MAI Capital Management Decreases Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

MAI Capital Management lessened its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 30.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,826 shares of the oil and natural gas company's stock after selling 5,211 shares during the quarter. MAI Capital Management's holdings in Diamondback Energy were worth $2,039,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the stock. O Shaughnessy Asset Management LLC boosted its stake in shares of Diamondback Energy by 27.5% in the first quarter. O Shaughnessy Asset Management LLC now owns 11,266 shares of the oil and natural gas company's stock valued at $2,233,000 after purchasing an additional 2,432 shares during the period. Lake Street Advisors Group LLC purchased a new position in shares of Diamondback Energy in the first quarter valued at approximately $401,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Diamondback Energy in the first quarter valued at approximately $971,000. Natixis purchased a new position in shares of Diamondback Energy in the first quarter valued at approximately $195,000. Finally, CreativeOne Wealth LLC boosted its stake in shares of Diamondback Energy by 110.0% in the first quarter. CreativeOne Wealth LLC now owns 5,060 shares of the oil and natural gas company's stock valued at $1,003,000 after purchasing an additional 2,650 shares during the period. Hedge funds and other institutional investors own 90.01% of the company's stock.

Diamondback Energy Price Performance

Shares of NASDAQ FANG opened at $181.46 on Thursday. The firm has a market capitalization of $52.98 billion, a P/E ratio of 10.39, a PEG ratio of 1.26 and a beta of 1.89. Diamondback Energy, Inc. has a one year low of $145.70 and a one year high of $214.50. The company's fifty day moving average is $181.65 and its two-hundred day moving average is $191.00. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.62 by ($1.24). The firm had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.43 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The company's quarterly revenue was up 13.0% compared to the same quarter last year. During the same period last year, the firm earned $5.49 EPS. Analysts forecast that Diamondback Energy, Inc. will post 16.78 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 14th will be paid a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend is Thursday, November 14th. Diamondback Energy's payout ratio is 20.61%.

Insider Activity at Diamondback Energy

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the company's stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the completion of the transaction, the insider now owns 1,037,819 shares of the company's stock, valued at $181,732,485.09. This represents a 92.72 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Mark Lawrence Plaumann sold 1,150 shares of the company's stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total transaction of $208,150.00. Following the transaction, the director now directly owns 4,712 shares of the company's stock, valued at approximately $852,872. This represents a 19.62 % decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on FANG. Barclays raised shares of Diamondback Energy from an "equal weight" rating to an "overweight" rating and reduced their target price for the company from $216.00 to $210.00 in a report on Wednesday, October 2nd. StockNews.com raised shares of Diamondback Energy from a "sell" rating to a "hold" rating in a report on Wednesday, November 13th. Wells Fargo & Company reaffirmed a "sector outperform" rating on shares of Diamondback Energy in a report on Friday, October 18th. Citigroup began coverage on shares of Diamondback Energy in a report on Monday, October 14th. They set a "neutral" rating and a $195.00 price objective on the stock. Finally, Jefferies Financial Group began coverage on shares of Diamondback Energy in a report on Monday, September 16th. They set a "hold" rating and a $185.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Diamondback Energy has an average rating of "Moderate Buy" and a consensus price target of $212.00.

Diamondback Energy Company Profile

Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. It focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico.