Corigliano Investment Advisers LLC Decreases Stake in Diamondback Energy, Inc. $FANG

Corigliano Investment Advisers LLC cut its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 72.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,900 shares of the oil and natural gas company’s stock after selling 44,600 shares during the quarter. Diamondback Energy accounts for 0.9% of Corigliano Investment Advisers LLC’s portfolio, making the stock its 28th biggest holding. Corigliano Investment Advisers LLC’s holdings in Diamondback Energy were worth $2,541,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of FANG. Smead Capital Management Inc. purchased a new stake in shares of Diamondback Energy in the second quarter valued at approximately $144,775,000. Capital Research Global Investors boosted its stake in shares of Diamondback Energy by 38.0% in the third quarter. Capital Research Global Investors now owns 3,798,812 shares of the oil and natural gas company’s stock valued at $543,610,000 after buying an additional 1,046,398 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Diamondback Energy by 11.5% in the fourth quarter. Bank of New York Mellon Corp now owns 5,159,365 shares of the oil and natural gas company’s stock valued at $775,607,000 after buying an additional 532,756 shares in the last quarter. Balyasny Asset Management L.P. boosted its stake in shares of Diamondback Energy by 2,637.8% in the third quarter. Balyasny Asset Management L.P. now owns 456,686 shares of the oil and natural gas company’s stock valued at $65,352,000 after buying an additional 440,005 shares in the last quarter. Finally, Two Sigma Investments LP boosted its stake in shares of Diamondback Energy by 1,127.8% in the third quarter. Two Sigma Investments LP now owns 369,568 shares of the oil and natural gas company’s stock valued at $52,885,000 after buying an additional 339,468 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Mark Lawrence Plaumann sold 500 shares of the business’s stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $196.50, for a total value of $98,250.00. Following the completion of the transaction, the director directly owned 13,437 shares of the company’s stock, valued at $2,640,370.50. The trade was a 3.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Charles Alvin Meloy sold 83,334 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was 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 directly owned 851,530 shares of the company’s stock, valued at approximately $159,338,293.60. This trade represents a 8.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 121,548 shares of company stock valued at $23,146,460. 0.64% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. Weiss Ratings restated a “hold (c)” rating on shares of Diamondback Energy in a research note on Wednesday, May 27th. Wall Street Zen upgraded Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. The Goldman Sachs Group lifted their price target on Diamondback Energy from $187.00 to $212.00 and gave the company a “buy” rating in a research note on Wednesday, March 11th. UBS Group boosted their target price on Diamondback Energy from $240.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, April 10th. Finally, Morgan Stanley boosted their target price on Diamondback Energy from $224.00 to $229.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Four research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $223.63.

Diamondback Energy Stock Down 1.4%

FANG opened at $185.48 on Thursday. The business’s fifty day moving average is $195.33 and its two-hundred day moving average is $176.39. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.55 and a current ratio of 0.56. The company has a market cap of $52.18 billion, a price-to-earnings ratio of 215.68 and a beta of 0.42. Diamondback Energy, Inc. has a one year low of $134.30 and a one year high of $214.51.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 EPS for the quarter, topping analysts’ consensus estimates of $3.74 by $0.49. The company had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $3.83 billion. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.Diamondback Energy’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the business earned $4.54 earnings per share. Analysts anticipate that Diamondback Energy, Inc. will post 19.92 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

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

Diamondback Energy Company Profile

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.