Geode Capital Management LLC Raises Stock Holdings in Diamondback Energy, Inc. $FANG

Geode Capital Management LLC increased its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 2.7% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,441,649 shares of the oil and natural gas company’s stock after purchasing an additional 142,649 shares during the period. Geode Capital Management LLC owned approximately 1.86% of Diamondback Energy worth $746,526,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Boston Partners increased its position in Diamondback Energy by 2.6% during the second quarter. Boston Partners now owns 5,562,216 shares of the oil and natural gas company’s stock valued at $765,846,000 after acquiring an additional 143,376 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Diamondback Energy by 9.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 4,642,218 shares of the oil and natural gas company’s stock valued at $637,841,000 after buying an additional 384,971 shares in the last quarter. Diamond Hill Capital Management Inc. lifted its position in shares of Diamondback Energy by 4.1% in the first quarter. Diamond Hill Capital Management Inc. now owns 2,932,484 shares of the oil and natural gas company’s stock valued at $468,846,000 after acquiring an additional 114,930 shares in the last quarter. Wellington Management Group LLP boosted its stake in 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 purchasing an additional 418,431 shares during the period. Finally, Nuveen LLC bought a new position in shares of Diamondback Energy during the first quarter worth $230,039,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Diamondback Energy Stock Performance

Shares of NASDAQ:FANG opened at $144.38 on Friday. Diamondback Energy, Inc. has a 1 year low of $114.00 and a 1 year high of $186.07. The firm has a market capitalization of $41.37 billion, a PE ratio of 10.03 and a beta of 0.99. The business’s 50 day moving average price is $142.31 and its 200-day moving average price is $141.97. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.62 and a quick ratio of 0.60.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, November 3rd. The oil and natural gas company reported $3.08 EPS for the quarter, beating analysts’ consensus estimates of $2.94 by $0.14. Diamondback Energy had a net margin of 27.32% and a return on equity of 9.57%. The business had revenue of $3.92 billion during the quarter, compared to analysts’ expectations of $3.48 billion. During the same period in the prior year, the business earned $3.19 earnings per share. The company’s quarterly revenue was up 48.4% compared to the same quarter last year. As a group, equities research analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Thursday, November 13th will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.8%. The ex-dividend date is Thursday, November 13th. Diamondback Energy’s dividend payout ratio is presently 27.80%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Wells Fargo & Company decreased their price objective on Diamondback Energy from $211.00 to $160.00 and set an “overweight” rating on the stock in a report on Friday, October 17th. Scotiabank reissued an “outperform” rating on shares of Diamondback Energy in a research note on Thursday, October 9th. Roth Capital set a $162.00 price target on Diamondback Energy and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Susquehanna cut their price target on Diamondback Energy to $188.00 and set a “positive” rating on the stock in a report on Monday, October 20th. Finally, UBS Group raised their target price on shares of Diamondback Energy from $171.00 to $174.00 and gave the company a “buy” rating in a research note on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Diamondback Energy currently has an average rating of “Buy” and an average price target of $188.55.

Diamondback Energy Company 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.