Harmony Asset Management LLC Reduces Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Harmony Asset Management LLC trimmed its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 46.9% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,756 shares of the oil and natural gas company’s stock after selling 1,550 shares during the quarter. Harmony Asset Management LLC’s holdings in Diamondback Energy were worth $303,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. First Community Trust NA acquired a new position in Diamondback Energy in the second quarter valued at approximately $26,000. Carolinas Wealth Consulting LLC increased its holdings 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 valued at $27,000 after purchasing an additional 55 shares in the last quarter. HHM Wealth Advisors LLC acquired a new position in Diamondback Energy during the second quarter valued at approximately $40,000. Values First Advisors Inc. acquired a new stake in Diamondback Energy in the 3rd quarter valued at $42,000. Finally, Founders Capital Management raised its position in shares of Diamondback Energy by 99.2% in the second quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock valued at $50,000 after purchasing an additional 125 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, Director Mark Lawrence Plaumann sold 1,150 shares of Diamondback Energy stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total transaction of $208,150.00. Following the completion of the sale, the director now directly owns 4,712 shares of the company’s stock, valued at $852,872. The trade was a 19.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at 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 shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the transaction, the insider now owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. This represents a 92.72 % 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 Trading Down 1.0 %

Diamondback Energy stock opened at $175.83 on Tuesday. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The stock has a 50-day moving average price of $181.76 and a 200 day moving average price of $189.68. The company has a market capitalization of $51.34 billion, a price-to-earnings ratio of 10.06, a price-to-earnings-growth ratio of 1.31 and a beta of 1.88. Diamondback Energy, Inc. has a 52 week low of $145.70 and a 52 week high of $214.50.

Diamondback Energy (NASDAQ:FANG) last released 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). 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 for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the previous year, the company earned $5.49 earnings per share. The company’s quarterly revenue was up 13.0% on a year-over-year basis. Sell-side analysts anticipate that Diamondback Energy, Inc. will post 16.26 EPS for the current year.

Diamondback Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 14th were paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date was Thursday, November 14th. Diamondback Energy’s payout ratio is presently 20.61%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Evercore ISI dropped their target price on shares of Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating on the stock in a research report on Monday, September 30th. Citigroup initiated coverage on Diamondback Energy in a research note on Monday, October 14th. They set a “neutral” rating and a $195.00 price target for the company. Benchmark reissued a “buy” rating and issued a $195.00 target price on shares of Diamondback Energy in a research note on Tuesday, October 29th. Scotiabank lowered their target price on shares of Diamondback Energy from $245.00 to $225.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Finally, BMO Capital Markets upgraded Diamondback Energy from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $205.00 to $215.00 in a research report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $212.65.

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.