Frank Rimerman Advisors LLC Lowers Stock Holdings in Diamondback Energy, Inc. $FANG

Frank Rimerman Advisors LLC lessened its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 9.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,558 shares of the oil and natural gas company’s stock after selling 503 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Diamondback Energy were worth $626,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Uhlmann Price Securities LLC increased its stake in Diamondback Energy by 1.3% in the 2nd quarter. Uhlmann Price Securities LLC now owns 5,090 shares of the oil and natural gas company’s stock valued at $699,000 after buying an additional 67 shares during the period. Mesirow Financial Investment Management Inc. boosted its holdings in shares of Diamondback Energy by 5.6% in the first quarter. Mesirow Financial Investment Management Inc. now owns 1,414 shares of the oil and natural gas company’s stock valued at $226,000 after acquiring an additional 75 shares in the last quarter. FourThought Financial Partners LLC increased its stake in shares of Diamondback Energy by 2.9% during the first quarter. FourThought Financial Partners LLC now owns 2,779 shares of the oil and natural gas company’s stock worth $444,000 after acquiring an additional 78 shares during the period. Biondo Investment Advisors LLC raised its holdings in Diamondback Energy by 0.3% during the first quarter. Biondo Investment Advisors LLC now owns 28,858 shares of the oil and natural gas company’s stock worth $4,614,000 after purchasing an additional 80 shares in the last quarter. Finally, STF Management LP raised its holdings in Diamondback Energy by 1.9% during the second quarter. STF Management LP now owns 4,490 shares of the oil and natural gas company’s stock worth $617,000 after purchasing an additional 84 shares in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Diamondback Energy Stock Performance

NASDAQ FANG opened at $148.69 on Thursday. The business has a 50 day moving average price of $143.15 and a 200 day moving average price of $142.37. The company has a market capitalization of $42.60 billion, a P/E ratio of 10.33 and a beta of 0.99. Diamondback Energy, Inc. has a 1-year low of $114.00 and a 1-year high of $186.07. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.62 and a quick ratio of 0.60.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, November 3rd. The oil and natural gas company reported $3.08 EPS for the quarter, beating analysts’ consensus estimates of $2.94 by $0.14. Diamondback Energy had a net margin of 27.32% and a return on equity of 9.57%. The firm had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.48 billion. During the same period in the prior year, the company earned $3.19 EPS. The firm’s revenue was up 48.4% on a year-over-year basis. Sell-side analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Thursday, November 13th will be given a $1.00 dividend. The ex-dividend date is Thursday, November 13th. This represents a $4.00 annualized dividend and a dividend yield of 2.7%. Diamondback Energy’s dividend payout ratio is currently 27.80%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FANG. Wall Street Zen raised Diamondback Energy from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Evercore ISI lifted their price target on Diamondback Energy from $165.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, October 6th. Melius began coverage on Diamondback Energy in a report on Wednesday, August 20th. They set a “buy” rating and a $213.00 price objective on the stock. Wells Fargo & Company raised their target price on Diamondback Energy from $160.00 to $169.00 and gave the company an “overweight” rating in a report on Monday. Finally, KeyCorp decreased their target price on shares of Diamondback Energy from $180.00 to $176.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $188.82.

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.