Diamondback Energy, Inc. $FANG Shares Sold by Summit Global Investments

Summit Global Investments trimmed its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 46.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,342 shares of the oil and natural gas company’s stock after selling 13,124 shares during the quarter. Summit Global Investments’ holdings in Diamondback Energy were worth $2,108,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in FANG. Creekmur Asset Management LLC purchased a new position in Diamondback Energy during the second quarter worth approximately $28,000. SouthState Corp boosted its position in shares of Diamondback Energy by 596.4% during the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock valued at $31,000 after acquiring an additional 167 shares during the last quarter. Eastern Bank increased its position in Diamondback Energy by 119.8% during the first quarter. Eastern Bank now owns 233 shares of the oil and natural gas company’s stock worth $37,000 after purchasing an additional 127 shares during the last quarter. Zions Bancorporation National Association UT purchased a new position in Diamondback Energy during the first quarter worth about $43,000. Finally, Creative Financial Designs Inc. ADV grew its stake in shares of Diamondback Energy by 49.6% in the 2nd 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 during the period. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Diamondback Energy Trading Up 0.1%

NASDAQ FANG opened at $146.44 on Monday. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $186.07. The firm has a 50 day simple moving average of $143.49 and a 200-day simple moving average of $142.65. The firm has a market cap of $41.96 billion, a price-to-earnings ratio of 10.18 and a beta of 0.99. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.60 and a current ratio of 0.62.

Diamondback Energy (NASDAQ:FANG) last issued 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 company had revenue of $3.92 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter last year, the company posted $3.19 EPS. Equities research analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Investors of record on Thursday, November 13th were paid a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Thursday, November 13th. Diamondback Energy’s dividend payout ratio is presently 27.80%.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Raymond James Financial lowered their price objective on Diamondback Energy from $221.00 to $212.00 and set a “strong-buy” rating for the company in a research report on Wednesday, August 20th. Scotiabank reaffirmed an “outperform” rating on shares of Diamondback Energy in a research report on Thursday, October 9th. Mizuho reduced their price target on shares of Diamondback Energy from $183.00 to $176.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. William Blair initiated coverage on shares of Diamondback Energy in a report on Monday, August 25th. They issued an “outperform” rating on the stock. Finally, Melius assumed coverage on shares of Diamondback Energy in a research report on Wednesday, August 20th. They set a “buy” rating and a $213.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Diamondback Energy currently has an average rating of “Buy” and a consensus target price of $188.77.

Diamondback Energy 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.