Mackenzie Financial Corp Lowers Position in Diamondback Energy, Inc. $FANG

Mackenzie Financial Corp reduced its stake in Diamondback Energy by 73.1% in Q2, now holding 20,420 shares worth $2.8 million. Despite this, analysts maintain a positive outlook on Diamondback Energy, with a consensus "Buy" rating and an average price target of $186.95. The company reported Q3 earnings of $3.08 per share, surpassing estimates, with revenue up 48.4% year-over-year.

Mackenzie Financial Corp decreased its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 73.1% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 20,420 shares of the oil and natural gas company's stock after selling 55,473 shares during the quarter. Mackenzie Financial Corp's holdings in Diamondback Energy were worth $2,806,000 at the end of the most recent quarter.

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Several other institutional investors also recently bought and sold shares of the stock. Harbour Investments Inc. boosted its holdings in shares of Diamondback Energy by 26.7% during the 1st quarter. Harbour Investments Inc. now owns 929 shares of the oil and natural gas company's stock valued at $149,000 after purchasing an additional 196 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in Diamondback Energy by 7.4% during the first quarter. PNC Financial Services Group Inc. now owns 47,375 shares of the oil and natural gas company's stock valued at $7,574,000 after buying an additional 3,254 shares during the last quarter. Blair William & Co. IL boosted its stake in Diamondback Energy by 9.8% during the first quarter. Blair William & Co. IL now owns 4,280 shares of the oil and natural gas company's stock valued at $684,000 after buying an additional 382 shares during the last quarter. Cary Street Partners Financial LLC grew its holdings in Diamondback Energy by 36.3% during the 1st quarter. Cary Street Partners Financial LLC now owns 458 shares of the oil and natural gas company's stock valued at $73,000 after buying an additional 122 shares in the last quarter. Finally, Westwood Holdings Group Inc. increased its stake in Diamondback Energy by 7.6% in the 1st quarter. Westwood Holdings Group Inc. now owns 30,096 shares of the oil and natural gas company's stock worth $4,812,000 after acquiring an additional 2,120 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

FANG has been the topic of several recent research reports. William Blair started coverage on Diamondback Energy in a report on Monday, August 25th. They set an "outperform" rating on the stock. Susquehanna reduced their target price on shares of Diamondback Energy to $188.00 and set a "positive" rating on the stock in a report on Monday, October 20th. Wells Fargo & Company upped their target price on shares of Diamondback Energy from $160.00 to $169.00 and gave the company an "overweight" rating in a research report on Monday, November 17th. Evercore ISI increased their price target on shares of Diamondback Energy from $165.00 to $175.00 and gave the company an "outperform" rating in a report on Monday, October 6th. Finally, Barclays reduced their price objective on Diamondback Energy from $185.00 to $178.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 7th. 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. According to MarketBeat, Diamondback Energy presently has a consensus rating of "Buy" and an average price target of $186.95.

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Diamondback Energy Price Performance

Diamondback Energy stock opened at $159.51 on Friday. Diamondback Energy, Inc. has a 12-month low of $114.00 and a 12-month high of $180.91. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.35. The firm has a 50-day moving average price of $145.70 and a 200-day moving average price of $143.34. The firm has a market capitalization of $45.68 billion, a PE ratio of 11.08 and a beta of 0.63.

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Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its quarterly earnings data on Monday, November 3rd. The oil and natural gas company reported $3.08 earnings per share for the quarter, topping analysts' consensus estimates of $2.94 by $0.14. The company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.48 billion. Diamondback Energy had a net margin of 27.32% and a return on equity of 9.57%. The firm's revenue for the quarter was up 48.4% on a year-over-year basis. During the same period in the prior year, the company posted $3.19 EPS. As a group, equities research analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

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

Diamondback Energy Profile

(Free Report)

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.

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