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Should You Consider Adding Diamondback Energy (FANG) to Your Portfolio?

Diamond Hill Capital, an investment management company, released its “Large Cap Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the strategy performed roughly in line with the Russell 1000 Index. Early indications of consumer weakness among select merchants and a significant increase in interest rates impacted the portfolio in the third quarter. The strategy returned -3.04% net of fees compared to -3.15% for the index. In addition, you can check the top 5 holdings of the strategy to know its best picks in 2023.

Diamond Hill Large Cap Strategy highlighted stocks like Diamondback Energy, Inc. (NASDAQ:FANG) in the third quarter 2023 investor letter. Headquartered in Midland, Texas, Diamondback Energy, Inc. (NASDAQ:FANG) is an oil and natural gas company. On November 20, 2023, Diamondback Energy, Inc. (NASDAQ:FANG) stock closed at $156.15 per share. One-month return of Diamondback Energy, Inc. (NASDAQ:FANG) was -4.36%, and its shares gained 3.11% of their value over the last 52 weeks. Diamondback Energy, Inc. (NASDAQ:FANG) has a market capitalization of $27.949 billion.

Diamond Hill Large Cap Strategy made the following comment about Diamondback Energy, Inc. (NASDAQ:FANG) in its Q3 2023 investor letter:

"Diamondback Energy, Inc. (NASDAQ:FANG) is a top-tier operator in the independent US E&P sector, running a streamlined team with an organizational culture centered on efficiency and cost-optimization. Its strategic location in Midland, Texas, close to its Permian operations, gives it a unique advantage by being in close proximity to a community of service providers. This has helped the company optimize its operations and reduce costs. The company stands out as a pure play in the Permian region, demonstrating strong operational capabilities, a sound capital return framework and a history of intelligent capital allocation. As long-term investors, we appreciate Diamondback’s strategic approach to investment and its commitment to cost efficiency and sustainable growth."

An oil and gas crew working on a midstream pipeline, illuminated against a dusk sunlit sky.

Diamondback Energy, Inc. (NASDAQ:FANG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held Diamondback Energy, Inc. (NASDAQ:FANG) at the end of second quarter which was 45 in the previous quarter.

We discussed Diamondback Energy, Inc. (NASDAQ:FANG) in another article and shared the list of cheap hot stocks to buy. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.


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Disclosure: None. This article is originally published at Insider Monkey.