Freestone Grove Partners LP Takes Position in Diamondback Energy, Inc. $FANG

Freestone Grove Partners LP acquired a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 53,513 shares of the oil and natural gas company’s stock, valued at approximately $9,407,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Cresset Asset Management LLC increased its holdings in Diamondback Energy by 37.5% during the 2nd quarter. Cresset Asset Management LLC now owns 4,726 shares of the oil and natural gas company’s stock worth $649,000 after acquiring an additional 1,288 shares during the period. Jump Financial LLC bought a new position in shares of Diamondback Energy in the 2nd quarter worth $2,301,000. Cerity Partners LLC increased its holdings in shares of Diamondback Energy by 13.5% in the 2nd quarter. Cerity Partners LLC now owns 51,104 shares of the oil and natural gas company’s stock worth $7,022,000 after buying an additional 6,069 shares during the last quarter. AXA S.A. raised its position in shares of Diamondback Energy by 8.5% during the 2nd quarter. AXA S.A. now owns 52,355 shares of the oil and natural gas company’s stock valued at $7,194,000 after buying an additional 4,103 shares in the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of Diamondback Energy by 37.1% during the 2nd quarter. Sei Investments Co. now owns 154,582 shares of the oil and natural gas company’s stock worth $21,239,000 after acquiring an additional 41,866 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Teresa L. Dick sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the completion of the transaction, the chief accounting officer owned 85,755 shares in the company, valued at $17,228,179.50. This represents a 7.55% 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. Also, Director Mark Lawrence Plaumann sold 500 shares of the firm’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $196.50, for a total value of $98,250.00. Following the completion of the sale, the director directly owned 13,437 shares of the company’s stock, valued at $2,640,370.50. The trade was a 3.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 129,167 shares of company stock valued at $24,714,309 over the last three months. 0.64% of the stock is currently owned by corporate insiders.

Diamondback Energy Price Performance

Shares of Diamondback Energy stock opened at $200.52 on Friday. The firm has a market cap of $56.15 billion, a PE ratio of 39.09 and a beta of 0.43. Diamondback Energy, Inc. has a 12-month low of $134.30 and a 12-month high of $216.90. The company has a quick ratio of 0.45, a current ratio of 0.47 and a debt-to-equity ratio of 0.25. The company’s fifty day simple moving average is $192.96 and its two-hundred day simple moving average is $190.44.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, August 3rd. The oil and natural gas company reported $6.48 EPS for the quarter, beating the consensus estimate of $6.08 by $0.40. The firm had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $4.89 billion. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The company’s quarterly revenue was up 51.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.38 earnings per share. As a group, equities analysts expect that Diamondback Energy, Inc. will post 20.13 EPS for the current year.

Diamondback Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were given a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Thursday, August 13th. Diamondback Energy’s dividend payout ratio (DPR) is currently 85.77%.

Wall Street Analysts Forecast Growth

FANG has been the subject of a number of research reports. Mizuho upped their price objective on Diamondback Energy from $220.00 to $240.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Morgan Stanley restated an “equal weight” rating and issued a $216.00 target price on shares of Diamondback Energy in a research report on Wednesday, August 19th. UBS Group cut their target price on Diamondback Energy from $246.00 to $243.00 and set a “buy” rating for the company in a research note on Tuesday, July 21st. Wells Fargo & Company lifted their price target on shares of Diamondback Energy from $262.00 to $263.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Finally, Sanford C. Bernstein boosted their price objective on shares of Diamondback Energy from $237.00 to $241.00 and gave the stock an “outperform” rating in a report on Monday, May 11th. Four analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $222.21.

Diamondback Energy Company Profile

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.