Rakuten Investment Management Inc. Acquires 8,193 Shares of Diamondback Energy, Inc. $FANG

Rakuten Investment Management Inc. grew its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 18.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 53,272 shares of the oil and natural gas company’s stock after buying an additional 8,193 shares during the quarter. Rakuten Investment Management Inc.’s holdings in Diamondback Energy were worth $9,618,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Hsbc Holdings PLC boosted its stake in Diamondback Energy by 16.3% during the 4th quarter. Hsbc Holdings PLC now owns 338,577 shares of the oil and natural gas company’s stock valued at $50,890,000 after purchasing an additional 47,450 shares during the last quarter. Guinness Asset Management LTD raised its stake in shares of Diamondback Energy by 12.0% in the fourth quarter. Guinness Asset Management LTD now owns 54,132 shares of the oil and natural gas company’s stock worth $8,042,000 after purchasing an additional 5,816 shares during the last quarter. Oppenheimer & Co. Inc. raised its stake in shares of Diamondback Energy by 1,127.5% in the fourth quarter. Oppenheimer & Co. Inc. now owns 26,907 shares of the oil and natural gas company’s stock worth $4,045,000 after purchasing an additional 24,715 shares during the last quarter. Peterson Wealth Services lifted its holdings in shares of Diamondback Energy by 174.2% in the fourth quarter. Peterson Wealth Services now owns 23,973 shares of the oil and natural gas company’s stock valued at $3,604,000 after purchasing an additional 15,229 shares in the last quarter. Finally, National Pension Service lifted its holdings in shares of Diamondback Energy by 7.7% in the fourth quarter. National Pension Service now owns 381,710 shares of the oil and natural gas company’s stock valued at $57,382,000 after purchasing an additional 27,229 shares in the last quarter. 90.01% of the stock is owned by institutional investors.

Insider Activity at Diamondback Energy

In other news, Director Charles Alvin Meloy sold 83,334 shares of the 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 directly owned 851,530 shares of the company’s stock, 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 Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Matt Zmigrosky sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $200.54, for a total transaction of $1,002,700.00. Following the sale, the executive vice president 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 position. The disclosure for this sale is available in the SEC filing. Insiders sold 129,167 shares of company stock valued at $24,714,309 over the last quarter. 0.64% of the stock is currently owned by insiders.

Diamondback Energy Trading Down 1.4%

Shares of Diamondback Energy stock opened at $197.67 on Friday. The firm has a market cap of $55.35 billion, a PE ratio of 38.53 and a beta of 0.43. Diamondback Energy, Inc. has a 1 year low of $134.30 and a 1 year high of $216.90. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.47 and a quick ratio of 0.45. The stock has a fifty day moving average price of $193.25 and a 200-day moving average price of $190.49.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share for the quarter, topping analysts’ consensus estimates of $6.08 by $0.40. The company had revenue of $5.56 billion for the quarter, compared to the consensus estimate of $4.89 billion. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The firm’s quarterly revenue was up 51.2% on a year-over-year basis. During the same period in the previous year, the firm earned $2.38 EPS. Equities research analysts anticipate that Diamondback Energy, Inc. will post 20.13 EPS for the current year.

Diamondback Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th were paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date was Thursday, August 13th. Diamondback Energy’s payout ratio is presently 85.77%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on FANG shares. Mizuho upped their price target on Diamondback Energy from $220.00 to $240.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Truist Financial raised their price objective on Diamondback Energy from $220.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Susquehanna lifted their price objective on shares of Diamondback Energy from $245.00 to $255.00 and gave the stock a “positive” rating in a report on Tuesday, July 21st. Barclays reduced their target price on shares of Diamondback Energy from $232.00 to $221.00 and set an “overweight” rating for the company in a research note on Monday, August 17th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $216.00 target price on shares of Diamondback Energy in a report on Wednesday, August 19th. Four analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target 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.