Redwood Investment Management LLC Sells 562 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Redwood Investment Management LLC cut its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 4.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,211 shares of the oil and natural gas company’s stock after selling 562 shares during the quarter. Redwood Investment Management LLC’s holdings in Diamondback Energy were worth $1,917,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Kingswood Wealth Advisors LLC purchased a new stake in shares of Diamondback Energy in the 2nd quarter worth $213,000. Park Avenue Securities LLC increased its position in shares of Diamondback Energy by 25.4% during the second quarter. Park Avenue Securities LLC now owns 5,313 shares of the oil and natural gas company’s stock worth $1,064,000 after acquiring an additional 1,077 shares during the period. Valeo Financial Advisors LLC increased its position in shares of Diamondback Energy by 17.7% during the second quarter. Valeo Financial Advisors LLC now owns 2,424 shares of the oil and natural gas company’s stock worth $485,000 after acquiring an additional 365 shares during the period. QRG Capital Management Inc. increased its position in shares of Diamondback Energy by 12.9% during the second quarter. QRG Capital Management Inc. now owns 7,389 shares of the oil and natural gas company’s stock worth $1,479,000 after acquiring an additional 847 shares during the period. Finally, SG Americas Securities LLC increased its position in shares of Diamondback Energy by 602.0% during the second quarter. SG Americas Securities LLC now owns 46,193 shares of the oil and natural gas company’s stock worth $9,247,000 after acquiring an additional 39,613 shares during the period. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $172.68 on Friday. Diamondback Energy, Inc. has a twelve month low of $145.70 and a twelve month high of $214.50. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. The company has a 50-day moving average of $181.46 and a 200-day moving average of $189.28. The firm has a market cap of $50.42 billion, a price-to-earnings ratio of 9.88, a price-to-earnings-growth ratio of 1.30 and a beta of 1.88.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results 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). The company had revenue of $2.65 billion during the quarter, compared to analysts’ expectations of $2.43 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. Diamondback Energy’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same period last year, the company earned $5.49 earnings per share. Analysts forecast that Diamondback Energy, Inc. will post 16.26 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th were paid 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 2.08%. Diamondback Energy’s payout ratio is 20.61%.

Insider Transactions at Diamondback Energy

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

Wall Street Analyst Weigh In

FANG has been the subject of several recent analyst reports. Benchmark restated a “buy” rating and issued a $195.00 target price on shares of Diamondback Energy in a research note on Tuesday, October 29th. Piper Sandler lifted their price objective on shares of Diamondback Energy from $240.00 to $252.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 15th. Truist Financial lifted their price objective on shares of Diamondback Energy from $220.00 to $230.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Wells Fargo & Company restated a “sector outperform” rating on shares of Diamondback Energy in a research report on Friday, October 18th. Finally, Barclays upgraded shares of Diamondback Energy from an “equal weight” rating to an “overweight” rating and decreased their target price for the company from $216.00 to $210.00 in a research report on Wednesday, October 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $212.65.

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.