Diamondback Energy, Inc. $FANG Stock: Candriam S.C.A. Boosts Stake

Candriam S.C.A. grew its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 65.8% in the third quarter, according to its most recent filing with the SEC. The fund owned 40,147 shares of the oil and natural gas company’s stock after acquiring an additional 15,933 shares during the quarter. Candriam S.C.A.’s holdings in Diamondback Energy were worth $7,406,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of FANG. Meeder Asset Management Inc. bought a new stake in Diamondback Energy in the second quarter worth $28,000. Burkett Financial Services LLC purchased a new stake in Diamondback Energy during the third quarter valued at $32,000. Laurel Wealth Advisors LLC bought a new position in Diamondback Energy during the third quarter valued at $32,000. Global Assets Advisory LLC bought a new position in Diamondback Energy during the first quarter valued at $40,000. Finally, J.Safra Asset Management Corp bought a new position in Diamondback Energy during the second quarter valued at $41,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Charles Meloy sold 33,333 shares of the company’s stock in a transaction dated Monday, October 5th. The shares were sold at an average price of $183.74, for a total transaction of $6,124,605.42. Following the transaction, the director directly owned 759,864 shares in the company, valued at approximately $139,617,411.36. This represents a 4.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Travis D. Stice sold 75,000 shares of the company’s stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $204.31, for a total transaction of $15,323,250.00. Following the transaction, the director owned 49,727 shares in the company, valued at $10,159,723.37. The trade was a 60.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.64% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

FANG has been the subject of a number of recent research reports. Susquehanna lifted their price objective on shares of Diamondback Energy from $255.00 to $265.00 in a research note on Wednesday, August 5th. Citigroup decreased their target price on shares of Diamondback Energy from $221.00 to $220.00 and set a “buy” rating on the stock in a research report on Monday, August 10th. Capital One Financial upped their target price on shares of Diamondback Energy from $272.00 to $283.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Diamondback Energy in a report on Thursday, September 17th. Finally, Morgan Stanley lifted their price target on Diamondback Energy from $216.00 to $222.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 15th. Three investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $228.29.

Diamondback Energy Stock Down 0.4%

Shares of FANG opened at $178.17 on Tuesday. The company has a market cap of $49.89 billion, a PE ratio of 9.99 and a beta of 0.49. The business has a fifty day moving average of $195.33 and a 200 day moving average of $190.08. Diamondback Energy, Inc. has a 52-week low of $139.41 and a 52-week high of $216.90. The company has a quick ratio of 0.45, a current ratio of 0.55 and a debt-to-equity ratio of 0.26.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, November 2nd. The oil and natural gas company reported $5.86 EPS for the quarter, topping the consensus estimate of $5.72 by $0.14. Diamondback Energy had a net margin of 11.03% and a return on equity of 11.86%. The company had revenue of $5.43 billion during the quarter, compared to analyst estimates of $4.60 billion. During the same period in the previous year, the firm earned $3.08 earnings per share. Diamondback Energy’s quarterly revenue was up 38.4% compared to the same quarter last year. On average, sell-side analysts expect that Diamondback Energy, Inc. will post 22.57 EPS for the current year.

Diamondback Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 19th. Stockholders of record on Thursday, November 12th will be issued a $1.18 dividend. This is a boost from Diamondback Energy’s previous quarterly dividend of $1.10. The ex-dividend date is Thursday, November 12th. This represents a $4.72 annualized dividend and a dividend yield of 2.6%. Diamondback Energy’s dividend payout ratio (DPR) is 60.19%.

Diamondback Energy Company Profile

Diamondback Energy is an independent oil and natural gas company focused on the development and production of energy resources in the Permian Basin, primarily in West Texas and southeastern New Mexico. Its operations include exploration, drilling and production.

The company produces crude oil, natural gas and natural gas liquids. Its activities are concentrated in the Midland and Delaware Basin regions, where it develops oil and gas properties and related reserves.

Founded in 2007 and headquartered in Midland, Texas, Diamondback has expanded its Permian Basin operations over time, including through acquisitions.