Diamondback Energy, Inc. (NASDAQ:FANG) Stake Boosted by Eventide Asset Management LLC

Eventide Asset Management LLC increased its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 7.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 40,919 shares of the oil and natural gas company’s stock after purchasing an additional 2,749 shares during the period. Eventide Asset Management LLC’s holdings in Diamondback Energy were worth $7,054,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. First Community Trust NA acquired a new stake in Diamondback Energy in the second quarter worth $26,000. Carolinas Wealth Consulting LLC grew its position in shares of Diamondback Energy by 67.1% during the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after acquiring an additional 55 shares during the last quarter. HHM Wealth Advisors LLC acquired a new stake in shares of Diamondback Energy in the 2nd quarter worth about $40,000. Values First Advisors Inc. bought a new stake in Diamondback Energy in the 3rd quarter valued at about $42,000. Finally, Founders Capital Management boosted its stake in Diamondback Energy by 99.2% during the 2nd quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock valued at $50,000 after purchasing an additional 125 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Citigroup assumed coverage on shares of Diamondback Energy in a research note on Monday, October 14th. They issued a “neutral” rating and a $195.00 price target on the stock. Evercore ISI lowered their target price on Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating on the stock in a research report on Monday, September 30th. Susquehanna cut their target price on Diamondback Energy from $237.00 to $233.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. StockNews.com raised Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, November 13th. Finally, KeyCorp cut their price objective on shares of Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Diamondback Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $212.00.

Diamondback Energy Price Performance

NASDAQ FANG opened at $177.59 on Friday. Diamondback Energy, Inc. has a 1 year low of $145.70 and a 1 year high of $214.50. The business’s fifty day moving average is $181.95 and its two-hundred day moving average is $189.92. The stock has a market capitalization of $51.85 billion, a P/E ratio of 10.17, a P/E/G ratio of 1.30 and a beta of 1.89. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The company had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period last year, the firm earned $5.49 earnings per share. The firm’s revenue for the quarter was up 13.0% on a year-over-year basis. On average, research analysts forecast that Diamondback Energy, Inc. will post 16.26 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th were paid a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 2.03%. The ex-dividend date was Thursday, November 14th. Diamondback Energy’s dividend payout ratio is presently 20.61%.

Insiders Place Their Bets

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the sale, the insider now owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. This represents a 92.72 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mark Lawrence Plaumann sold 1,150 shares of Diamondback Energy stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total transaction of $208,150.00. Following the transaction, the director now owns 4,712 shares in the company, valued at approximately $852,872. The trade was a 19.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.

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.