Diamondback Energy, Inc. (NASDAQ:FANG) Holdings Boosted by King Luther Capital Management Corp

King Luther Capital Management Corp grew its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 28.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 125,479 shares of the oil and natural gas company’s stock after purchasing an additional 28,026 shares during the period. King Luther Capital Management Corp owned approximately 0.07% of Diamondback Energy worth $16,483,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Great West Life Assurance Co. Can lifted its stake in Diamondback Energy by 53.8% in the 2nd quarter. Great West Life Assurance Co. Can now owns 112,093 shares of the oil and natural gas company’s stock worth $14,804,000 after acquiring an additional 39,200 shares in the last quarter. Moran Wealth Management LLC acquired a new position in shares of Diamondback Energy in the 2nd quarter valued at about $1,294,000. Gamco Investors INC. ET AL purchased a new stake in shares of Diamondback Energy in the second quarter worth approximately $407,000. Carlson Capital L P acquired a new stake in shares of Diamondback Energy during the second quarter worth approximately $3,980,000. Finally, Edgestream Partners L.P. purchased a new position in Diamondback Energy during the second quarter valued at approximately $611,000. Institutional investors and hedge funds own 87.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FANG. Bank of America lifted their target price on shares of Diamondback Energy from $140.00 to $145.00 in a research note on Wednesday, September 27th. Susquehanna lifted their price objective on Diamondback Energy from $200.00 to $203.00 and gave the company a “positive” rating in a research report on Wednesday, November 8th. Citigroup lowered Diamondback Energy from a “buy” rating to a “neutral” rating and upped their target price for the stock from $160.00 to $170.00 in a research report on Monday, October 23rd. Morgan Stanley reduced their price target on Diamondback Energy from $171.00 to $169.00 and set an “overweight” rating for the company in a report on Tuesday, October 17th. Finally, Piper Sandler increased their price objective on Diamondback Energy from $189.00 to $206.00 and gave the stock an “overweight” rating in a report on Thursday, November 16th. One analyst has rated the stock with a sell rating, two have given a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Diamondback Energy currently has an average rating of “Moderate Buy” and a consensus target price of $184.41.

Diamondback Energy Price Performance

FANG stock opened at $156.15 on Tuesday. The stock has a market capitalization of $27.95 billion, a price-to-earnings ratio of 8.86, a price-to-earnings-growth ratio of 0.39 and a beta of 1.98. The company has a 50-day moving average of $157.93 and a two-hundred day moving average of $145.28. Diamondback Energy, Inc. has a 52-week low of $119.01 and a 52-week high of $171.40. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.89 and a quick ratio of 0.86.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Monday, November 6th. The oil and natural gas company reported $5.49 earnings per share for the quarter, beating the consensus estimate of $4.90 by $0.59. The firm had revenue of $2.34 billion during the quarter, compared to the consensus estimate of $2.21 billion. Diamondback Energy had a return on equity of 20.66% and a net margin of 38.84%. The firm’s revenue for the quarter was down 4.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $6.48 EPS. As a group, equities research analysts anticipate that Diamondback Energy, Inc. will post 18.23 EPS for the current year.

Diamondback Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Thursday, November 16th will be given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date is Wednesday, November 15th. Diamondback Energy’s dividend payout ratio (DPR) is currently 19.07%.

Insider Buying and Selling

In other Diamondback Energy news, Director David L. Houston sold 8,000 shares of the firm’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $156.54, for a total value of $1,252,320.00. Following the sale, the director now directly owns 11,565 shares in the company, valued at approximately $1,810,385.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Matt Zmigrosky sold 2,706 shares of the business’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $157.17, for a total value of $425,302.02. Following the sale, the executive vice president now owns 27,480 shares in the company, valued at approximately $4,319,031.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David L. Houston sold 8,000 shares of the stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $156.54, for a total transaction of $1,252,320.00. Following the sale, the director now owns 11,565 shares of the company’s stock, valued at approximately $1,810,385.10. The disclosure for this sale can be found here. 0.43% of the stock is currently owned by insiders.

Diamondback Energy Company Profile

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.