Kornitzer Capital Management Inc. KS Invests $275,000 in Diamondback Energy, Inc. $FANG

Kornitzer Capital Management Inc. KS purchased a new position in Diamondback Energy, Inc. (NASDAQ:FANG) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 1,998 shares of the oil and natural gas company’s stock, valued at approximately $275,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Nuveen LLC acquired a new stake in Diamondback Energy in the first quarter worth $230,039,000. Adage Capital Partners GP L.L.C. bought a new position in shares of Diamondback Energy during the first quarter worth about $77,622,000. Wellington Management Group LLP increased its holdings in shares of Diamondback Energy by 27.3% in the 1st quarter. Wellington Management Group LLP now owns 1,950,160 shares of the oil and natural gas company’s stock worth $311,792,000 after acquiring an additional 418,431 shares during the period. Victory Capital Management Inc. lifted its position in Diamondback Energy by 50.6% in the 1st quarter. Victory Capital Management Inc. now owns 1,135,759 shares of the oil and natural gas company’s stock valued at $181,585,000 after purchasing an additional 381,542 shares during the last quarter. Finally, Boston Partners lifted its position in Diamondback Energy by 4.8% in the 1st quarter. Boston Partners now owns 5,418,840 shares of the oil and natural gas company’s stock valued at $861,961,000 after purchasing an additional 249,098 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analysts Set New Price Targets

FANG has been the topic of several analyst reports. Weiss Ratings restated a “hold (c-)” rating on shares of Diamondback Energy in a research note on Friday. Morgan Stanley reduced their price objective on Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating for the company in a research report on Tuesday, October 14th. William Blair initiated coverage on Diamondback Energy in a research report on Monday, August 25th. They issued an “outperform” rating on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $173.00 target price on shares of Diamondback Energy in a research note on Friday, October 10th. Finally, KeyCorp decreased their price target on Diamondback Energy from $180.00 to $176.00 and set an “overweight” rating for the company in a research note on Wednesday, September 3rd. Two analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Diamondback Energy currently has an average rating of “Buy” and an average price target of $189.91.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $145.86 on Monday. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $186.07. The stock has a market cap of $42.22 billion, a price-to-earnings ratio of 10.37 and a beta of 1.04. The stock’s 50 day moving average price is $142.61 and its 200 day moving average price is $141.03. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.55 and a quick ratio of 0.52.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.72 by ($0.05). Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.35 billion. During the same period in the previous year, the business posted $4.52 earnings per share. The business’s revenue for the quarter was up 48.1% compared to the same quarter last year. Equities research analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 14th were issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Thursday, August 14th. Diamondback Energy’s payout ratio is presently 28.43%.

Insider Buying and Selling

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the business’s stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $142.80, for a total value of $2,913,120.00. Following the sale, the chairman directly owned 102,145 shares in the company, valued at approximately $14,586,306. The trade was a 16.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.70% of the company’s stock.

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.