Magnus Financial Group LLC cut its position in Diamondback Energy Inc (NASDAQ:FANG) by 30.5% during the second quarter, Holdings Channel reports. The firm owned 3,241 shares of the oil and natural gas company’s stock after selling 1,424 shares during the period. Magnus Financial Group LLC’s holdings in Diamondback Energy were worth $353,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently made changes to their positions in FANG. Archford Capital Strategies LLC increased its stake in Diamondback Energy by 1,100.0% during the second quarter. Archford Capital Strategies LLC now owns 240 shares of the oil and natural gas company’s stock worth $26,000 after acquiring an additional 220 shares during the last quarter. Berman Capital Advisors LLC increased its stake in Diamondback Energy by 180.8% during the first quarter. Berman Capital Advisors LLC now owns 292 shares of the oil and natural gas company’s stock worth $29,000 after acquiring an additional 188 shares during the last quarter. Steward Partners Investment Advisory LLC acquired a new stake in Diamondback Energy during the second quarter worth $32,000. Manchester Capital Management LLC acquired a new stake in Diamondback Energy during the first quarter worth $34,000. Finally, Mizuho Securities Co. Ltd. acquired a new stake in Diamondback Energy during the second quarter worth $44,000. 99.35% of the stock is currently owned by institutional investors and hedge funds.
Several equities research analysts have issued reports on the company. Northland Securities reissued a “buy” rating and set a $150.00 target price on shares of Diamondback Energy in a research note on Wednesday, August 7th. JPMorgan Chase & Co. cut their target price on Diamondback Energy from $155.00 to $149.00 and set an “overweight” rating for the company in a research note on Wednesday, August 14th. Wells Fargo & Co raised their target price on Diamondback Energy from $169.00 to $171.00 and gave the stock an “outperform” rating in a research note on Monday, August 12th. ValuEngine cut Diamondback Energy from a “hold” rating to a “sell” rating in a research note on Friday, July 26th. Finally, Royal Bank of Canada reissued a “buy” rating and set a $156.00 target price on shares of Diamondback Energy in a research note on Sunday, August 11th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, twenty-three have given a buy rating and three have given a strong buy rating to the company. Diamondback Energy has an average rating of “Buy” and a consensus target price of $156.57.
Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Tuesday, August 6th. The oil and natural gas company reported $1.70 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.74 by ($0.04). Diamondback Energy had a net margin of 26.92% and a return on equity of 6.50%. The firm had revenue of $1.02 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period in the previous year, the firm posted $1.59 earnings per share. The company’s quarterly revenue was up 93.7% compared to the same quarter last year. Analysts forecast that Diamondback Energy Inc will post 7.27 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 26th. Investors of record on Friday, August 16th will be issued a $0.188 dividend. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $0.75 dividend on an annualized basis and a yield of 0.75%. Diamondback Energy’s dividend payout ratio (DPR) is presently 12.78%.
In related news, CEO Travis D. Stice bought 4,186 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was purchased at an average cost of $95.55 per share, for a total transaction of $399,972.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Hof Matthew Kaes Van’t sold 1,500 shares of Diamondback Energy stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $107.47, for a total value of $161,205.00. Following the sale, the chief financial officer now directly owns 27,465 shares of the company’s stock, valued at $2,951,663.55. The disclosure for this sale can be found here. Company insiders own 0.47% of the company’s stock.
Diamondback Energy Profile
Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. It primarily 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.
Read More: Are we seeing the beginning of a new bubble?
Want to see what other hedge funds are holding FANG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Diamondback Energy Inc (NASDAQ:FANG).
Receive News & Ratings for Diamondback Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Diamondback Energy and related companies with MarketBeat.com's FREE daily email newsletter.