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

Lord Abbett & CO. LLC reduced its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 14.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm 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 owned approximately 0.12% of Diamondback Energy worth $58,872,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Carolinas Wealth Consulting LLC boosted 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 worth $27,000 after buying an additional 55 shares during the last quarter. HHM Wealth Advisors LLC bought a new stake in Diamondback Energy in the second quarter worth about $40,000. Values First Advisors Inc. purchased a new position in Diamondback Energy in the third quarter valued at about $42,000. Oliver Lagore Vanvalin Investment Group grew its position in shares of Diamondback Energy by 109.7% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 260 shares of the oil and natural gas company’s stock valued at $52,000 after acquiring an additional 136 shares during the period. Finally, CVA Family Office LLC increased its stake in shares of Diamondback Energy by 28.1% during the 3rd quarter. CVA Family Office LLC now owns 296 shares of the oil and natural gas company’s stock worth $51,000 after purchasing an additional 65 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Analysts Set New Price Targets

FANG has been the topic of several research analyst reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $210.00 price objective on shares of Diamondback Energy in a research note on Wednesday, November 6th. Wells Fargo & Company restated a “sector outperform” rating on shares of Diamondback Energy in a research note on Friday, October 18th. Evercore ISI cut 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. BMO Capital Markets raised 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 report on Friday, October 4th. Finally, Piper Sandler upped their price objective on shares of Diamondback Energy from $240.00 to $252.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $212.17.

Insider Activity

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were 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 in the company, valued at $181,732,485.09. This represents a 92.72 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Mark Lawrence Plaumann sold 1,150 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total value of $208,150.00. Following the transaction, the director now directly owns 4,712 shares in the company, valued at $852,872. This trade represents 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 Price Performance

Shares of NASDAQ FANG opened at $163.34 on Friday. The stock’s 50-day simple moving average is $179.49 and its two-hundred day simple moving average is $187.97. Diamondback Energy, Inc. has a twelve month low of $147.93 and a twelve month high of $214.50. The firm has a market capitalization of $47.69 billion, a P/E ratio of 9.35, a P/E/G ratio of 1.21 and a beta of 1.88. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31.

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

Diamondback Energy Dividend Announcement

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

Diamondback Energy 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.