Bay Harbor Wealth Management LLC Grows Position in Diamondback Energy, Inc. $FANG

Bay Harbor Wealth Management LLC raised its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 25.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 656 shares of the oil and natural gas company’s stock after buying an additional 132 shares during the quarter. Bay Harbor Wealth Management LLC’s holdings in Diamondback Energy were worth $90,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Robeco Institutional Asset Management B.V. grew its holdings in shares of Diamondback Energy by 4.0% during the first quarter. Robeco Institutional Asset Management B.V. now owns 36,177 shares of the oil and natural gas company’s stock worth $5,784,000 after buying an additional 1,384 shares in the last quarter. Oppenheimer Asset Management Inc. grew its holdings in shares of Diamondback Energy by 6.3% during the first quarter. Oppenheimer Asset Management Inc. now owns 58,853 shares of the oil and natural gas company’s stock worth $9,409,000 after buying an additional 3,467 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in shares of Diamondback Energy by 50.4% during the first quarter. China Universal Asset Management Co. Ltd. now owns 7,149 shares of the oil and natural gas company’s stock worth $1,143,000 after buying an additional 2,397 shares in the last quarter. True North Advisors LLC purchased a new stake in shares of Diamondback Energy during the first quarter worth $327,000. Finally, Wealth Advisory Solutions LLC purchased a new stake in shares of Diamondback Energy during the first quarter worth $2,631,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. William Blair assumed coverage on shares of Diamondback Energy in a report on Monday, August 25th. They issued an “outperform” rating for the company. Melius Research assumed coverage on shares of Diamondback Energy in a report on Wednesday, August 20th. They issued a “buy” rating and a $213.00 price objective for the company. Weiss Ratings reissued a “hold (c-)” rating on shares of Diamondback Energy in a report on Saturday, September 27th. Susquehanna dropped their price objective on shares of Diamondback Energy from $192.00 to $188.00 and set a “positive” rating for the company in a report on Wednesday, July 23rd. Finally, Mizuho dropped their price objective on shares of Diamondback Energy from $183.00 to $176.00 and set an “outperform” rating for the company in a report on Monday, September 15th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $192.41.

Insiders Place Their Bets

In related news, Chairman Travis D. Stice sold 20,400 shares of the firm’s stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $142.80, for a total value of $2,913,120.00. Following the sale, the chairman owned 102,145 shares of the company’s stock, valued at $14,586,306. This trade represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.70% of the stock is currently owned by company insiders.

Diamondback Energy Stock Up 3.0%

Shares of NASDAQ:FANG opened at $147.47 on Friday. The firm’s 50 day moving average price is $142.86 and its 200 day moving average price is $141.52. The stock has a market cap of $42.69 billion, a price-to-earnings ratio of 10.48 and a beta of 1.04. Diamondback Energy, Inc. has a fifty-two week low of $114.00 and a fifty-two week high of $200.47. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share for the quarter, missing the consensus estimate of $2.72 by ($0.05). The firm had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.35 billion. Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The firm’s revenue was up 48.1% compared to the same quarter last year. During the same period last year, the business earned $4.52 EPS. As a group, equities research analysts predict 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, August 21st. Investors of record on Thursday, August 14th were issued a $1.00 dividend. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $4.00 annualized dividend and a yield of 2.7%. Diamondback Energy’s dividend payout ratio (DPR) is 28.43%.

About Diamondback Energy

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.