Diamondback Energy, Inc. $FANG Stock Position Lessened by Schwartz Investment Counsel Inc.

Schwartz Investment Counsel Inc. cut its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 10.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 211,700 shares of the oil and natural gas company’s stock after selling 25,000 shares during the quarter. Diamondback Energy makes up about 1.4% of Schwartz Investment Counsel Inc.’s investment portfolio, making the stock its 25th largest position. Schwartz Investment Counsel Inc. owned 0.08% of Diamondback Energy worth $38,913,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Diamondback Energy in the second quarter worth approximately $3,303,362,000. Wellington Management Group LLP grew its position in Diamondback Energy by 31.3% during the second quarter. Wellington Management Group LLP now owns 16,420,247 shares of the oil and natural gas company’s stock valued at $2,886,351,000 after acquiring an additional 3,918,943 shares during the last quarter. State Street Corp raised its stake in shares of Diamondback Energy by 4.2% during the second quarter. State Street Corp now owns 12,562,224 shares of the oil and natural gas company’s stock worth $2,208,188,000 after acquiring an additional 510,281 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Diamondback Energy during the second quarter worth approximately $852,791,000. Finally, Bank of America Corp DE raised its stake in shares of Diamondback Energy by 4.5% during the first quarter. Bank of America Corp DE now owns 1,368,069 shares of the oil and natural gas company’s stock worth $270,590,000 after acquiring an additional 59,023 shares in the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Charles Meloy sold 33,333 shares of the stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $183.74, for a total transaction of $6,124,605.42. Following the completion of the sale, the director directly owned 759,864 shares in the company, valued at approximately $139,617,411.36. This represents a 4.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Travis Stice sold 75,000 shares of the firm’s stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $204.31, for a total value of $15,323,250.00. Following the completion of the sale, the director directly owned 49,727 shares in the company, valued at $10,159,723.37. The trade was a 60.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 141,666 shares of company stock valued at $28,061,456. Insiders own 0.64% of the company’s stock.

Diamondback Energy Trading Down 1.3%

NASDAQ:FANG opened at $204.48 on Wednesday. The company has a fifty day moving average of $197.47 and a 200 day moving average of $188.15. Diamondback Energy, Inc. has a 52 week low of $137.03 and a 52 week high of $216.90.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share for the quarter, beating the consensus estimate of $6.08 by $0.40. The firm had revenue of $5.56 billion for the quarter, compared to analysts’ expectations of $4.89 billion. The company’s quarterly revenue was up 51.2% on a year-over-year basis. During the same period in the previous year, the company earned $2.38 EPS. On average, sell-side analysts predict that Diamondback Energy, Inc. will post 21.49 EPS for the current year.

Diamondback Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were paid a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Thursday, August 13th.

More Diamondback Energy News

Here are the key news stories impacting Diamondback Energy this week:

• Positive Sentiment: Management’s decision to keep Permian production growth measured despite higher oil prices signals capital discipline and a focus on free-cash-flow generation. Investors may view this favorably because it reduces the risk of oversupply and protects returns. Production Discipline Could Be A Key Test For Diamondback Stock
• Positive Sentiment: Analysts expect earnings growth in the upcoming third-quarter report, with estimates rising alongside production growth and stronger oil prices. The $26 billion Endeavor acquisition is also raising expectations for increased scale, volumes and potential earnings synergies. Will the $26B Endeavor Merger Fuel a Massive Earnings Beat for FANG?
• Neutral Sentiment: Diamondback Energy is scheduled to report third-quarter results around November 2, although the date has not been formally confirmed. Investors will focus on production, realized prices, operating expenses, free cash flow and commentary on the Endeavor integration. Factors You Need to Know Ahead of Diamondback’s Q3 Earnings Release
• Negative Sentiment: Higher operating costs could offset some of the benefit from rising oil prices and production growth in the third quarter, making a large earnings beat more difficult despite elevated estimates. Q3 Earnings Preview
• Negative Sentiment: Some commentary argues that FANG’s strong run has outpaced its underlying earnings, leaving the stock looking expensive on trailing results. BMO’s reduction of its price target to $220 also reinforces near-term valuation pressure. Diamondback Energy Stock Looks Rich Against Current Earnings

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on FANG. Royal Bank Of Canada restated an “outperform” rating and issued a $240.00 price objective on shares of Diamondback Energy in a report on Wednesday, October 14th. Susquehanna lifted their target price on shares of Diamondback Energy from $255.00 to $265.00 in a research report on Wednesday, August 5th. Weiss Ratings raised shares of Diamondback Energy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, October 19th. BMO Capital Markets boosted their price target on shares of Diamondback Energy from $215.00 to $224.00 and gave the stock an “outperform” rating in a research note on Friday, October 2nd. Finally, UBS Group upped their price target on shares of Diamondback Energy from $243.00 to $253.00 and gave the company a “buy” rating in a research report on Monday, September 14th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $228.43.

Diamondback Energy Company Profile

Diamondback Energy, Inc is an independent oil and natural gas company engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves. The company’s operations are concentrated in the Permian Basin of West Texas and southeastern New Mexico, particularly the Midland and Delaware Basins.

Diamondback produces crude oil, natural gas and natural gas liquids from horizontal wells and related infrastructure. Its activities include drilling and completing wells, operating gathering and processing assets, and managing midstream services that support production.