Diamondback Energy, Inc. $FANG Shares Sold by Schwartz Investment Counsel Inc.

Schwartz Investment Counsel Inc. lowered its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 10.6% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 211,700 shares of the oil and natural gas company’s stock after selling 25,000 shares during the quarter. Diamondback Energy makes up 1.4% of Schwartz Investment Counsel Inc.’s portfolio, making the stock its 25th biggest holding. Schwartz Investment Counsel Inc.’s holdings in Diamondback Energy were worth $38,913,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in FANG. Oppenheimer & Co. Inc. increased its position in shares of Diamondback Energy by 8.6% during the third quarter. Oppenheimer & Co. Inc. now owns 2,474 shares of the oil and natural gas company’s stock valued at $455,000 after buying an additional 195 shares during the period. Verdence Capital Advisors LLC raised its stake in Diamondback Energy by 6.4% in the third quarter. Verdence Capital Advisors LLC now owns 46,696 shares of the oil and natural gas company’s stock worth $8,583,000 after buying an additional 2,808 shares in the last quarter. Miller Howard Investments Inc. NY bought a new position in Diamondback Energy in the third quarter worth about $1,289,000. Peterson Wealth Services lifted its holdings in Diamondback Energy by 3.9% in the third quarter. Peterson Wealth Services now owns 8,792 shares of the oil and natural gas company’s stock worth $1,616,000 after buying an additional 334 shares during the period. Finally, Lakewood Asset Management LLC lifted its holdings in Diamondback Energy by 9.3% in the third quarter. Lakewood Asset Management LLC now owns 13,461 shares of the oil and natural gas company’s stock worth $2,474,000 after buying an additional 1,141 shares during the period. 90.01% of the stock is owned by hedge funds and other institutional investors.

Trending Headlines about Diamondback Energy

Here are the key news stories impacting Diamondback Energy this week:

• Positive Sentiment: Management’s decision to keep Permian production growth measured despite higher oil prices signals capital discipline and a focus on free-cash-flow generation. Investors may view this favorably because it reduces the risk of oversupply and protects returns. Production Discipline Could Be A Key Test For Diamondback Stock
• Positive Sentiment: Analysts expect earnings growth in the upcoming third-quarter report, with estimates rising alongside production growth and stronger oil prices. The $26 billion Endeavor acquisition is also raising expectations for increased scale, volumes and potential earnings synergies. Will the $26B Endeavor Merger Fuel a Massive Earnings Beat for FANG?
• Neutral Sentiment: Diamondback Energy is scheduled to report third-quarter results around November 2, although the date has not been formally confirmed. Investors will focus on production, realized prices, operating expenses, free cash flow and commentary on the Endeavor integration. Factors You Need to Know Ahead of Diamondback’s Q3 Earnings Release
• Negative Sentiment: Higher operating costs could offset some of the benefit from rising oil prices and production growth in the third quarter, making a large earnings beat more difficult despite elevated estimates. Q3 Earnings Preview
• Negative Sentiment: Some commentary argues that FANG’s strong run has outpaced its underlying earnings, leaving the stock looking expensive on trailing results. BMO’s reduction of its price target to $220 also reinforces near-term valuation pressure. Diamondback Energy Stock Looks Rich Against Current Earnings

Analyst Ratings Changes

Several research firms have weighed in on FANG. Seaport Research Partners assumed coverage on Diamondback Energy in a research report on Thursday, September 3rd. They set a “neutral” rating on the stock. Weiss Ratings upgraded Diamondback Energy from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, October 19th. Susquehanna increased their target price on Diamondback Energy from $255.00 to $265.00 in a research report on Wednesday, August 5th. Citigroup decreased their target price on Diamondback Energy from $221.00 to $220.00 and set a “buy” rating for the company in a research report on Monday, August 10th. Finally, Truist Financial raised their target price on Diamondback Energy from $220.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Diamondback Energy presently has a consensus rating of “Moderate Buy” and an average target price of $228.43.

Insider Transactions at Diamondback Energy

In other news, Director Charles Meloy sold 33,333 shares of the business’s stock in a transaction that occurred on Monday, October 5th. The stock was sold at an average price of $183.74, for a total value of $6,124,605.42. Following the sale, the director directly owned 759,864 shares of the company’s stock, valued at $139,617,411.36. The trade was a 4.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Travis D. Stice sold 75,000 shares of the business’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $204.31, for a total value of $15,323,250.00. Following the completion of the sale, the director directly owned 49,727 shares in the company, valued at approximately $10,159,723.37. This represents a 60.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 141,666 shares of company stock worth $28,061,456. Corporate insiders own 0.64% of the company’s stock.

Diamondback Energy Stock Down 1.3%

NASDAQ:FANG opened at $204.48 on Wednesday. The firm’s 50-day moving average price is $197.47 and its 200-day moving average price is $188.15. Diamondback Energy, Inc. has a 1-year low of $137.03 and a 1-year high of $216.90.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.08 by $0.40. The business had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $4.89 billion. During the same quarter in the previous year, the business earned $2.38 earnings per share. The firm’s revenue was up 51.2% compared to the same quarter last year. As a group, sell-side analysts predict that Diamondback Energy, Inc. will post 21.49 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th were issued a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Thursday, August 13th.

Diamondback Energy Company Profile

Diamondback Energy, Inc is an independent oil and natural gas company engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves. The company’s operations are concentrated in the Permian Basin of West Texas and southeastern New Mexico, particularly the Midland and Delaware Basins.

Diamondback produces crude oil, natural gas and natural gas liquids from horizontal wells and related infrastructure. Its activities include drilling and completing wells, operating gathering and processing assets, and managing midstream services that support production.