Summit Global Investments Takes Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Summit Global Investments purchased a new position in Diamondback Energy, Inc. (NASDAQ:FANG) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 1,174 shares of the oil and natural gas company’s stock, valued at approximately $202,000.

Several other large investors also recently added to or reduced their stakes in the stock. First Community Trust NA bought a new stake in shares of Diamondback Energy in the 2nd quarter worth about $26,000. Carolinas Wealth Consulting LLC boosted its position 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 buying an additional 55 shares during the period. HHM Wealth Advisors LLC bought a new position in shares of Diamondback Energy during the second quarter valued at approximately $40,000. Values First Advisors Inc. purchased a new stake in shares of Diamondback Energy in the third quarter worth approximately $42,000. Finally, Founders Capital Management lifted its stake in shares of Diamondback Energy by 99.2% during the 2nd quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock worth $50,000 after acquiring an additional 125 shares during the last quarter. 90.01% of the stock is owned by institutional investors.

Insider Activity

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the transaction, the insider now owns 1,037,819 shares in the company, valued at $181,732,485.09. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.48% of the company’s stock.

Diamondback Energy Trading Down 1.5 %

Shares of NASDAQ:FANG opened at $179.13 on Tuesday. The business’s 50-day moving average is $181.77 and its 200 day moving average is $192.15. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 3.64. Diamondback Energy, Inc. has a 1 year low of $145.70 and a 1 year high of $214.50. The firm has a market capitalization of $52.80 billion, a P/E ratio of 10.41, a P/E/G ratio of 1.28 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.62 by ($1.24). The company had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.43 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The business’s revenue was up 13.0% compared to the same quarter last year. During the same quarter last year, the company earned $5.49 EPS. On average, research analysts predict that Diamondback Energy, Inc. will post 17 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th will be paid a dividend of $0.90 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.60 annualized dividend and a dividend yield of 2.01%. Diamondback Energy’s payout ratio is currently 20.61%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on FANG shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $210.00 target price on shares of Diamondback Energy in a research note on Wednesday, November 6th. JPMorgan Chase & Co. initiated coverage on shares of Diamondback Energy in a research note on Wednesday, October 2nd. They issued an “overweight” rating and a $182.00 price target on the stock. Johnson Rice cut shares of Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, September 24th. Barclays raised shares of Diamondback Energy from an “equal weight” rating to an “overweight” rating and reduced their target price for the stock from $216.00 to $210.00 in a research report on Wednesday, October 2nd. Finally, KeyCorp lowered their price target on Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Diamondback Energy has a consensus rating of “Moderate Buy” and an average target price of $209.64.

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.