ZEGA Investments LLC Cuts Stake in Diamondback Energy, Inc. $FANG

ZEGA Investments LLC reduced its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 21.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,270 shares of the oil and natural gas company’s stock after selling 2,551 shares during the period. ZEGA Investments LLC’s holdings in Diamondback Energy were worth $1,274,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in FANG. True North Advisors LLC purchased a new stake in Diamondback Energy during the first quarter valued at about $327,000. Nuveen LLC bought a new stake in shares of Diamondback Energy in the 1st quarter valued at about $230,039,000. Vantage Investment Partners LLC lifted its stake in shares of Diamondback Energy by 4.4% in 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 acquiring an additional 3,476 shares during the last quarter. Swedbank AB boosted its holdings in Diamondback Energy by 3.9% during the 2nd quarter. Swedbank AB now owns 207,823 shares of the oil and natural gas company’s stock valued at $28,555,000 after acquiring an additional 7,732 shares during the period. Finally, Forte Capital LLC ADV grew its position in 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 worth $6,628,000 after acquiring an additional 4,911 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on FANG. Weiss Ratings reiterated a “hold (c-)” rating on shares of Diamondback Energy in a research report on Wednesday, October 8th. Evercore ISI increased their price target on shares of Diamondback Energy from $165.00 to $175.00 and gave the company an “outperform” rating in a research report on Monday, October 6th. Melius began coverage on shares of Diamondback Energy in a research report on Wednesday, August 20th. They issued a “buy” rating and a $213.00 price objective on the stock. Mizuho lowered their price objective on shares of Diamondback Energy from $183.00 to $176.00 and set an “outperform” rating for the company in a research note on Monday, September 15th. Finally, Wells Fargo & Company dropped their target price on shares of Diamondback Energy from $211.00 to $160.00 and set an “overweight” rating for the company in a report on Friday, October 17th. Two research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Diamondback Energy currently has a consensus rating of “Buy” and a consensus price target of $188.41.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $143.65 on Friday. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $186.07. The stock has a market cap of $41.16 billion, a PE ratio of 9.98 and a beta of 0.99. The company has a current ratio of 0.62, a quick ratio of 0.52 and a debt-to-equity ratio of 0.35. The company’s fifty day moving average price is $142.31 and its 200-day moving average price is $141.70.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly 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. Diamondback Energy had a net margin of 27.32% and a return on equity of 9.57%. The company had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.48 billion. During the same period last year, the business earned $3.19 EPS. Diamondback Energy’s quarterly revenue was up 48.4% compared to the same quarter last year. On average, equities analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Thursday, November 13th will be issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Thursday, November 13th. Diamondback Energy’s dividend payout ratio is 27.80%.

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.