Westfield Capital Management Co. LP Sells 17,029 Shares of Diamondback Energy, Inc. $FANG

Westfield Capital Management Co. LP reduced its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 5.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 319,664 shares of the oil and natural gas company’s stock after selling 17,029 shares during the quarter. Westfield Capital Management Co. LP’s holdings in Diamondback Energy were worth $45,744,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Diamondback Energy by 1.7% in the second quarter. Vanguard Group Inc. now owns 23,325,287 shares of the oil and natural gas company’s stock worth $3,204,894,000 after buying an additional 388,512 shares during the period. Boston Partners lifted its stake in shares of Diamondback Energy by 2.8% in the 2nd quarter. Boston Partners now owns 5,569,990 shares of the oil and natural gas company’s stock valued at $766,914,000 after purchasing an additional 151,150 shares during the period. Geode Capital Management LLC boosted its position in shares of Diamondback Energy by 2.7% during the second quarter. Geode Capital Management LLC now owns 5,441,649 shares of the oil and natural gas company’s stock valued at $746,526,000 after purchasing an additional 142,649 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Diamondback Energy by 9.0% in the second quarter. Bank of New York Mellon Corp now owns 4,642,218 shares of the oil and natural gas company’s stock worth $637,841,000 after purchasing an additional 384,971 shares during the period. Finally, Raymond James Financial Inc. raised its holdings in Diamondback Energy by 9.2% in the second quarter. Raymond James Financial Inc. now owns 1,952,276 shares of the oil and natural gas company’s stock worth $268,243,000 after purchasing an additional 164,293 shares in the last quarter. Institutional investors own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FANG. Piper Sandler boosted their target price on shares of Diamondback Energy from $215.00 to $218.00 and gave the company an “overweight” rating in a report on Wednesday, January 28th. TD Cowen raised shares of Diamondback Energy to a “strong-buy” rating in a research report on Monday, February 9th. UBS Group set a $195.00 target price on shares of Diamondback Energy in a research note on Tuesday. Mizuho boosted their price target on Diamondback Energy from $194.00 to $205.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, Benchmark reaffirmed a “buy” rating on shares of Diamondback Energy in a research report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, Diamondback Energy presently has an average rating of “Buy” and a consensus target price of $187.86.

Diamondback Energy Price Performance

Shares of FANG opened at $166.98 on Friday. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $177.25. The company has a market capitalization of $47.82 billion, a P/E ratio of 29.76 and a beta of 0.63. The firm has a 50 day moving average of $157.63 and a 200 day moving average of $149.47. The company has a quick ratio of 0.60, a current ratio of 0.42 and a debt-to-equity ratio of 0.32.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, February 23rd. The oil and natural gas company reported $1.74 EPS for the quarter, missing the consensus estimate of $2.00 by ($0.26). Diamondback Energy had a net margin of 11.07% and a return on equity of 8.08%. The business had revenue of $3.38 billion for the quarter, compared to analysts’ expectations of $3.41 billion. During the same quarter in the prior year, the business posted $3.67 earnings per share. The business’s revenue for the quarter was down 9.0% on a year-over-year basis. As a group, equities research analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 12th. Shareholders of record on Thursday, March 5th will be given a $1.05 dividend. This is a positive change from Diamondback Energy’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Thursday, March 5th. This represents a $4.20 dividend on an annualized basis and a yield of 2.5%. Diamondback Energy’s payout ratio is presently 71.30%.

Insider Activity

In related news, major shareholder Fang Holdings Lp Sgf sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $162.88, for a total value of $162,880,000.00. Following the sale, the insider owned 98,686,727 shares in the company, valued at approximately $16,074,094,093.76. This trade represents a 1.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Charles Alvin Meloy sold 377,911 shares of Diamondback Energy stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $138.61, for a total transaction of $52,382,243.71. Following the completion of the sale, the director directly owned 1,044,864 shares of the company’s stock, valued at approximately $144,828,599.04. This trade represents a 26.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,438,516 shares of company stock worth $225,026,921 in the last 90 days. Company insiders own 0.70% of the company’s stock.

About Diamondback Energy

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.