State Board of Administration of Florida Retirement System Sells 3,508 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

State Board of Administration of Florida Retirement System lowered its stake in Diamondback Energy, Inc. (NASDAQ:FANGGet Rating) by 1.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 246,248 shares of the oil and natural gas company’s stock after selling 3,508 shares during the quarter. State Board of Administration of Florida Retirement System owned 0.14% of Diamondback Energy worth $33,756,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of FANG. MCF Advisors LLC bought a new stake in shares of Diamondback Energy in the 1st quarter valued at $35,000. Confluence Wealth Services Inc. bought a new stake in shares of Diamondback Energy in the 4th quarter valued at $38,000. Creative Financial Designs Inc. ADV increased its stake in shares of Diamondback Energy by 235.0% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 335 shares of the oil and natural gas company’s stock valued at $46,000 after acquiring an additional 235 shares in the last quarter. Allworth Financial LP increased its stake in shares of Diamondback Energy by 52.4% in the 1st quarter. Allworth Financial LP now owns 349 shares of the oil and natural gas company’s stock valued at $48,000 after acquiring an additional 120 shares in the last quarter. Finally, Key Financial Inc bought a new stake in shares of Diamondback Energy in the 1st quarter valued at $55,000. Institutional investors own 89.97% of the company’s stock.

Insider Buying and Selling

In related news, CFO Hof Matthew Kaes Van’t sold 6,000 shares of the business’s stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $150.00, for a total value of $900,000.00. Following the sale, the chief financial officer now directly owns 67,334 shares in the company, valued at approximately $10,100,100. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Travis D. Stice sold 30,000 shares of the business’s stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $150.01, for a total value of $4,500,300.00. Following the sale, the chief executive officer now directly owns 428,497 shares in the company, valued at approximately $64,278,834.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Hof Matthew Kaes Van’t sold 6,000 shares of the business’s stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $150.00, for a total value of $900,000.00. Following the completion of the sale, the chief financial officer now owns 67,334 shares in the company, valued at $10,100,100. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 44,500 shares of company stock valued at $6,740,850. 0.42% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. The Goldman Sachs Group lowered their price objective on shares of Diamondback Energy from $180.00 to $160.00 and set a “buy” rating for the company in a research note on Tuesday, July 5th. KeyCorp boosted their price target on shares of Diamondback Energy from $152.00 to $164.00 and gave the company an “overweight” rating in a research note on Friday, April 8th. Mizuho decreased their price target on shares of Diamondback Energy from $233.00 to $224.00 and set a “buy” rating for the company in a research note on Tuesday, July 19th. Raymond James boosted their price target on shares of Diamondback Energy from $195.00 to $200.00 and gave the company a “strong-buy” rating in a research note on Monday, April 25th. Finally, Barclays boosted their price target on shares of Diamondback Energy from $160.00 to $180.00 and gave the company an “overweight” rating in a research note on Tuesday, June 14th. Three research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $169.42.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $116.45 on Friday. The company’s 50-day moving average is $129.17 and its 200 day moving average is $131.58. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.69 and a current ratio of 0.73. The company has a market capitalization of $20.67 billion, a P/E ratio of 5.44, a price-to-earnings-growth ratio of 0.22 and a beta of 2.12. Diamondback Energy, Inc. has a fifty-two week low of $65.93 and a fifty-two week high of $162.24.

Diamondback Energy (NASDAQ:FANGGet Rating) last issued its quarterly earnings results on Monday, August 1st. The oil and natural gas company reported $7.07 earnings per share for the quarter, topping analysts’ consensus estimates of $6.58 by $0.49. The company had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.44 billion. Diamondback Energy had a net margin of 42.23% and a return on equity of 25.12%. The firm’s quarterly revenue was up 64.7% on a year-over-year basis. During the same period in the previous year, the firm earned $2.40 EPS. On average, equities research analysts forecast that Diamondback Energy, Inc. will post 25.56 earnings per share for the current year.

Diamondback Energy announced that its Board of Directors has authorized a stock buyback plan on Monday, August 1st that authorizes the company to buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the oil and natural gas company to purchase up to 17.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Diamondback Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 23rd. Investors of record on Tuesday, August 16th will be issued a $3.05 dividend. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.70. This represents a $12.20 dividend on an annualized basis and a dividend yield of 10.48%. The ex-dividend date of this dividend is Monday, August 15th. Diamondback Energy’s payout ratio is 13.09%.

Diamondback Energy Company Profile

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Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and 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.

Further Reading

Institutional Ownership by Quarter for Diamondback Energy (NASDAQ:FANG)

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