Seven Eight Capital LP Makes New $661,000 Investment in Diamondback Energy, Inc. (NASDAQ:FANG)

Seven Eight Capital LP acquired a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,300 shares of the oil and natural gas company’s stock, valued at approximately $661,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Founders Capital Management increased its stake in Diamondback Energy by 404.0% during the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after purchasing an additional 101 shares in the last quarter. First Community Trust NA purchased a new stake in shares of Diamondback Energy during the second quarter valued at $26,000. Logan Capital Management Inc. acquired a new position in shares of Diamondback Energy in the 4th quarter valued at $31,000. HHM Wealth Advisors LLC purchased a new position in Diamondback Energy in the 2nd quarter worth $40,000. Finally, Hobbs Group Advisors LLC acquired a new stake in Diamondback Energy during the 2nd quarter worth about $65,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $181.00 on Friday. The company has a fifty day moving average of $192.28 and a two-hundred day moving average of $195.68. Diamondback Energy, Inc. has a fifty-two week low of $143.08 and a fifty-two week high of $214.50. The stock has a market capitalization of $32.28 billion, a PE ratio of 10.20, a P/E/G ratio of 1.06 and a beta of 1.89. The company has a debt-to-equity ratio of 0.65, a quick ratio of 3.64 and a current ratio of 3.66.

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

Diamondback Energy Increases Dividend

The company also recently declared a None dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were given a dividend of $2.34 per share. This represents a dividend yield of 1.9%. This is a boost 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%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FANG. Morgan Stanley increased their price objective on Diamondback Energy from $185.00 to $198.00 and gave the company an “overweight” rating in a report on Monday, September 16th. Barclays lifted their price objective on shares of Diamondback Energy from $214.00 to $216.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 7th. Bank of America increased their price objective on shares of Diamondback Energy from $201.00 to $215.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 23rd. Sanford C. Bernstein decreased their target price on shares of Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating for the company in a research report on Wednesday, July 17th. Finally, StockNews.com downgraded Diamondback Energy from a “buy” rating to a “hold” rating in a research report on Saturday, July 6th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $209.71.

About Diamondback Energy

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.