Diamondback Energy, Inc. $FANG Stake Lessened by Virtus Investment Advisers LLC

by · The Cerbat Gem

Virtus Investment Advisers LLC cut its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG – Free Report) by 87.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 1,153 shares of the oil and natural gas company’s stock after selling 8,210 shares during the quarter. Virtus Investment Advisers LLC’s holdings in Diamondback Energy were worth $158,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Creekmur Asset Management LLC bought a new stake in shares of Diamondback Energy in the 2nd quarter worth approximately $28,000. SouthState Corp boosted its holdings in Diamondback Energy by 596.4% during the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock worth $31,000 after buying an additional 167 shares in the last quarter. Eastern Bank grew its position in Diamondback Energy by 119.8% in the first quarter. Eastern Bank now owns 233 shares of the oil and natural gas company’s stock worth $37,000 after buying an additional 127 shares during the last quarter. Zions Bancorporation National Association UT acquired a new position in Diamondback Energy in the first quarter worth approximately $43,000. Finally, Creative Financial Designs Inc. ADV increased its holdings in shares of Diamondback Energy by 49.6% in the second quarter. Creative Financial Designs Inc. ADV now owns 368 shares of the oil and natural gas company’s stock valued at $51,000 after buying an additional 122 shares in the last quarter. Institutional investors own 90.01% of the company’s stock.

Diamondback Energy Trading Up 2.1%

Shares of Diamondback Energy stock opened at $152.42 on Friday. Diamondback Energy, Inc. has a 1 year low of $114.00 and a 1 year high of $180.91. The company’s fifty day simple moving average is $144.53 and its 200-day simple moving average is $142.93. The company has a market cap of $43.65 billion, a price-to-earnings ratio of 10.59 and a beta of 0.99. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.35.

Diamondback Energy (NASDAQ:FANG – Get Free Report) last posted its quarterly earnings results on Monday, November 3rd. The oil and natural gas company reported $3.08 EPS for the quarter, beating 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.19 EPS. As a group, sell-side analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Thursday, November 13th were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Thursday, November 13th. Diamondback Energy’s dividend payout ratio is presently 27.80%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on FANG shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Diamondback Energy in a report on Tuesday. Melius Research began coverage on shares of Diamondback Energy in a research note on Wednesday, August 20th. They set a “buy” rating and a $213.00 price objective for the company. Morgan Stanley reissued an “overweight” rating and issued a $183.00 target price on shares of Diamondback Energy in a research report on Thursday, November 20th. Royal Bank Of Canada restated an “outperform” rating and issued a $173.00 target price on shares of Diamondback Energy in a report on Friday, October 10th. Finally, UBS Group raised their price objective on Diamondback Energy from $171.00 to $174.00 and gave the stock a “buy” rating in a research report on Tuesday, November 11th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Diamondback Energy currently has a consensus rating of “Buy” and an average target price of $188.77.

View Our Latest Research Report on FANG

Diamondback Energy Company Profile

(Free Report)

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.

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