Man Group plc Purchases Shares of 102,714 Diamondback Energy, Inc. $FANG

Man Group plc purchased a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 102,714 shares of the oil and natural gas company’s stock, valued at approximately $18,055,000.

A number of other hedge funds have also recently made changes to their positions in FANG. Western Wealth Management LLC purchased a new position in shares of Diamondback Energy during the second quarter valued at approximately $689,000. Polar Asset Management Partners Inc. bought a new position in Diamondback Energy during the second quarter valued at about $296,000. Jupiter Topco LLC purchased a new stake in shares of Diamondback Energy during the 2nd quarter worth approximately $12,348,000. EFG International AG purchased a new stake in Diamondback Energy in the second quarter worth $57,685,000. Finally, Canada Pension Plan Investment Board purchased a new stake in Diamondback Energy during the second quarter valued at about $143,213,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $200.52 on Friday. The company has a 50 day moving average of $192.96 and a 200 day moving average of $190.44. The company has a current ratio of 0.47, a quick ratio of 0.45 and a debt-to-equity ratio of 0.25. The stock has a market cap of $56.15 billion, a P/E ratio of 39.09 and a beta of 0.43. Diamondback Energy, Inc. has a 12 month low of $134.30 and a 12 month high of $216.90.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.08 by $0.40. The business had revenue of $5.56 billion for the quarter, compared to analysts’ expectations of $4.89 billion. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The business’s revenue for the quarter was up 51.2% compared to the same quarter last year. During the same period in the prior year, the company posted $2.38 EPS. As a group, sell-side analysts forecast that Diamondback Energy, Inc. will post 20.13 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 13th were paid a dividend of $1.10 per share. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $4.40 annualized dividend and a yield of 2.2%. Diamondback Energy’s dividend payout ratio (DPR) is currently 85.77%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on FANG shares. Roth Capital set a $212.00 target price on shares of Diamondback Energy and gave the company a “buy” rating in a report on Monday, June 22nd. Weiss Ratings raised Diamondback Energy from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, July 31st. Sanford C. Bernstein lifted their price target on Diamondback Energy from $237.00 to $241.00 and gave the company an “outperform” rating in a research report on Monday, May 11th. Wolfe Research reiterated an “outperform” rating and set a $206.00 price objective on shares of Diamondback Energy in a research note on Tuesday, August 4th. Finally, Wall Street Zen raised Diamondback Energy from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Four analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $222.21.

Insiders Place Their Bets

In related news, EVP Matt Zmigrosky sold 5,000 shares of the business’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $200.54, for a total transaction of $1,002,700.00. Following the completion of the transaction, the executive vice president directly owned 46,392 shares in the company, valued at $9,303,451.68. The trade was a 9.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles Alvin Meloy sold 33,333 shares of the company’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $198.41, for a total value of $6,613,600.53. Following the completion of the transaction, the director owned 818,197 shares in the company, valued at $162,338,466.77. This represents a 3.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 129,167 shares of company stock worth $24,714,309 over the last three months. Corporate insiders own 0.64% of the company’s stock.

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.