Harvey Capital Management Inc. Sells 1,675 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Harvey Capital Management Inc. decreased its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 30.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,798 shares of the oil and natural gas company’s stock after selling 1,675 shares during the period. Harvey Capital Management Inc.’s holdings in Diamondback Energy were worth $655,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its position in Diamondback Energy by 38.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock valued at $1,706,076,000 after acquiring an additional 2,381,488 shares during the last quarter. Boston Partners boosted its stake in shares of Diamondback Energy by 235.6% during the 1st quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock worth $541,844,000 after acquiring an additional 1,916,900 shares during the last quarter. Homestead Advisers Corp purchased a new stake in shares of Diamondback Energy in the 1st quarter worth $87,940,000. Bank of New York Mellon Corp lifted its position in Diamondback Energy by 16.0% during the second quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock valued at $603,038,000 after purchasing an additional 415,902 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its position in Diamondback Energy by 280.8% in the second quarter. Canada Pension Plan Investment Board now owns 545,202 shares of the oil and natural gas company’s stock worth $109,144,000 after buying an additional 402,026 shares in the last quarter. 90.01% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the sale, the insider now owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.48% of the stock is owned by insiders.

Diamondback Energy Price Performance

Shares of Diamondback Energy stock traded down $0.96 during trading hours on Friday, reaching $175.81. The company’s stock had a trading volume of 1,946,138 shares, compared to its average volume of 2,333,681. The firm has a 50 day moving average price of $183.29 and a 200-day moving average price of $192.99. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64. The stock has a market cap of $51.82 billion, a P/E ratio of 9.09, a P/E/G ratio of 1.24 and a beta of 1.89. Diamondback Energy, Inc. has a one year low of $145.70 and a one year high of $214.50.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data 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. The company had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.19 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The firm’s revenue for the quarter was up 29.4% on a year-over-year basis. During the same period in the previous year, the firm posted $3.68 earnings per share. On average, analysts predict that Diamondback Energy, Inc. will post 17.1 EPS for the current year.

Diamondback Energy Increases Dividend

The business also recently declared a None dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were given a $2.34 dividend. The ex-dividend date was Thursday, August 15th. This is an increase from Diamondback Energy’s previous None dividend of $2.26. This represents a yield of 1.9%. Diamondback Energy’s dividend payout ratio (DPR) is currently 18.60%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FANG. Royal Bank of Canada reaffirmed an “outperform” rating and set a $220.00 price objective on shares of Diamondback Energy in a research report on Tuesday, September 17th. Wells Fargo & Company reiterated a “sector outperform” rating on shares of Diamondback Energy in a research report on Friday, October 18th. Barclays upgraded shares of Diamondback Energy from an “equal weight” rating to an “overweight” rating and decreased their price objective for the company from $216.00 to $210.00 in a research report on Wednesday, October 2nd. JPMorgan Chase & Co. began coverage on shares of Diamondback Energy in a report on Wednesday, October 2nd. They issued an “overweight” rating and a $182.00 target price for the company. Finally, UBS Group cut their price target on Diamondback Energy from $247.00 to $223.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $210.09.

Diamondback Energy Company 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.