Spectrum Asset Management Inc. NB CA purchased a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 10,785 shares of the oil and natural gas company’s stock, valued at approximately $1,013,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Catalyst Capital Advisors LLC bought a new position in Diamondback Energy in the 2nd quarter valued at $35,000. First Horizon Corp raised its holdings in shares of Diamondback Energy by 241.3% in the first quarter. First Horizon Corp now owns 512 shares of the oil and natural gas company’s stock valued at $37,000 after buying an additional 362 shares during the last quarter. Bessemer Group Inc. raised its holdings in shares of Diamondback Energy by 31.0% in the first quarter. Bessemer Group Inc. now owns 579 shares of the oil and natural gas company’s stock valued at $43,000 after buying an additional 137 shares during the last quarter. IndexIQ Advisors LLC lifted its position in Diamondback Energy by 203.2% during the 2nd quarter. IndexIQ Advisors LLC now owns 570 shares of the oil and natural gas company’s stock worth $54,000 after buying an additional 382 shares in the last quarter. Finally, Berman Capital Advisors LLC grew its holdings in Diamondback Energy by 22.0% during the 1st quarter. Berman Capital Advisors LLC now owns 749 shares of the oil and natural gas company’s stock worth $55,000 after acquiring an additional 135 shares during the last quarter. Institutional investors and hedge funds own 89.61% of the company’s stock.
FANG has been the topic of a number of research reports. Wells Fargo & Company reiterated a “buy” rating on shares of Diamondback Energy in a research report on Tuesday, September 14th. KeyCorp upped their price objective on Diamondback Energy from $102.00 to $104.00 and gave the stock an “overweight” rating in a report on Wednesday, July 21st. Capital One Financial reissued an “overweight” rating on shares of Diamondback Energy in a research note on Wednesday, May 26th. Barclays upped their price target on Diamondback Energy from $82.00 to $95.00 and gave the company an “equal weight” rating in a research note on Thursday, June 3rd. Finally, Johnson Rice upgraded Diamondback Energy from a “hold” rating to an “accumulate” rating and raised their price target for the company from $92.00 to $114.00 in a report on Tuesday, June 8th. Three investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $98.84.
Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Sunday, August 1st. The oil and natural gas company reported $2.40 EPS for the quarter, topping the consensus estimate of $2.19 by $0.21. The firm had revenue of $1.68 billion for the quarter, compared to the consensus estimate of $1.33 billion. Diamondback Energy had a negative net margin of 30.34% and a positive return on equity of 9.49%. The business’s quarterly revenue was up 295.5% on a year-over-year basis. During the same period last year, the company posted $0.15 EPS. On average, analysts predict that Diamondback Energy, Inc. will post 10.09 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 19th. Investors of record on Thursday, August 12th were given a $0.45 dividend. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend was Wednesday, August 11th. Diamondback Energy’s payout ratio is currently 59.21%.
Diamondback Energy Company Profile
Diamondback Energy, Inc is an independent oil and natural gas company, which engages in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves. It operates through the Upstream and Midstream Services segments. The Upstream segment focuses on the Permian Basin operations in West Texas.
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