Diamondback Energy (FANG) Slid On Lower Energy Prices

Chartwell Investment Partners, LLC, an affiliate of Carillon Tower Advisers, Inc., released the “Carillon Chartwell Mid Cap Value Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. In the third quarter market leadership shifted abruptly. Small and mid-caps outpaced large caps, while value outperformed growth. Over the past 18 months, growth stocks, especially large and mid caps, have outperformed due to investor interest in artificial intelligence (AI). The Russell 2000 Value Index increased more than 10%, with positive returns in ten out of eleven sectors. In addition, please check the fund’s top five holdings to know its best picks in 2024.

Carillon Chartwell Mid Cap Value Fund highlighted stocks like Diamondback Energy, Inc. (NASDAQ:FANG), in the third quarter 2024 investor letter. Diamondback Energy, Inc. (NASDAQ:FANG) is an independent oil and natural gas company. The one-month return of Diamondback Energy, Inc. (NASDAQ:FANG) was -11.07%, and its shares gained 5.73% of their value over the last 52 weeks. On December 12, 2024, Diamondback Energy, Inc. (NASDAQ:FANG) stock closed at $162.23 per share with a market capitalization of $47.857 billion.

Carillon Chartwell Mid Cap Value Fund stated the following regarding Diamondback Energy, Inc. (NASDAQ:FANG) in its Q3 2024 investor letter:

“Diamondback Energy, Inc. (NASDAQ:FANG) is an exploration and production company with operations focused on the Mid-land and Delaware basins, both located within the Permian Basin in West Texas and southeastern New Mexico. While fundamental performance remains solid, shares were pressured by lower oil prices.”

A pipeline worker overseeing the flow of crude oil into storage tanks from an integrated water system.

Diamondback Energy, Inc. (NASDAQ:FANG) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 49 hedge fund portfolios held Diamondback Energy, Inc. (NASDAQ:FANG) at the end of the third quarter which was 44 in the previous quarter. While we acknowledge the potential of Diamondback Energy, Inc. (NASDAQ:FANG) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

In another article, we discussed Diamondback Energy, Inc. (NASDAQ:FANG) and shared the list of most profitable natural gas stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.

READ NEXT: Michael Burry Is Selling These Stocks and A New Dawn Is Coming to US Stocks.

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