Diamondback Energy, Inc. (NASDAQ:FANG) Stake Cut by Elo Mutual Pension Insurance Co

Elo Mutual Pension Insurance Co lessened its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 6.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,566 shares of the oil and natural gas company’s stock after selling 970 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in Diamondback Energy were worth $2,916,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. Founders Capital Management boosted its holdings in shares of Diamondback Energy by 404.0% during the first quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock worth $25,000 after purchasing an additional 101 shares during the period. First Community Trust NA purchased a new stake in Diamondback Energy in the 2nd quarter worth approximately $26,000. Logan Capital Management Inc. acquired a new stake in shares of Diamondback Energy during the 4th quarter valued at $31,000. HHM Wealth Advisors LLC purchased a new position in shares of Diamondback Energy during the 2nd quarter valued at $40,000. Finally, Edmond DE Rothschild Holding S.A. acquired a new position in shares of Diamondback Energy in the fourth quarter worth $54,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Diamondback Energy Price Performance

NASDAQ:FANG opened at $181.63 on Friday. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64. The stock has a market cap of $32.39 billion, a P/E ratio of 10.24, a PEG ratio of 1.06 and a beta of 1.89. The company has a fifty day moving average price of $192.75 and a 200 day moving average price of $195.55. Diamondback Energy, Inc. has a one year low of $143.08 and a one year high of $214.50.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $2.19 billion. During the same quarter in the prior year, the business earned $3.68 earnings per share. The firm’s revenue for the quarter was up 29.4% on a year-over-year basis. Analysts anticipate that Diamondback Energy, Inc. will post 19.08 earnings per share for the current year.

Diamondback Energy Increases Dividend

The company also recently disclosed a None dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th were issued a dividend of $2.34 per share. This represents a dividend yield of 1.9%. The ex-dividend date was Thursday, August 15th. This is a positive change from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.29%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on FANG shares. Morgan Stanley boosted their target price on Diamondback Energy from $185.00 to $198.00 and gave the company an “overweight” rating in a research note on Monday. Royal Bank of Canada restated an “outperform” rating and issued a $220.00 price objective on shares of Diamondback Energy in a report on Tuesday. Wolfe Research initiated coverage on shares of Diamondback Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Benchmark restated a “buy” rating and set a $154.00 price target on shares of Diamondback Energy in a research note on Tuesday, August 6th. Finally, KeyCorp started coverage on shares of Diamondback Energy in a research note on Thursday, June 27th. They issued an “overweight” rating and a $225.00 price objective for the company. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Diamondback Energy presently has a consensus rating of “Moderate Buy” and an average target price of $209.71.

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.