Diamondback Energy, Inc. $FANG Stock: Fulcrum Asset Management LLP Cuts Holdings

Fulcrum Asset Management LLP lowered its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 66.8% in the third quarter, Holdings Channel reports. The institutional investor owned 4,820 shares of the oil and natural gas company’s stock after selling 9,688 shares during the quarter. Fulcrum Asset Management LLP’s holdings in Diamondback Energy were worth $887,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in Diamondback Energy in the second quarter valued at approximately $3,303,362,000. Wellington Management Group LLP grew its position in Diamondback Energy by 31.3% in the second quarter. Wellington Management Group LLP now owns 16,420,247 shares of the oil and natural gas company’s stock worth $2,886,351,000 after acquiring an additional 3,918,943 shares during the period. State Street Corp grew its position in Diamondback Energy by 4.2% in 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 during the period. Bank of New York Mellon Corp acquired a new stake in Diamondback Energy during the second quarter worth $852,791,000. Finally, Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in Diamondback Energy during the second quarter worth $268,855,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on FANG. Roth Capital lifted their target price on Diamondback Energy from $205.00 to $212.00 and gave the company a “buy” rating in a research report on Tuesday, August 4th. Sanford C. Bernstein lowered Diamondback Energy from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $221.00 to $192.00 in a research note on Wednesday. Morgan Stanley increased their price target on Diamondback Energy from $216.00 to $222.00 and gave the stock an “equal weight” rating in a report on Thursday, October 15th. Barclays cut their price objective on Diamondback Energy from $232.00 to $221.00 and set an “overweight” rating for the company in a research report on Monday, August 17th. Finally, Scotiabank assumed coverage on Diamondback Energy in a research report on Wednesday, October 14th. They set a “sector outperform” rating and a $250.00 price objective for the company. Three investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Diamondback Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $226.68.

Diamondback Energy Stock Up 0.7%

Shares of NASDAQ:FANG opened at $182.20 on Friday. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.55 and a quick ratio of 0.54. The firm has a market capitalization of $50.86 billion, a PE ratio of 9.88 and a beta of 0.49. The firm’s 50-day moving average is $194.01 and its two-hundred day moving average is $190.49. Diamondback Energy, Inc. has a 1 year low of $139.41 and a 1 year high of $216.90.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, November 2nd. The oil and natural gas company reported $5.86 EPS for the quarter, beating the consensus estimate of $5.72 by $0.14. The business had revenue of $5.43 billion during the quarter, compared to analyst estimates of $4.60 billion. Diamondback Energy had a net margin of 11.03% and a return on equity of 11.86%. The business’s revenue for the quarter was up 38.4% compared to the same quarter last year. During the same quarter last year, the firm posted $3.08 earnings per share. Analysts predict that Diamondback Energy, Inc. will post 22.40 EPS for the current year.

Diamondback Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Investors of record on Thursday, November 12th will be paid a dividend of $1.18 per share. This represents a $4.72 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Thursday, November 12th. This is an increase from Diamondback Energy’s previous quarterly dividend of $1.10. Diamondback Energy’s payout ratio is currently 60.19%.

Insider Buying and Selling

In other Diamondback Energy news, Director Charles Meloy sold 33,333 shares of the stock in a transaction that occurred on 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 sale, the director directly owned 759,864 shares in the company, valued at $139,617,411.36. This represents a 4.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 that occurred on Friday, September 11th. The shares were sold at an average price of $204.31, for a total transaction of $15,323,250.00. Following the completion of the transaction, the director directly owned 49,727 shares of the company’s stock, valued at $10,159,723.37. This represents a 60.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.64% of the stock is owned by corporate insiders.

Key Stories Impacting Diamondback Energy

Investors following FANG have been watching these stories:

• Positive Sentiment: A Zacks analysis says FANG has formed a hammer chart pattern after a recent pullback, suggesting possible support. Upward earnings-estimate revisions add to the potential for a near-term rebound, though technical patterns do not guarantee a reversal. Article: Here’s Why Diamondback Is a Great Buy the Bottom Stock Now
• Positive Sentiment: UBS reiterated its Buy rating and raised its price target to $263 from $260. UBS also sees Diamondback’s planned joint acquisition with KKR of Five Point’s 70% stake in Deep Blue as fitting its infrastructure strategy: the produced-water system could secure capacity for Midland Basin operations. Article: Diamondback’s Deep Blue Deal Fits Infrastructure Strategy, UBS Says
• Negative Sentiment: Bernstein cut FANG from Outperform to Market Perform and lowered its target to $192 from $221. The firm said easing U.S.-Iran tensions could weigh on oil stocks, potentially reducing support from geopolitical risk to oil prices. Article: Bernstein Cuts ConocoPhillips and Diamondback Ratings as Iran De-escalation Looms

About Diamondback Energy

Diamondback Energy is an independent oil and natural gas company focused on the development and production of energy resources in the Permian Basin, primarily in West Texas and southeastern New Mexico. Its operations include exploration, drilling and production. The company produces crude oil, natural gas and natural gas liquids. Its activities are concentrated in the Midland and Delaware Basin regions, where it develops oil and gas properties and related reserves. Founded in 2007 and headquartered in Midland, Texas, Diamondback has expanded its Permian Basin operations over time, including through acquisitions.