Baird Financial Group Inc. Has $38.29 Million Stock Position in Diamondback Energy, Inc. $FANG

Baird Financial Group Inc. reduced its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 9.8% during the 2nd quarter, HoldingsChannel reports. The firm owned 278,697 shares of the oil and natural gas company’s stock after selling 30,202 shares during the quarter. Baird Financial Group Inc.’s holdings in Diamondback Energy were worth $38,293,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Woodmont Investment Counsel LLC increased its position in shares of Diamondback Energy by 1,123.0% during the 2nd quarter. Woodmont Investment Counsel LLC now owns 43,515 shares of the oil and natural gas company’s stock worth $5,979,000 after purchasing an additional 39,957 shares in the last quarter. NorthRock Partners LLC grew its stake in Diamondback Energy by 181.6% during the second quarter. NorthRock Partners LLC now owns 3,551 shares of the oil and natural gas company’s stock worth $488,000 after buying an additional 2,290 shares during the last quarter. True North Advisors LLC acquired a new stake in shares of Diamondback Energy during the first quarter worth approximately $327,000. Nuveen LLC acquired a new stake in shares of Diamondback Energy during the first quarter worth approximately $230,039,000. Finally, Shell Asset Management Co. raised its stake in shares of Diamondback Energy by 22.9% in the second quarter. Shell Asset Management Co. now owns 12,998 shares of the oil and natural gas company’s stock valued at $1,786,000 after acquiring an additional 2,423 shares during the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Diamondback Energy Stock Down 0.6%

Shares of NASDAQ FANG opened at $158.60 on Friday. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $180.91. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.60 and a current ratio of 0.62. The stock has a market cap of $45.42 billion, a P/E ratio of 11.02 and a beta of 0.63. The firm has a 50 day moving average price of $145.91 and a 200 day moving average price of $143.48.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, November 3rd. The oil and natural gas company reported $3.08 EPS for the quarter, topping the consensus estimate of $2.94 by $0.14. The business had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.48 billion. Diamondback Energy had a return on equity of 9.57% and a net margin of 27.32%.The firm’s revenue was up 48.4% compared to the same quarter last year. During the same quarter last year, the business posted $3.19 EPS. Analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Thursday, November 13th were given a dividend of $1.00 per share. The ex-dividend date of this dividend was Thursday, November 13th. This represents a $4.00 dividend on an annualized basis and a yield of 2.5%. Diamondback Energy’s dividend payout ratio is 27.80%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on FANG. Weiss Ratings reiterated a “hold (c)” rating on shares of Diamondback Energy in a research report on Monday. Melius initiated coverage on Diamondback Energy in a research note on Wednesday, August 20th. They issued a “buy” rating and a $213.00 target price for the company. Wells Fargo & Company upped their price target on shares of Diamondback Energy from $160.00 to $169.00 and gave the stock an “overweight” rating in a research report on Monday, November 17th. Piper Sandler decreased their price objective on shares of Diamondback Energy from $222.00 to $219.00 and set an “overweight” rating on the stock in a report on Tuesday, November 18th. Finally, Melius Research initiated coverage on shares of Diamondback Energy in a research report on Wednesday, August 20th. They issued a “buy” rating and a $213.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, Diamondback Energy has a consensus rating of “Buy” and a consensus price target of $186.95.

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.