Illinois Municipal Retirement Fund Sells 4,169 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Illinois Municipal Retirement Fund cut its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 4.2% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 95,559 shares of the oil and natural gas company’s stock after selling 4,169 shares during the quarter. Illinois Municipal Retirement Fund owned approximately 0.05% of Diamondback Energy worth $19,130,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Los Angeles Capital Management LLC acquired a new stake in Diamondback Energy in the second quarter valued at approximately $37,285,000. Cullen Frost Bankers Inc. increased its position in Diamondback Energy by 120.1% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 100,890 shares of the oil and natural gas company’s stock valued at $20,197,000 after buying an additional 55,049 shares in the last quarter. Savant Capital LLC increased its position in Diamondback Energy by 111.2% during the 2nd quarter. Savant Capital LLC now owns 6,407 shares of the oil and natural gas company’s stock valued at $1,283,000 after buying an additional 3,373 shares in the last quarter. Candriam S.C.A. raised its stake in Diamondback Energy by 32.6% in the second quarter. Candriam S.C.A. now owns 15,576 shares of the oil and natural gas company’s stock valued at $3,118,000 after buying an additional 3,832 shares during the last quarter. Finally, Private Advisor Group LLC boosted its holdings in Diamondback Energy by 15.9% in the second quarter. Private Advisor Group LLC now owns 22,012 shares of the oil and natural gas company’s stock worth $4,407,000 after acquiring an additional 3,025 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Truist Financial upped their target price on Diamondback Energy from $249.00 to $255.00 and gave the company a “buy” rating in a research report on Wednesday, August 7th. Piper Sandler dropped their target price on Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Royal Bank of Canada reissued an “outperform” rating and issued a $220.00 price target on shares of Diamondback Energy in a report on Tuesday, August 13th. Sanford C. Bernstein dropped their price objective on shares of Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 17th. Finally, KeyCorp initiated coverage on shares of Diamondback Energy in a research note on Thursday, June 27th. They issued an “overweight” rating and a $225.00 target price for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Diamondback Energy currently has a consensus rating of “Moderate Buy” and an average target price of $211.45.

Diamondback Energy Trading Down 2.3 %

Shares of NASDAQ:FANG traded down $4.28 during midday trading on Friday, reaching $179.73. 1,505,623 shares of the company’s stock were exchanged, compared to its average volume of 1,528,718. The stock has a market cap of $32.05 billion, a price-to-earnings ratio of 10.13, a P/E/G ratio of 1.23 and a beta of 1.89. Diamondback Energy, Inc. has a fifty-two week low of $143.08 and a fifty-two week high of $214.50. The firm’s 50 day simple moving average is $198.04 and its two-hundred day simple moving average is $195.81. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, beating analysts’ consensus estimates of $4.51 by $0.01. The business had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.19 billion. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The business’s revenue for the quarter was up 29.4% on a year-over-year basis. During the same period last year, the business earned $3.68 earnings per share. As a group, sell-side analysts forecast that Diamondback Energy, Inc. will post 19.08 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently disclosed a None dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were issued a $2.34 dividend. This represents a dividend yield of 1.9%. The ex-dividend date was Thursday, August 15th. This is an increase from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s payout ratio is currently 20.29%.

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.