Spirit of America Management Corp NY Cuts Holdings in Diamondback Energy, Inc. $FANG

Spirit of America Management Corp NY lowered its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 27.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,300 shares of the oil and natural gas company’s stock after selling 5,500 shares during the period. Spirit of America Management Corp NY’s holdings in Diamondback Energy were worth $2,046,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Creekmur Asset Management LLC purchased a new stake in shares of Diamondback Energy during the 2nd quarter worth $28,000. Twin Peaks Wealth Advisors LLC bought a new position in Diamondback Energy in the second quarter worth about $29,000. Estabrook Capital Management purchased a new stake in shares of Diamondback Energy during the second quarter valued at about $41,000. Cape Investment Advisory Inc. boosted its holdings in shares of Diamondback Energy by 148.6% in the 1st quarter. Cape Investment Advisory Inc. now owns 343 shares of the oil and natural gas company’s stock valued at $55,000 after buying an additional 205 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV grew its position in shares of Diamondback Energy by 49.6% in the 2nd quarter. Creative Financial Designs Inc. ADV now owns 368 shares of the oil and natural gas company’s stock worth $51,000 after buying an additional 122 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Wall Street Zen raised shares of Diamondback Energy from a “sell” rating to a “hold” rating in a research report on Saturday, December 6th. UBS Group increased their price objective on Diamondback Energy from $174.00 to $194.00 and gave the company a “buy” rating in a report on Friday, December 12th. Mizuho set a $194.00 target price on Diamondback Energy in a research note on Friday, December 12th. Barclays reduced their target price on Diamondback Energy from $185.00 to $178.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 7th. Finally, Scotiabank restated an “outperform” rating on shares of Diamondback Energy in a research note on Thursday, October 9th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $188.76.

Insider Activity at Diamondback Energy

In other news, Director Charles Alvin Meloy sold 377,911 shares of the stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $138.61, for a total value of $52,382,243.71. Following the sale, the director owned 1,044,864 shares in the company, valued at $144,828,599.04. This represents a 26.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.70% of the stock is owned by company insiders.

Diamondback Energy Stock Performance

Shares of FANG opened at $147.47 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.60 and a current ratio of 0.62. The stock has a 50-day moving average of $148.24 and a two-hundred day moving average of $144.92. The stock has a market cap of $42.23 billion, a P/E ratio of 10.25 and a beta of 0.63. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $180.91.

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

Diamondback Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Thursday, November 13th were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.7%. The ex-dividend date was Thursday, November 13th. Diamondback Energy’s payout ratio is presently 27.80%.

Diamondback Energy Company 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.