Pinnacle Associates Ltd. Raises Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Pinnacle Associates Ltd. grew its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 4.5% during the third quarter, HoldingsChannel reports. The firm owned 69,378 shares of the oil and natural gas company’s stock after purchasing an additional 3,003 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Diamondback Energy were worth $11,961,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in FANG. Quent Capital LLC grew its stake in shares of Diamondback Energy by 7.2% during the second quarter. Quent Capital LLC now owns 809 shares of the oil and natural gas company’s stock valued at $162,000 after acquiring an additional 54 shares in the last quarter. Carolinas Wealth Consulting LLC grew its stake in shares of Diamondback Energy by 67.1% during the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock valued at $27,000 after acquiring an additional 55 shares in the last quarter. Sugarloaf Wealth Management LLC grew its stake in shares of Diamondback Energy by 0.3% during the second quarter. Sugarloaf Wealth Management LLC now owns 19,975 shares of the oil and natural gas company’s stock valued at $3,999,000 after acquiring an additional 56 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of Diamondback Energy by 16.1% during the second quarter. Versant Capital Management Inc now owns 412 shares of the oil and natural gas company’s stock valued at $82,000 after acquiring an additional 57 shares in the last quarter. Finally, Confluence Investment Management LLC grew its stake in shares of Diamondback Energy by 1.6% during the second quarter. Confluence Investment Management LLC now owns 3,667 shares of the oil and natural gas company’s stock valued at $734,000 after acquiring an additional 58 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Stock Performance

FANG opened at $176.65 on Thursday. The business’s 50 day moving average is $183.98 and its 200-day moving average is $193.38. The stock has a market cap of $31.50 billion, a PE ratio of 9.96, a price-to-earnings-growth ratio of 1.27 and a beta of 1.89. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65. Diamondback Energy, Inc. has a twelve month low of $145.70 and a twelve month high of $214.50.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, topping the consensus estimate of $4.51 by $0.01. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The firm had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.19 billion. During the same quarter in the previous year, the company earned $3.68 earnings per share. The firm’s quarterly revenue was up 29.4% compared to the same quarter last year. On average, analysts predict that Diamondback Energy, Inc. will post 17.37 earnings per share for the current year.

Diamondback Energy Increases Dividend

The company also recently announced a None dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were issued a dividend of $2.34 per share. This is a boost from Diamondback Energy’s previous None dividend of $2.26. The ex-dividend date was Thursday, August 15th. This represents a yield of 1.9%. Diamondback Energy’s payout ratio is presently 20.29%.

Wall Street Analyst Weigh In

A number of research firms recently commented on FANG. BMO Capital Markets upgraded Diamondback Energy from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $205.00 to $215.00 in a research note on Friday, October 4th. Wells Fargo & Company reiterated a “sector outperform” rating on shares of Diamondback Energy in a research note on Friday, October 18th. Citigroup began coverage on Diamondback Energy in a research note on Monday, October 14th. They issued a “neutral” rating and a $195.00 price target for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $220.00 price target on shares of Diamondback Energy in a research note on Tuesday, September 17th. Finally, Sanford C. Bernstein decreased their price target on Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating for the company in a research note on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Diamondback Energy currently has a consensus rating of “Moderate Buy” and an average price target of $210.09.

Insider Buying and Selling

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the transaction, the insider now owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.48% of the stock is owned by corporate insiders.

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.