California State Teachers Retirement System Purchases 38,640,635 Shares of Diamondback Energy, Inc. $FANG

California State Teachers Retirement System lifted its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 17,811.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,857,575 shares of the oil and natural gas company’s stock after buying an additional 38,640,635 shares during the period. California State Teachers Retirement System owned about 0.14% of Diamondback Energy worth $6,830,385,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Wedmont Private Capital boosted its position in Diamondback Energy by 5.1% during the 2nd quarter. Wedmont Private Capital now owns 4,024 shares of the oil and natural gas company’s stock worth $738,000 after acquiring an additional 195 shares during the last quarter. HB Wealth Management LLC grew its stake in shares of Diamondback Energy by 4.8% during the 2nd quarter. HB Wealth Management LLC now owns 7,291 shares of the oil and natural gas company’s stock worth $1,282,000 after acquiring an additional 331 shares in the last quarter. Saudi Central Bank raised its holdings in shares of Diamondback Energy by 93.4% in the second quarter. Saudi Central Bank now owns 13,292 shares of the oil and natural gas company’s stock valued at $2,336,000 after purchasing an additional 6,418 shares during the last quarter. Compass Financial Management LLC acquired a new stake in shares of Diamondback Energy in the second quarter valued at approximately $63,000. Finally, Shah Wealth Advisors LLC bought a new stake in shares of Diamondback Energy in the second quarter worth $291,000. 90.01% of the stock is currently owned by institutional investors.

Diamondback Energy Price Performance

Shares of FANG opened at $202.63 on Thursday. The company has a market cap of $56.74 billion, a price-to-earnings ratio of 39.50 and a beta of 0.43. Diamondback Energy, Inc. has a 1-year low of $134.30 and a 1-year high of $216.90. The company’s fifty day simple moving average is $196.46 and its 200 day simple moving average is $192.45. The company has a current ratio of 0.47, a quick ratio of 0.45 and a debt-to-equity ratio of 0.25.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.08 by $0.40. The firm had revenue of $5.56 billion for the quarter, compared to analyst estimates 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. On average, research analysts forecast that Diamondback Energy, Inc. will post 20.14 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were issued 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 of this dividend was Thursday, August 13th. Diamondback Energy’s dividend payout ratio is presently 85.77%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Wolfe Research restated an “outperform” rating and set a $206.00 target price on shares of Diamondback Energy in a report on Tuesday, August 4th. Morgan Stanley restated an “equal weight” rating and set a $216.00 price objective on shares of Diamondback Energy in a research note on Wednesday, August 19th. Seaport Research Partners initiated coverage on Diamondback Energy in a report on Thursday, September 3rd. They issued a “neutral” rating for the company. Wells Fargo & Company lifted their target price on Diamondback Energy from $262.00 to $263.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. Finally, Citigroup dropped their target price on Diamondback Energy from $221.00 to $220.00 and set a “buy” rating on the stock in a report on Monday, August 10th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $222.21.

Insider Activity

In related news, Director Charles Meloy sold 33,333 shares of the firm’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $198.41, for a total value of $6,613,600.53. Following the completion of the sale, the director directly owned 818,197 shares in the company, valued at approximately $162,338,466.77. This trade represents a 3.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.64% of the company’s stock.

Diamondback Energy Profile

Diamondback Energy, Inc is an independent oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin of West Texas and southeastern New Mexico. The company’s operations are concentrated primarily in the Midland and Delaware sub-basins.

Diamondback produces crude oil, natural gas and natural gas liquids. Its activities include drilling and completing horizontal wells, operating gathering and infrastructure assets, and managing mineral and royalty interests through its Viper Energy platform.