Diamondback Energy, Inc. (NASDAQ:FANG) Stock Position Trimmed by State of Alaska Department of Revenue

State of Alaska Department of Revenue cut its position in Diamondback Energy, Inc. (NASDAQ:FANGGet Rating) by 5.5% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 83,920 shares of the oil and natural gas company’s stock after selling 4,861 shares during the quarter. State of Alaska Department of Revenue’s holdings in Diamondback Energy were worth $10,165,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of FANG. Carolinas Wealth Consulting LLC raised its position in shares of 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 in the last quarter. Cambridge Trust Co. raised its position in shares of 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 in the last quarter. MCF Advisors LLC bought a new stake in shares of Diamondback Energy during the 1st quarter worth about $35,000. Mark Sheptoff Financial Planning LLC bought a new stake in shares of Diamondback Energy during the 1st quarter worth about $41,000. Finally, Creative Financial Designs Inc. ADV raised its position in shares of Diamondback Energy by 235.0% during the 1st quarter. Creative Financial Designs Inc. ADV now owns 335 shares of the oil and natural gas company’s stock worth $46,000 after buying an additional 235 shares in the last quarter. 92.45% of the stock is currently owned by institutional investors.

Diamondback Energy Stock Performance

Shares of FANG opened at $132.62 on Monday. The company’s 50 day moving average price is $126.48 and its 200 day moving average price is $132.21. Diamondback Energy, Inc. has a 52 week low of $77.21 and a 52 week high of $162.24. The company has a market capitalization of $23.00 billion, a PE ratio of 6.20, a PEG ratio of 0.23 and a beta of 2.06. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.69 and a current ratio of 0.73.

Diamondback Energy (NASDAQ:FANGGet Rating) last announced its quarterly earnings data on Monday, August 1st. The oil and natural gas company reported $7.07 EPS for the quarter, beating analysts’ consensus estimates of $6.66 by $0.41. Diamondback Energy had a net margin of 42.23% and a return on equity of 25.12%. The firm had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.44 billion. During the same period in the previous year, the firm posted $2.40 earnings per share. The firm’s revenue was up 64.7% on a year-over-year basis. Research analysts expect that Diamondback Energy, Inc. will post 26.3 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 23rd. Investors of record on Tuesday, August 16th were given a dividend of $3.05 per share. The ex-dividend date of this dividend was Monday, August 15th. 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 yield of 9.20%. Diamondback Energy’s payout ratio is presently 14.03%.

Diamondback Energy declared that its Board of Directors has approved a share 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 repurchase up to 17.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Analyst Ratings Changes

A number of analysts recently commented on the stock. StockNews.com downgraded shares of Diamondback Energy from a “buy” rating to a “hold” rating in a report on Friday, August 12th. Wells Fargo & Company dropped their target price on shares of Diamondback Energy from $200.00 to $192.00 and set an “overweight” rating on the stock in a report on Monday, July 11th. MKM Partners reiterated a “buy” rating and issued a $155.00 target price on shares of Diamondback Energy in a report on Wednesday, July 20th. Morgan Stanley boosted their target price on shares of Diamondback Energy from $170.00 to $175.00 and gave the stock an “overweight” rating in a report on Monday, August 29th. Finally, Bank of America dropped their target price on shares of Diamondback Energy from $170.00 to $143.00 and set a “neutral” rating on the stock in a report on Tuesday, July 19th. Three equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Diamondback Energy presently has an average rating of “Moderate Buy” and a consensus target price of $168.58.

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.

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

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