Earnest Partners LLC Has $60.99 Million Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Earnest Partners LLC increased its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 0.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 304,644 shares of the oil and natural gas company’s stock after purchasing an additional 65 shares during the quarter. Earnest Partners LLC owned approximately 0.17% of Diamondback Energy worth $60,987,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Founders Capital Management grew its holdings in shares of Diamondback Energy by 404.0% in the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after acquiring an additional 101 shares in the last quarter. First Community Trust NA acquired a new position in Diamondback Energy during the second quarter valued at approximately $26,000. Carolinas Wealth Consulting LLC grew its stake in Diamondback Energy by 67.1% in 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 purchasing an additional 55 shares in the last quarter. Logan Capital Management Inc. acquired a new position in shares of Diamondback Energy during the 4th quarter worth approximately $31,000. Finally, HHM Wealth Advisors LLC bought a new stake in shares of Diamondback Energy during the 2nd quarter worth approximately $40,000. Institutional investors own 90.01% of the company’s stock.

Diamondback Energy Stock Down 6.5 %

NASDAQ FANG opened at $168.86 on Friday. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65. The company has a market cap of $30.12 billion, a price-to-earnings ratio of 9.52, a PEG ratio of 1.17 and a beta of 1.89. The company has a 50 day moving average of $190.69 and a 200-day moving average of $195.70. Diamondback Energy, Inc. has a 1-year low of $143.08 and a 1-year high of $214.50.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, beating analysts’ consensus estimates of $4.51 by $0.01. The firm had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.19 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The company’s revenue was up 29.4% compared to the same quarter last year. During the same period in the prior year, the company posted $3.68 EPS. On average, equities research analysts expect that Diamondback Energy, Inc. will post 18.97 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

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

Insider Buying and Selling at Diamondback Energy

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the completion of the sale, the insider now owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.48% of the company’s stock.

Wall Street Analysts Forecast Growth

FANG has been the topic of a number of recent analyst reports. Truist Financial boosted their target price on shares of Diamondback Energy from $249.00 to $255.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Morgan Stanley upped their target price on shares of Diamondback Energy from $185.00 to $198.00 and gave the company an “overweight” rating in a report on Monday, September 16th. Wells Fargo & Company cut their target price on shares of Diamondback Energy from $231.00 to $230.00 and set an “overweight” rating for the company in a research note on Wednesday, August 14th. Piper Sandler lowered their price target on Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. Finally, UBS Group cut their price objective on Diamondback Energy from $247.00 to $223.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Diamondback Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $209.71.

Diamondback Energy Company 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.