Resonant Capital Advisors LLC Takes Position in Diamondback Energy, Inc. $FANG

Resonant Capital Advisors LLC bought a new stake in Diamondback Energy, Inc. (NASDAQ:FANG) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 1,508 shares of the oil and natural gas company’s stock, valued at approximately $207,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FANG. Nuveen LLC acquired a new stake in Diamondback Energy during the first quarter worth $230,039,000. Adage Capital Partners GP L.L.C. bought a new position in shares of Diamondback Energy during the 1st quarter worth about $77,622,000. Wellington Management Group LLP boosted its position in shares of Diamondback Energy by 27.3% during the 1st quarter. Wellington Management Group LLP now owns 1,950,160 shares of the oil and natural gas company’s stock valued at $311,792,000 after acquiring an additional 418,431 shares in the last quarter. Victory Capital Management Inc. increased its stake in Diamondback Energy by 50.6% in the first quarter. Victory Capital Management Inc. now owns 1,135,759 shares of the oil and natural gas company’s stock valued at $181,585,000 after acquiring an additional 381,542 shares during the period. Finally, Boston Partners increased its stake in Diamondback Energy by 4.8% in the first quarter. Boston Partners now owns 5,418,840 shares of the oil and natural gas company’s stock valued at $861,961,000 after acquiring an additional 249,098 shares during the period. 90.01% of the stock is currently owned by institutional investors.

Diamondback Energy Stock Performance

Shares of NASDAQ:FANG opened at $141.14 on Wednesday. The business has a fifty day moving average of $142.75 and a 200-day moving average of $141.23. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $186.07. The firm has a market cap of $40.86 billion, a PE ratio of 10.03 and a beta of 1.04.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, August 4th. The oil and natural gas company reported $2.67 EPS for the quarter, missing analysts’ consensus estimates of $2.72 by ($0.05). Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.35 billion. During the same period in the prior year, the company earned $4.52 EPS. The firm’s revenue was up 48.1% compared to the same quarter last year. On average, equities research analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 14th were given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.8%. The ex-dividend date was Thursday, August 14th. Diamondback Energy’s payout ratio is 28.43%.

Insider Buying and Selling

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total value of $2,913,120.00. Following the transaction, the chairman directly owned 102,145 shares in the company, valued at approximately $14,586,306. This trade represents a 16.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.48% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Wells Fargo & Company cut their price target on shares of Diamondback Energy from $211.00 to $160.00 and set an “overweight” rating for the company in a research note on Friday, October 17th. Melius began coverage on Diamondback Energy in a report on Wednesday, August 20th. They issued a “buy” rating and a $213.00 target price for the company. Mizuho decreased their price target on Diamondback Energy from $183.00 to $176.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. UBS Group upped their price target on Diamondback Energy from $163.00 to $171.00 and gave the company a “buy” rating in a research report on Wednesday, August 20th. Finally, Barclays cut their price objective on Diamondback Energy from $185.00 to $178.00 and set an “overweight” rating for the company in a report on Tuesday, October 7th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Diamondback Energy has a consensus rating of “Buy” and a consensus target price of $189.67.

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.