Encore Global Management LP Acquires New Holdings in Diamondback Energy, Inc. $FANG

Encore Global Management LP bought a new position in Diamondback Energy, Inc. (NASDAQ:FANG) in the second quarter, HoldingsChannel.com reports. The firm bought 7,000 shares of the oil and natural gas company’s stock, valued at approximately $1,230,000.

Several other hedge funds also recently made changes to their positions in FANG. Cresset Asset Management LLC raised its position in Diamondback Energy by 37.5% during the second quarter. Cresset Asset Management LLC now owns 4,726 shares of the oil and natural gas company’s stock worth $649,000 after acquiring an additional 1,288 shares in the last quarter. Jump Financial LLC bought a new position in shares of Diamondback Energy in the 2nd quarter valued at about $2,301,000. Cerity Partners LLC grew its position in shares of Diamondback Energy by 13.5% in the 2nd quarter. Cerity Partners LLC now owns 51,104 shares of the oil and natural gas company’s stock valued at $7,022,000 after acquiring an additional 6,069 shares during the period. AXA S.A. increased its stake in shares of Diamondback Energy by 8.5% during the 2nd quarter. AXA S.A. now owns 52,355 shares of the oil and natural gas company’s stock worth $7,194,000 after purchasing an additional 4,103 shares during the last quarter. Finally, Sei Investments Co. raised its holdings in shares of Diamondback Energy by 37.1% in the 2nd quarter. Sei Investments Co. now owns 154,582 shares of the oil and natural gas company’s stock valued at $21,239,000 after purchasing an additional 41,866 shares during the period. 90.01% of the stock is owned by institutional investors.

Diamondback Energy Trading Down 0.1%

NASDAQ FANG opened at $210.72 on Friday. The firm has a market capitalization of $59.01 billion, a PE ratio of 41.08 and a beta of 0.43. The business’s 50-day moving average price is $191.79 and its two-hundred day moving average price is $189.22. The company has a current ratio of 0.47, a quick ratio of 0.45 and a debt-to-equity ratio of 0.25. Diamondback Energy, Inc. has a 12 month low of $134.30 and a 12 month high of $216.90.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share for the quarter, topping the consensus estimate of $6.08 by $0.40. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The company had revenue of $5.56 billion during the quarter, compared to analysts’ expectations of $4.89 billion. During the same period in the prior year, the company posted $2.38 earnings per share. Diamondback Energy’s revenue for the quarter was up 51.2% compared to the same quarter last year. On average, analysts expect that Diamondback Energy, Inc. will post 19.78 EPS for the current year.

Diamondback Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 13th were given a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend was Thursday, August 13th. Diamondback Energy’s payout ratio is presently 85.77%.

Insider Transactions at Diamondback Energy

In related news, Director Charles Alvin Meloy sold 83,334 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $187.12, for a total value of $15,593,458.08. Following the sale, the director owned 851,530 shares in the company, valued at $159,338,293.60. This represents a 8.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Matt Zmigrosky sold 5,000 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $200.54, for a total value of $1,002,700.00. Following the completion of the sale, the executive vice president directly owned 46,392 shares of the company’s stock, valued at approximately $9,303,451.68. This trade represents a 9.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 129,167 shares of company stock valued at $24,714,309 in the last 90 days. Corporate insiders own 0.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on FANG. Truist Financial lifted their price objective on shares of Diamondback Energy from $220.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Jefferies Financial Group restated a “hold” rating and set a $205.00 target price on shares of Diamondback Energy in a research note on Sunday, August 9th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $248.00 target price on shares of Diamondback Energy in a report on Friday, July 31st. Morgan Stanley reiterated an “equal weight” rating and issued a $216.00 price target on shares of Diamondback Energy in a research note on Wednesday. Finally, Wells Fargo & Company boosted their price target on Diamondback Energy from $262.00 to $263.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. Four research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $222.21.

About Diamondback Energy

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.