Diamondback Energy, Inc. $FANG Shares Sold by ZEGA Investments LLC

ZEGA Investments LLC cut its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 49.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,764 shares of the oil and natural gas company’s stock after selling 3,700 shares during the quarter. ZEGA Investments LLC’s holdings in Diamondback Energy were worth $662,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of FANG. Cedar Mountain Advisors LLC purchased a new stake in Diamondback Energy during the first quarter worth $26,000. Meeder Asset Management Inc. acquired a new position in shares of Diamondback Energy in the second quarter worth about $28,000. JPL Wealth Management LLC acquired a new position in shares of Diamondback Energy in the third quarter worth about $26,000. Wellington Shields & Co. LLC boosted its stake in shares of Diamondback Energy by 264.7% during the 4th quarter. Wellington Shields & Co. LLC now owns 186 shares of the oil and natural gas company’s stock worth $28,000 after acquiring an additional 135 shares in the last quarter. Finally, Global Assets Advisory LLC acquired a new stake in shares of Diamondback Energy during the 1st quarter valued at about $40,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

FANG has been the subject of several recent analyst reports. Weiss Ratings upgraded Diamondback Energy from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, July 31st. Wells Fargo & Company raised their price objective on Diamondback Energy from $262.00 to $263.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Raymond James Financial restated a “strong-buy” rating and issued a $248.00 price objective on shares of Diamondback Energy in a research report on Friday, July 31st. Seaport Research Partners began coverage on shares of Diamondback Energy in a research note on Thursday. They issued a “neutral” rating on the stock. Finally, Wolfe Research restated an “outperform” rating and set a $206.00 price objective on shares of Diamondback Energy in a research report on Tuesday, August 4th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $222.21.

Diamondback Energy Price Performance

NASDAQ:FANG opened at $202.94 on Friday. The stock’s fifty day moving average is $194.61 and its two-hundred day moving average is $191.65. Diamondback Energy, Inc. has a 52 week low of $134.30 and a 52 week 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 has a market capitalization of $56.83 billion, a P/E ratio of 39.56 and a beta of 0.43.

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

Diamondback Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 13th were paid a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a 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%.

Insider Buying and Selling

In other Diamondback Energy news, Director Charles Meloy sold 33,333 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director owned 818,197 shares of the company’s stock, valued at $162,338,466.77. This trade represents a 3.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Lawrence Plaumann sold 500 shares of the company’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 sale, the director directly owned 13,437 shares in the company, valued at $2,640,370.50. This represents a 3.59% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 117,167 shares of company stock worth $22,305,309. 0.64% of the stock is owned by company insiders.

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.