MAI Capital Management grew its stake in Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) by 13.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,452 shares of the oil and natural gas company's stock after acquiring an additional 635 shares during the quarter. MAI Capital Management's holdings in Diamondback Energy were worth $661,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Carolinas Wealth Consulting LLC grew its stake in Diamondback Energy by 366.7% during the 1st quarter. Carolinas Wealth Consulting LLC now owns 224 shares of the oil and natural gas company's stock worth $31,000 after buying an additional 176 shares during the last quarter. Cambridge Trust Co. grew its stake in Diamondback Energy by 1,991.7% during the 1st quarter. Cambridge Trust Co. now owns 251 shares of the oil and natural gas company's stock worth $34,000 after buying an additional 239 shares during the last quarter. MCF Advisors LLC purchased a new position in Diamondback Energy during the 1st quarter worth $35,000. Global Retirement Partners LLC grew its stake in Diamondback Energy by 51.8% during the 2nd quarter. Global Retirement Partners LLC now owns 334 shares of the oil and natural gas company's stock worth $40,000 after buying an additional 114 shares during the last quarter. Finally, Mark Sheptoff Financial Planning LLC purchased a new position in Diamondback Energy during the 1st quarter worth $41,000. 92.45% of the stock is currently owned by hedge funds and other institutional investors.
Get Diamondback Energy alerts:Diamondback Energy Price Performance
Shares of Diamondback Energy stock opened at $120.46 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.73 and a quick ratio of 0.69. The business has a 50 day simple moving average of $128.26 and a two-hundred day simple moving average of $131.52. The stock has a market capitalization of $20.89 billion, a P/E ratio of 5.63, a PEG ratio of 0.21 and a beta of 2.06. Diamondback Energy, Inc. has a 12 month low of $94.81 and a 12 month high of $162.24.
Diamondback Energy (NASDAQ:FANG – Get Rating) last announced its quarterly earnings data on Monday, August 1st. The oil and natural gas company reported $7.07 earnings per share for the quarter, beating analysts' consensus estimates of $6.66 by $0.41. Diamondback Energy had a return on equity of 25.12% and a net margin of 42.23%. The company had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same quarter last year, the firm posted $2.40 EPS. The firm's revenue for the quarter was up 64.7% on a year-over-year basis. As a group, analysts predict that Diamondback Energy, Inc. will post 26.1 EPS for the current fiscal year.Diamondback Energy Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 23rd. Investors of record on Tuesday, August 16th were paid a dividend of $3.05 per share. This represents a $12.20 annualized dividend and a yield of 10.13%. The ex-dividend date of this dividend was Monday, August 15th. This is a boost from Diamondback Energy's previous quarterly dividend of $0.70. Diamondback Energy's dividend payout ratio is currently 14.03%.
Diamondback Energy announced that its board has initiated a share repurchase plan on Monday, August 1st that authorizes the company to repurchase $4.00 billion in shares. This repurchase authorization authorizes the oil and natural gas company to purchase up to 17.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.
Analyst Upgrades and Downgrades
FANG has been the topic of several research analyst reports. Truist Financial boosted their target price on Diamondback Energy from $185.00 to $203.00 in a research note on Tuesday, July 19th. Bank of America dropped their price target on Diamondback Energy from $170.00 to $143.00 and set a "neutral" rating on the stock in a research note on Tuesday, July 19th. Mizuho dropped their price target on Diamondback Energy from $224.00 to $203.00 and set a "buy" rating on the stock in a research note on Thursday, August 18th. Wells Fargo & Company dropped their price target on Diamondback Energy from $200.00 to $192.00 and set an "overweight" rating on the stock in a research note on Monday, July 11th. Finally, The Goldman Sachs Group dropped their price target on Diamondback Energy from $180.00 to $160.00 and set a "buy" rating on the stock in a research note on Tuesday, July 5th. Three investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $168.89.
Diamondback Energy 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.
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