The company had revenue of $1.68 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Diamondback Energy had a negative net margin of 30.34% and a positive return on equity of 9.49%. The business’s quarterly revenue was up 295.5% on a year-over-year basis. During the same period last year, the business earned $0.15 EPS. Equities research analysts expect that Diamondback Energy, Inc. will post 10.08 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, August 19th. Stockholders of record on Thursday, August 12th were paid a dividend of $0.45 per share. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a dividend yield of 2.38%. The ex-dividend date was Wednesday, August 11th. Diamondback Energy’s dividend payout ratio (DPR) is currently 59.21%.
Diamondback Energy Profile
Diamondback Energy, Inc is an independent oil and natural gas company, which engages in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves. It operates through the Upstream and Midstream Services segments. The Upstream segment focuses on the Permian Basin operations in West Texas.
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