Diamondback Energy, Inc. $FANG Holdings Reduced by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund lowered its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 9.4% during the 1st quarter, Holdings Channel.com reports. The firm owned 86,162 shares of the oil and natural gas company’s stock after selling 8,946 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Diamondback Energy were worth $17,042,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in FANG. Wellington Management Group LLP raised its stake in Diamondback Energy by 74.1% during the 4th quarter. Wellington Management Group LLP now owns 3,239,837 shares of the oil and natural gas company’s stock valued at $487,045,000 after acquiring an additional 1,379,010 shares in the last quarter. EnCap Energy Capital Fund XII L.P. bought a new position in shares of Diamondback Energy in the fourth quarter worth $169,342,000. Smead Capital Management Inc. bought a new position in shares of Diamondback Energy in the second quarter worth $144,775,000. Encompass Capital Advisors LLC acquired a new position in shares of Diamondback Energy during the fourth quarter valued at $112,198,000. Finally, Capital Research Global Investors increased its holdings in shares of Diamondback Energy by 14.1% during the fourth quarter. Capital Research Global Investors now owns 4,332,885 shares of the oil and natural gas company’s stock valued at $651,363,000 after purchasing an additional 534,073 shares during the period. Institutional investors own 90.01% of the company’s stock.

Insider Activity at Diamondback Energy

In related news, EVP Matt Zmigrosky sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $200.54, for a total transaction of $1,002,700.00. Following the transaction, the executive vice president directly owned 46,392 shares of the company’s stock, valued at approximately $9,303,451.68. The trade was a 9.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Charles Alvin Meloy sold 83,334 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $187.12, for a total transaction of $15,593,458.08. Following the completion of the transaction, the director owned 851,530 shares in the company, valued at approximately $159,338,293.60. This represents a 8.91% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 113,691 shares of company stock valued at $21,622,752. Company insiders own 0.64% of the company’s stock.

Diamondback Energy Stock Down 4.3%

Shares of Diamondback Energy stock opened at $195.80 on Tuesday. Diamondback Energy, Inc. has a 1 year low of $134.30 and a 1 year high of $214.51. The company has a market cap of $55.08 billion, a P/E ratio of 227.68 and a beta of 0.42. The company has a current ratio of 0.56, a quick ratio of 0.55 and a debt-to-equity ratio of 0.31. The stock has a 50-day moving average price of $191.22 and a 200 day moving average price of $183.18.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share for the quarter, beating the consensus estimate of $3.74 by $0.49. The company had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $3.83 billion. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.The business’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.54 EPS. As a group, analysts expect that Diamondback Energy, Inc. will post 18.9 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were issued a dividend of $1.10 per share. This is an increase from Diamondback Energy’s previous quarterly dividend of $1.05. This represents a $4.40 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Thursday, May 14th. Diamondback Energy’s dividend payout ratio is 511.63%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FANG. Raymond James Financial reiterated a “strong-buy” rating and set a $249.00 price target on shares of Diamondback Energy in a research report on Wednesday, June 10th. Morgan Stanley decreased their target price on Diamondback Energy from $229.00 to $216.00 and set an “overweight” rating for the company in a research note on Monday, June 29th. Scotiabank lifted their target price on Diamondback Energy from $175.00 to $195.00 and gave the stock a “sector outperform” rating in a report on Wednesday, April 22nd. Truist Financial lowered their target price on Diamondback Energy from $242.00 to $220.00 and set a “buy” rating on the stock in a report on Thursday, July 16th. Finally, Wall Street Zen upgraded shares of Diamondback Energy from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Diamondback Energy presently has a consensus rating of “Buy” and a consensus target price of $218.68.

Diamondback Energy Company Profile

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub?basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.