Miller Howard Investments Inc. NY Makes New $1.29 Million Investment in Diamondback Energy, Inc. $FANG

Miller Howard Investments Inc. NY bought a new position in Diamondback Energy, Inc. (NASDAQ:FANG) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor bought 7,012 shares of the oil and natural gas company’s stock, valued at approximately $1,289,000.

Several other institutional investors also recently modified their holdings of FANG. BlackRock Inc. purchased a new stake in shares of Diamondback Energy in the 2nd quarter worth approximately $3,303,362,000. Wellington Management Group LLP boosted its holdings 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 in the last quarter. State Street Corp boosted its holdings 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 in the last quarter. Bank of New York Mellon Corp bought a new stake in Diamondback Energy in the second quarter worth $852,791,000. Finally, Bank of America Corp DE boosted its holdings in Diamondback Energy by 4.5% in 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 currently owned by institutional investors.

Diamondback Energy Stock Performance

FANG stock opened at $204.48 on Wednesday. Diamondback Energy, Inc. has a 1-year low of $137.03 and a 1-year high of $216.90. The business has a fifty day moving average price of $197.47 and a 200-day moving average price of $188.15.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $6.08 by $0.40. The business had revenue of $5.56 billion for the quarter, compared to the consensus estimate of $4.89 billion. During the same period in the previous year, the company earned $2.38 earnings per share. The company’s revenue for the quarter was up 51.2% compared to the same quarter last year. On average, equities analysts predict that Diamondback Energy, Inc. will post 21.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th were given a $1.10 dividend. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $4.40 dividend on an annualized basis and a yield of 2.2%.

Key Headlines Impacting Diamondback Energy

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

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, Director Travis Stice sold 75,000 shares of the company’s stock in a transaction dated 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 transaction, the director owned 49,727 shares in the company, valued at approximately $10,159,723.37. This represents a 60.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles Meloy sold 33,333 shares of the company’s 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 transaction, the director owned 759,864 shares in the company, valued at $139,617,411.36. This represents a 4.20% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 141,666 shares of company stock valued at $28,061,456. 0.64% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FANG. Stifel Nicolaus assumed coverage on Diamondback Energy in a research note on Thursday, September 10th. They issued a “buy” rating and a $259.00 target price on the stock. Seaport Research Partners initiated coverage on Diamondback Energy in a research report on Thursday, September 3rd. They issued a “neutral” rating for the company. Wolfe Research reaffirmed an “outperform” rating and issued a $206.00 price target on shares of Diamondback Energy in a research report on Tuesday, August 4th. Weiss Ratings upgraded shares of Diamondback Energy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, October 19th. Finally, Roth Capital increased their price objective on shares of Diamondback Energy from $205.00 to $212.00 and gave the company a “buy” rating in a research report on Tuesday, August 4th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Diamondback Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $228.43.

Diamondback Energy 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.