Ninepoint Partners LP Invests $45.08 Million in Diamondback Energy, Inc. $FANG

Ninepoint Partners LP purchased a new stake in Diamondback Energy, Inc. (NASDAQ:FANG) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 315,000 shares of the oil and natural gas company’s stock, valued at approximately $45,076,000. Diamondback Energy comprises 5.9% of Ninepoint Partners LP’s investment portfolio, making the stock its 6th largest position. Ninepoint Partners LP owned about 0.11% of Diamondback Energy at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the business. Equitable Trust Co. boosted its stake in shares of Diamondback Energy by 0.7% during the 3rd quarter. Equitable Trust Co. now owns 10,030 shares of the oil and natural gas company’s stock valued at $1,435,000 after buying an additional 73 shares during the last quarter. Valeo Financial Advisors LLC raised its holdings in Diamondback Energy by 3.0% in the third quarter. Valeo Financial Advisors LLC now owns 2,568 shares of the oil and natural gas company’s stock valued at $367,000 after acquiring an additional 74 shares in the last quarter. Viawealth LLC boosted its stake in Diamondback Energy by 5.0% during the 2nd quarter. Viawealth LLC now owns 1,753 shares of the oil and natural gas company’s stock valued at $241,000 after acquiring an additional 83 shares during the last quarter. STF Management LP grew its holdings in Diamondback Energy by 1.9% during the 2nd quarter. STF Management LP now owns 4,490 shares of the oil and natural gas company’s stock worth $617,000 after acquiring an additional 84 shares in the last quarter. Finally, Lodestone Wealth Management LLC grew its holdings in Diamondback Energy by 1.2% during the 3rd quarter. Lodestone Wealth Management LLC now owns 7,219 shares of the oil and natural gas company’s stock worth $1,033,000 after acquiring an additional 84 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Diamondback Energy Trading Up 4.3%

Shares of NASDAQ FANG opened at $174.08 on Friday. The company has a market cap of $49.10 billion, a price-to-earnings ratio of 31.03 and a beta of 0.63. Diamondback Energy, Inc. has a 12-month low of $114.00 and a 12-month high of $177.25. The company has a current ratio of 0.42, a quick ratio of 0.60 and a debt-to-equity ratio of 0.32. The stock’s 50 day simple moving average is $158.15 and its 200 day simple moving average is $149.73.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, February 23rd. The oil and natural gas company reported $1.74 EPS for the quarter, missing analysts’ consensus estimates of $2.00 by ($0.26). The company had revenue of $3.38 billion for the quarter, compared to the consensus estimate of $3.41 billion. Diamondback Energy had a return on equity of 8.08% and a net margin of 11.07%.Diamondback Energy’s quarterly revenue was down 9.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.67 earnings per share. Equities research analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 12th. Investors of record on Thursday, March 5th will be issued a $1.05 dividend. This is a boost 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 dividend yield of 2.4%. Diamondback Energy’s dividend payout ratio is 71.30%.

Insider Activity

In other news, Director Charles Alvin Meloy sold 60,605 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $161.12, for a total transaction of $9,764,677.60. Following the sale, the director owned 982,006 shares of the company’s stock, valued at approximately $158,220,806.72. The trade was a 5.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Fang Holdings Lp Sgf sold 1,000,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $162.88, for a total value of $162,880,000.00. Following the transaction, the insider owned 98,686,727 shares of the company’s stock, valued at approximately $16,074,094,093.76. This represents a 1.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 1,438,516 shares of company stock worth $225,026,921. 0.70% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Scotiabank set a $175.00 price target on shares of Diamondback Energy in a research report on Friday, January 16th. UBS Group set a $195.00 target price on Diamondback Energy in a report on Tuesday. Wall Street Zen lowered Diamondback Energy from a “hold” rating to a “sell” rating in a research report on Saturday, December 27th. Roth Mkm reissued a “buy” rating and set a $180.00 price target on shares of Diamondback Energy in a research report on Tuesday. Finally, Citigroup reduced their price objective on Diamondback Energy from $180.00 to $178.00 and set a “buy” rating on the stock in a research note on Tuesday, January 6th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $187.86.

Diamondback Energy Profile

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.