Securian Asset Management Inc. reduce stake in Diamondback Energy, Inc. (NASDAQ:FANG)

VaselineAugust 13, 2024

0 4 minutes read

Securian Asset Management Inc. reduced its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG – Free Report) by 3.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,191 shares of the oil and gas company’s stock after selling 328 shares during the quarter. The holdings of Securian Asset Management Inc. holdings in Diamondback Energy were worth $2,040,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Founders Capital Management boosted its holdings in shares of Diamondback Energy by 404.0% in the first quarter. Founders Capital Management now owns 126 shares of the oil and gas company’s stock worth $25,000 after buying an additional 101 shares during the last quarter. Logan Capital Management Inc. purchased a new stake in Diamondback Energy in the 4th quarter valued at about $31,000. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Diamondback Energy in the 4th quarter valued at approximately $34,000. E Fund Management Hong Kong Co. Ltd. acquired a new position in shares of Diamondback Energy in the 1st quarter valued at approximately $49,000. Finally, First Horizon Advisors Inc. boosted its holdings in shares of Diamondback Energy by 37.3% in the fourth quarter. First Horizon Advisors Inc. now owns 320 shares of the oil and natural gas company’s stock valued at $50,000 after buying an additional 87 shares during the period. 90.01% of the shares are currently held by institutional investors and hedge funds.

Diamondback Energy trading rose 0.8%

Shares of FANG stock opened at $201.29 on Tuesday. Diamondback Energy, Inc. it has a fifty-two week low of $143.08 and a fifty-two week high of $214.50. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89, and a current ratio of 0.92. The stock’s fifty day moving average is $198.08 and its two hundred day moving average is $191.98. The firm has a market cap of $35.90 billion, a P/E ratio of 11.35, a PEG ratio of 1.06 and a beta of 1.90.

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Diamondback Energy (NASDAQ:FANG – Get Your Free Report ) last posted its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, topping the consensus estimate of $4.51 by $0.01. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. The firm had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same period last year, the firm posted earnings per share of $3.68. The company’s revenue for the quarter was up 29.4% year over year. Research analysts expect that Diamondback Energy, Inc. to post 18.63 earnings per share for the current fiscal year.

Diamondback Energy is increasing its dividend

The company also recently declared a None dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th will be given a $2.34 dividend. The ex-dividend date of this dividend is Thursday, August 15. This is a positive change from Diamondback Energy’s previous None dividend of $2.26. This represents a dividend yield of 1.9%. Diamondback Energy’s dividend payout ratio is 20.29%.

Analysts set new price targets

Several brokerages have recently weighed in on FANG. Scotiabank cut their price target on Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Royal Bank of Canada upped their target price on shares of Diamondback Energy from $195.00 to $220.00 and gave the company an “outperform” rating in a research note on Monday, May 6th. Morgan Stanley decreased their price target on shares of Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, April 15th. Benchmark reiterated a “buy” rating and issued a $154.00 price objective on shares of Diamondback Energy in a research report on Tuesday, August 6th. Finally, Wolfe Research began coverage on Diamondback Energy in a research report on Thursday, July 18th. They set a “peer perform” rating for the stock. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Moderate Buy” and an average price target of $210.00, based on data from MarketBeat.com.

Get Diamondback Energy’s latest research report

Insider activity at Diamondback Energy

In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of the company’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total transaction of $1,182,840.00. Following the transaction, the chief operating officer now owns 69,677 shares of the company’s stock, valued at $13,736,123.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible via this link. Insiders hold 0.48% of the company’s stock.

Diamondback Energy Company Profile

(Free report)

Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores and operates unconventional oil and natural gas reserves in the Permian Basin of West Texas. It focuses on the development of the Spraberry and Wolfcamp formations in the Midland Basin; and the Wolfcamp and Bone Spring Formations of the Delaware Basin, which are part of the Permian Basin of West Texas and New Mexico.