Gabelli Funds LLC Has $14.59 Million Stock Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Gabelli Funds LLC decreased its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 4.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 72,900 shares of the oil and natural gas company’s stock after selling 3,600 shares during the period. Gabelli Funds LLC’s holdings in Diamondback Energy were worth $14,594,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in FANG. Founders Capital Management lifted its stake in Diamondback Energy by 404.0% in the first quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after buying an additional 101 shares during the period. First Community Trust NA acquired a new stake in shares of Diamondback Energy in the 2nd quarter valued at approximately $26,000. Carolinas Wealth Consulting LLC boosted its stake in Diamondback Energy by 67.1% during the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after acquiring an additional 55 shares during the last quarter. Logan Capital Management Inc. acquired a new position in Diamondback Energy during the fourth quarter valued at approximately $31,000. Finally, HHM Wealth Advisors LLC bought a new stake in Diamondback Energy in the second quarter valued at approximately $40,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

FANG has been the subject of several research analyst reports. Scotiabank decreased their price target on shares of Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Truist Financial boosted their target price on Diamondback Energy from $249.00 to $255.00 and gave the company a “buy” rating in a research note on Wednesday, August 7th. Benchmark reaffirmed a “buy” rating and set a $154.00 price target on shares of Diamondback Energy in a research report on Tuesday, August 6th. Royal Bank of Canada reiterated an “outperform” rating and set a $220.00 price objective on shares of Diamondback Energy in a report on Tuesday, September 17th. Finally, Sanford C. Bernstein lowered their target price on Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating for the company in a research note on Wednesday, July 17th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $209.71.

Diamondback Energy Price Performance

Shares of NASDAQ FANG opened at $185.25 on Tuesday. 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 business has a 50-day moving average of $191.77 and a 200-day moving average of $195.80. The stock has a market capitalization of $33.04 billion, a price-to-earnings ratio of 10.44, a PEG ratio of 1.06 and a beta of 1.89. Diamondback Energy, Inc. has a fifty-two week low of $143.08 and a fifty-two week high of $214.50.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, beating analysts’ consensus estimates of $4.51 by $0.01. The firm had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.19 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The business’s revenue was up 29.4% compared to the same quarter last year. During the same period last year, the company earned $3.68 earnings per share. As a group, sell-side analysts predict that Diamondback Energy, Inc. will post 19.08 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently announced a None dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were issued a dividend of $2.34 per share. This represents a yield of 1.9%. This is an increase from Diamondback Energy’s previous None dividend of $2.26. The ex-dividend date of this dividend was Thursday, August 15th. Diamondback Energy’s payout ratio is presently 20.29%.

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.