Diamondback Energy, Inc. (NASDAQ:FANG) Shares Sold by Ninepoint Partners LP

Ninepoint Partners LP trimmed its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 39.3% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 85,000 shares of the oil and natural gas company’s stock after selling 55,000 shares during the quarter. Diamondback Energy comprises approximately 1.4% of Ninepoint Partners LP’s portfolio, making the stock its 10th biggest position. Ninepoint Partners LP’s holdings in Diamondback Energy were worth $13,182,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA boosted its stake in shares of Diamondback Energy by 39.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,007,599 shares of the oil and natural gas company’s stock valued at $465,817,000 after acquiring an additional 858,446 shares during the last quarter. Diamond Hill Capital Management Inc. purchased a new stake in shares of Diamondback Energy during the 3rd quarter valued at about $128,720,000. Wellington Management Group LLP grew its stake in Diamondback Energy by 4.8% during the 3rd quarter. Wellington Management Group LLP now owns 14,266,640 shares of the oil and natural gas company’s stock valued at $2,209,617,000 after purchasing an additional 648,317 shares in the last quarter. Raymond James & Associates grew its stake in Diamondback Energy by 143.0% during the 4th quarter. Raymond James & Associates now owns 981,284 shares of the oil and natural gas company’s stock valued at $152,177,000 after purchasing an additional 577,514 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of Diamondback Energy in the 1st quarter worth approximately $73,608,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Diamondback Energy Stock Performance

Diamondback Energy stock traded up $2.14 during mid-day trading on Friday, reaching $201.74. The company’s stock had a trading volume of 704,063 shares, compared to its average volume of 1,745,648. Diamondback Energy, Inc. has a 12-month low of $123.41 and a 12-month high of $211.96. The company has a market capitalization of $35.98 billion, a P/E ratio of 11.51 and a beta of 1.93. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.74 and a current ratio of 0.77. The firm’s fifty day moving average price is $188.92 and its two-hundred day moving average price is $167.21.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Tuesday, February 20th. The oil and natural gas company reported $4.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.61 by $0.13. The company had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.16 billion. Diamondback Energy had a net margin of 37.36% and a return on equity of 19.56%. The firm’s revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.29 EPS. Sell-side analysts predict that Diamondback Energy, Inc. will post 18.53 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Tuesday, March 5th were given a dividend of $3.08 per share. The ex-dividend date of this dividend was Monday, March 4th. This represents a $12.32 annualized dividend and a dividend yield of 6.11%. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.84. Diamondback Energy’s payout ratio is currently 20.76%.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Evercore ISI raised their price target on Diamondback Energy from $185.00 to $215.00 and gave the stock an “outperform” rating in a report on Monday, March 25th. Bank Of America (Bofa) decreased their target price on Diamondback Energy from $147.00 to $129.00 and set an “underperform” rating on the stock in a report on Thursday, January 18th. Bank of America upgraded Diamondback Energy from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $129.00 to $170.00 in a report on Monday, February 12th. Susquehanna lifted their price target on Diamondback Energy from $190.00 to $195.00 and gave the company a “positive” rating in a report on Tuesday, February 13th. Finally, KeyCorp boosted their price target on Diamondback Energy from $186.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, March 21st. One analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $195.95.

Insider Activity at Diamondback Energy

In related news, COO Daniel N. Wesson sold 6,000 shares of the business’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $192.17, for a total transaction of $1,153,020.00. Following the sale, the chief operating officer now owns 78,218 shares of the company’s stock, valued at $15,031,153.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $192.17, for a total transaction of $1,153,020.00. Following the completion of the sale, the chief operating officer now directly owns 78,218 shares of the company’s stock, valued at $15,031,153.06. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Hof Matthew Kaes Van’t sold 12,000 shares of the stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $190.82, for a total transaction of $2,289,840.00. Following the completion of the sale, the chief financial officer now directly owns 185,882 shares of the company’s stock, valued at $35,470,003.24. The disclosure for this sale can be found here. Insiders have sold 57,675 shares of company stock worth $11,311,096 over the last 90 days. 0.43% of the stock is owned by company insiders.

Diamondback Energy Profile

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.