HITE Hedge Asset Management LLC Takes $7.31 Million Position in Diamondback Energy, Inc. (NASDAQ:FANG)

HITE Hedge Asset Management LLC purchased a new stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 42,377 shares of the oil and natural gas company's stock, valued at approximately $7,306,000.

Other hedge funds have also added to or reduced their stakes in the company. First Community Trust NA bought a new stake in shares of Diamondback Energy during the 2nd quarter valued at $26,000. Carolinas Wealth Consulting LLC increased its stake in shares of Diamondback Energy by 67.1% during the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company's stock valued at $27,000 after purchasing an additional 55 shares in the last quarter. HHM Wealth Advisors LLC purchased a new position in shares of Diamondback Energy during the second quarter valued at approximately $40,000. Values First Advisors Inc. bought a new stake in shares of Diamondback Energy in the 3rd quarter worth approximately $42,000. Finally, Founders Capital Management boosted its position in shares of Diamondback Energy by 99.2% in the 2nd quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company's stock worth $50,000 after purchasing an additional 125 shares in the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Scotiabank dropped their target price on Diamondback Energy from $245.00 to $225.00 and set a "sector outperform" rating on the stock in a report on Thursday, October 10th. KeyCorp cut their price objective on shares of Diamondback Energy from $225.00 to $216.00 and set an "overweight" rating on the stock in a research report on Wednesday, October 16th. 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 target on the stock. Finally, Raymond James boosted their price objective on shares of Diamondback Energy from $232.00 to $237.00 and gave the stock a "strong-buy" rating in a report on Tuesday, November 19th. One analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $212.65.

Diamondback Energy Stock Performance

NASDAQ FANG traded down $0.07 on Tuesday, hitting $175.76. 1,804,384 shares of the company traded hands, compared to its average volume of 1,759,703. The business's 50 day moving average price is $181.76 and its 200-day moving average price is $189.68. Diamondback Energy, Inc. has a 52-week low of $145.70 and a 52-week high of $214.50. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $51.32 billion, a price-to-earnings ratio of 10.06, a P/E/G ratio of 1.30 and a beta of 1.88.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $4.62 by ($1.24). Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The firm had revenue of $2.65 billion during the quarter, compared to analysts' expectations of $2.43 billion. During the same period last year, the company earned $5.49 earnings per share. The business's revenue for the quarter was up 13.0% on a year-over-year basis. Equities analysts expect that Diamondback Energy, Inc. will post 16.26 earnings per share for the current year.

Diamondback Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 14th were given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 2.05%. The ex-dividend date of this dividend was Thursday, November 14th. Diamondback Energy's dividend payout ratio is currently 20.61%.

Insider Activity at Diamondback Energy

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the company's stock in a transaction on 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 sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Mark Lawrence Plaumann sold 1,150 shares of the business's stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total transaction of $208,150.00. Following the completion of the sale, the director now owns 4,712 shares in the company, valued at approximately $852,872. This trade represents a 19.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is owned by corporate insiders.

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.