Harvest Fund Management Co. Ltd Lowers Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Harvest Fund Management Co. Ltd decreased its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 15.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,530 shares of the oil and natural gas company’s stock after selling 1,560 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Diamondback Energy were worth $1,470,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of FANG. First Community Trust NA acquired a new position in Diamondback Energy during the second quarter worth $26,000. Carolinas Wealth Consulting LLC increased its holdings in shares of Diamondback Energy by 67.1% in the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock valued at $27,000 after purchasing an additional 55 shares in the last quarter. HHM Wealth Advisors LLC acquired a new stake in shares of Diamondback Energy in the second quarter valued at about $40,000. Values First Advisors Inc. purchased a new stake in Diamondback Energy during the third quarter worth about $42,000. Finally, Founders Capital Management boosted its holdings in Diamondback Energy by 99.2% during the second quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock worth $50,000 after buying an additional 125 shares in the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on FANG. StockNews.com upgraded shares of Diamondback Energy from a “sell” rating to a “hold” rating in a research report on Wednesday, November 13th. KeyCorp cut their price target on Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Susquehanna lowered their price objective on shares of Diamondback Energy from $237.00 to $233.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. Morgan Stanley increased their price target on shares of Diamondback Energy from $185.00 to $198.00 and gave the company an “overweight” rating in a research report on Monday, September 16th. Finally, BMO Capital Markets upgraded Diamondback Energy from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $205.00 to $215.00 in a research report on Friday, October 4th. One analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $212.00.

Diamondback Energy Price Performance

FANG stock opened at $179.55 on Tuesday. The firm has a market cap of $52.43 billion, a P/E ratio of 10.28, a price-to-earnings-growth ratio of 1.36 and a beta of 1.89. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. Diamondback Energy, Inc. has a 1 year low of $145.70 and a 1 year high of $214.50. The stock has a 50-day simple moving average of $182.24 and a 200-day simple moving average of $190.46.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, November 4th. The oil and natural gas company reported $3.38 EPS for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). The firm had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.43 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The business’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.49 EPS. On average, equities analysts predict that Diamondback Energy, Inc. will post 16.35 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th were paid a dividend of $0.90 per share. The ex-dividend date was Thursday, November 14th. This represents a $3.60 dividend on an annualized basis and a yield of 2.01%. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.61%.

Insiders Place Their Bets

In other news, Director Mark Lawrence Plaumann sold 1,150 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total transaction of $208,150.00. Following the transaction, the director now owns 4,712 shares of the company’s stock, valued at approximately $852,872. This trade represents a 19.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the transaction, the insider now owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. The trade was a 92.72 % decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is owned by company insiders.

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.