Lord Abbett & CO. LLC Reduces Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Lord Abbett & CO. LLC decreased its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 14.6% during the third quarter, Holdings Channel.com reports. The fund owned 341,486 shares of the oil and natural gas company’s stock after selling 58,381 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Diamondback Energy were worth $58,872,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of FANG. Benjamin Edwards Inc. increased its stake in shares of Diamondback Energy by 368.1% during the third quarter. Benjamin Edwards Inc. now owns 9,784 shares of the oil and natural gas company’s stock valued at $1,687,000 after buying an additional 7,694 shares during the period. Atria Investments Inc lifted its position in shares of Diamondback Energy by 18.5% in the 3rd quarter. Atria Investments Inc now owns 42,678 shares of the oil and natural gas company’s stock worth $7,358,000 after purchasing an additional 6,672 shares during the period. Geode Capital Management LLC boosted its stake in shares of Diamondback Energy by 6.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,618,560 shares of the oil and natural gas company’s stock valued at $793,611,000 after purchasing an additional 266,299 shares in the last quarter. Cullen Investment Group LTD. raised its stake in Diamondback Energy by 33.5% in the third quarter. Cullen Investment Group LTD. now owns 11,978 shares of the oil and natural gas company’s stock worth $2,065,000 after buying an additional 3,008 shares in the last quarter. Finally, Integrated Investment Consultants LLC bought a new stake in Diamondback Energy during the 3rd quarter valued at approximately $4,464,000. 90.01% of the stock is owned by institutional investors.

Diamondback Energy Price Performance

NASDAQ FANG opened at $163.34 on Friday. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a 12 month low of $147.93 and a 12 month high of $214.50. The stock has a market cap of $47.69 billion, a price-to-earnings ratio of 9.35, a PEG ratio of 1.21 and a beta of 1.88. The company’s 50 day moving average is $179.49 and its two-hundred day moving average is $187.97.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The firm had revenue of $2.65 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same period last year, the company earned $5.49 earnings per share. The business’s revenue for the quarter was up 13.0% on a year-over-year basis. As a group, research analysts anticipate that Diamondback Energy, Inc. will post 16.28 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th were given a $0.90 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $3.60 annualized dividend and a dividend yield of 2.20%. Diamondback Energy’s payout ratio is 20.61%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on FANG shares. Truist Financial upped their price target on Diamondback Energy from $220.00 to $230.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Citigroup initiated coverage on Diamondback Energy in a research report on Monday, October 14th. They set a “neutral” rating and a $195.00 price objective for the company. BMO Capital Markets upgraded shares of Diamondback Energy from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $205.00 to $215.00 in a research note on Friday, October 4th. Morgan Stanley raised 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, Evercore ISI decreased their price target on Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating for the company in a research note on Monday, September 30th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Diamondback Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $212.17.

Insider Transactions at Diamondback Energy

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the business’s 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 transaction, the insider now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mark Lawrence Plaumann sold 1,150 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total value of $208,150.00. Following the completion of the transaction, the director now owns 4,712 shares of the company’s stock, valued at $852,872. The trade was a 19.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.

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.