Carmel Capital Partners LLC Makes New $593,000 Investment in Diamondback Energy, Inc. $FANG

Carmel Capital Partners LLC acquired a new stake in Diamondback Energy, Inc. (NASDAQ:FANG) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 3,000 shares of the oil and natural gas company’s stock, valued at approximately $593,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Boston Partners increased its holdings in Diamondback Energy by 2.9% in the third quarter. Boston Partners now owns 5,733,538 shares of the oil and natural gas company’s stock worth $821,649,000 after purchasing an additional 163,548 shares in the last quarter. Geode Capital Management LLC lifted its stake in Diamondback Energy by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 5,621,120 shares of the oil and natural gas company’s stock valued at $844,073,000 after buying an additional 14,625 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Diamondback Energy by 11.5% during the 4th quarter. Bank of New York Mellon Corp now owns 5,159,365 shares of the oil and natural gas company’s stock worth $775,607,000 after buying an additional 532,756 shares in the last quarter. Capital Research Global Investors boosted its holdings in shares of Diamondback Energy by 14.1% during the 4th quarter. Capital Research Global Investors now owns 4,332,885 shares of the oil and natural gas company’s stock worth $651,363,000 after buying an additional 534,073 shares in the last quarter. Finally, Morgan Stanley grew its position in shares of Diamondback Energy by 3.2% during the 4th quarter. Morgan Stanley now owns 3,828,941 shares of the oil and natural gas company’s stock worth $575,605,000 after buying an additional 117,798 shares during the period. Institutional investors own 90.01% of the company’s stock.

Diamondback Energy Stock Performance

NASDAQ FANG opened at $183.39 on Friday. The company has a market cap of $51.59 billion, a P/E ratio of 213.25 and a beta of 0.42. The company has a fifty day simple moving average of $191.80 and a 200 day simple moving average of $179.24. The company has a current ratio of 0.56, a quick ratio of 0.55 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a 12-month low of $134.30 and a 12-month high of $214.51.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share for the quarter, beating analysts’ consensus estimates of $3.74 by $0.49. The firm had revenue of $4.24 billion for the quarter, compared to analyst estimates of $3.83 billion. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period last year, the firm earned $4.54 earnings per share. Sell-side analysts predict that Diamondback Energy, Inc. will post 19.25 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were given a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Thursday, May 14th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $1.05. Diamondback Energy’s payout ratio is 511.63%.

Insider Buying and Selling at Diamondback Energy

In other news, CAO Teresa L. Dick sold 7,000 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total value of $1,406,300.00. Following the completion of the sale, the chief accounting officer directly owned 85,755 shares of the company’s stock, valued at $17,228,179.50. This represents a 7.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Charles Alvin Meloy sold 83,334 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $187.12, for a total value of $15,593,458.08. Following the completion of the transaction, the director owned 851,530 shares in the company, valued at $159,338,293.60. This represents a 8.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 113,691 shares of company stock worth $21,622,752 in the last quarter. 0.64% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on FANG shares. Zacks Research downgraded shares of Diamondback Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 28th. Morgan Stanley reduced their price target on shares of Diamondback Energy from $229.00 to $216.00 and set an “overweight” rating for the company in a report on Monday, June 29th. KeyCorp upped their price objective on shares of Diamondback Energy from $196.00 to $225.00 and gave the company an “overweight” rating in a report on Thursday, April 2nd. Roth Capital set a $212.00 price objective on shares of Diamondback Energy and gave the stock a “buy” rating in a research report on Monday, June 22nd. Finally, Truist Financial set a $242.00 target price on Diamondback Energy in a research note on Wednesday, May 6th. Five analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Diamondback Energy presently has a consensus rating of “Buy” and an average target price of $220.68.

About Diamondback Energy

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.