Driehaus Capital Management LLC Decreases Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Driehaus Capital Management LLC lowered its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 58.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 42,456 shares of the oil and natural gas company’s stock after selling 60,403 shares during the quarter. Driehaus Capital Management LLC’s holdings in Diamondback Energy were worth $8,499,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Founders Capital Management lifted its stake in Diamondback Energy by 404.0% in the first quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock worth $25,000 after acquiring an additional 101 shares during the last quarter. First Community Trust NA purchased a new stake in shares of Diamondback Energy during the 2nd quarter worth approximately $26,000. Carolinas Wealth Consulting LLC lifted its position in shares of Diamondback Energy by 67.1% during the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after buying an additional 55 shares during the last quarter. Logan Capital Management Inc. purchased a new stake in shares of Diamondback Energy during the 4th quarter worth approximately $31,000. Finally, HHM Wealth Advisors LLC purchased a new stake in shares of Diamondback Energy during the 2nd quarter worth approximately $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. Truist Financial boosted their price objective on shares of Diamondback Energy from $249.00 to $255.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Johnson Rice downgraded shares of Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, September 24th. KeyCorp assumed coverage on shares of Diamondback Energy in a report on Thursday, June 27th. They issued an “overweight” rating and a $225.00 target price on the stock. Jefferies Financial Group assumed coverage on shares of Diamondback Energy in a report on Monday, September 16th. They issued a “hold” rating and a $185.00 target price on the stock. Finally, UBS Group cut their target price on shares of Diamondback Energy from $247.00 to $223.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $209.71.

Diamondback Energy Price Performance

Shares of NASDAQ FANG opened at $170.63 on Monday. The firm has a market capitalization of $30.43 billion, a P/E ratio of 9.62, a PEG ratio of 1.17 and a beta of 1.89. Diamondback Energy, Inc. has a one year low of $143.08 and a one year high of $214.50. The company’s fifty day moving average is $189.17 and its two-hundred day moving average is $195.55. The company has a debt-to-equity ratio of 0.65, a quick ratio of 3.64 and a current ratio of 3.66.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data 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 net margin of 37.51% and a return on equity of 19.54%. The business had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.19 billion. During the same period in the previous year, the firm earned $3.68 EPS. The business’s revenue for the quarter was up 29.4% compared to the same quarter last year. Analysts forecast that Diamondback Energy, Inc. will post 18.97 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently disclosed a None dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were given a $2.34 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This is a positive change from Diamondback Energy’s previous None dividend of $2.26. This represents a dividend yield of 1.9%. Diamondback Energy’s payout ratio is currently 20.29%.

Insider Buying and Selling

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the company’s stock in a transaction dated 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 directly owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.48% of the company’s stock.

About Diamondback Energy

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.