Diamondback Energy, Inc. $FANG Shares Sold by Wedge Capital Management L L P NC

by · The Cerbat Gem

Wedge Capital Management L L P NC decreased its holdings in Diamondback Energy, Inc. (NASDAQ:FANG – Free Report) by 26.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,528 shares of the oil and natural gas company’s stock after selling 10,564 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Diamondback Energy were worth $4,225,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of FANG. Perpetual Ltd raised its holdings in shares of Diamondback Energy by 8.2% in the third quarter. Perpetual Ltd now owns 1,890 shares of the oil and natural gas company’s stock valued at $270,000 after buying an additional 144 shares during the last quarter. Rydar Equities Inc. acquired a new position in Diamondback Energy in the 3rd quarter valued at about $390,000. Signal Advisors Wealth LLC raised its stake in Diamondback Energy by 50.7% during the 3rd quarter. Signal Advisors Wealth LLC now owns 62,615 shares of the oil and natural gas company’s stock valued at $8,960,000 after acquiring an additional 21,071 shares during the last quarter. Independence Bank of Kentucky lifted its position in Diamondback Energy by 22.3% during the 3rd quarter. Independence Bank of Kentucky now owns 6,175 shares of the oil and natural gas company’s stock worth $884,000 after acquiring an additional 1,127 shares during the period. Finally, L. Roy Papp & Associates LLP grew its stake in shares of Diamondback Energy by 14.9% in the 3rd quarter. L. Roy Papp & Associates LLP now owns 3,174 shares of the oil and natural gas company’s stock valued at $454,000 after purchasing an additional 412 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on FANG. KeyCorp cut their price target on Diamondback Energy from $180.00 to $176.00 and set an “overweight” rating for the company in a research note on Wednesday, September 3rd. Morgan Stanley restated an “overweight” rating and set a $183.00 price objective on shares of Diamondback Energy in a research report on Thursday, November 20th. Roth Capital set a $162.00 target price on shares of Diamondback Energy and gave the company a “buy” rating in a report on Tuesday, November 4th. Wells Fargo & Company boosted their price target on shares of Diamondback Energy from $160.00 to $169.00 and gave the stock an “overweight” rating in a research note on Monday, November 17th. Finally, Mizuho set a $194.00 price objective on shares of Diamondback Energy in a research report on Friday, December 12th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $188.76.

Check Out Our Latest Report on FANG

Insider Buying and Selling

In other Diamondback Energy news, Director Charles Alvin Meloy sold 377,911 shares of the company’s stock in a transaction on Thursday, December 4th. The stock was 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 of the company’s stock, valued at approximately $144,828,599.04. This represents a 26.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.48% of the company’s stock.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $148.46 on Tuesday. The firm’s fifty day simple moving average is $147.84 and its 200-day simple moving average is $144.83. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 0.35. The stock has a market cap of $42.52 billion, a PE ratio of 10.32 and a beta of 0.63. Diamondback Energy, Inc. has a fifty-two week low of $114.00 and a fifty-two week high of $180.91.

Diamondback Energy (NASDAQ:FANG – Get Free Report) last released its quarterly earnings data on Monday, November 3rd. The oil and natural gas company reported $3.08 EPS for the quarter, topping analysts’ consensus estimates of $2.94 by $0.14. The firm had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.48 billion. Diamondback Energy had a net margin of 27.32% and a return on equity of 9.57%. The firm’s revenue was up 48.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.19 earnings per share. Analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Thursday, November 13th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis 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 Profile

(Free Report)

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.

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