28,279 Shares in Diamondback Energy, Inc. $FANG Acquired by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia acquired 28,279 Diamondback Energy shares in the second quarter, valued at approximately $4.97 million. Institutional investors collectively own 90.01% of FANG’s outstanding stock.
• Diamondback Energy exceeded quarterly expectations, reporting $6.48 in EPS and $5.56 billion in revenue, with revenue up 51.2% year over year. Analysts maintain a “Moderate Buy” consensus rating and a $222.21 average price target.
• Insiders sold 129,167 shares worth $24.7 million over the past 90 days, while the company paid a quarterly dividend of $1.10 per share, representing a 2.2% annualized yield.

Bank of Nova Scotia bought a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 28,279 shares of the oil and natural gas company's stock, valued at approximately $4,971,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Compass Financial Management LLC acquired a new stake in Diamondback Energy in the second quarter valued at approximately $63,000. Elevation Point Wealth Partners LLC acquired a new position in shares of Diamondback Energy during the 2nd quarter worth $1,493,000. Daiichi Life Insurance Co. Ltd. acquired a new position in shares of Diamondback Energy during the 2nd quarter worth $1,243,000. Commerce Bank bought a new position in shares of Diamondback Energy during the 2nd quarter valued at $14,457,000. Finally, GQG Partners LLC bought a new position in shares of Diamondback Energy during the 2nd quarter valued at $103,192,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Diamondback Energy news, EVP Matt Zmigrosky sold 5,000 shares of the business's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $200.54, for a total value of $1,002,700.00. Following the completion of the transaction, the executive vice president directly owned 46,392 shares of the company's stock, valued at approximately $9,303,451.68. The trade was a 9.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 sale, the director owned 13,437 shares of the company's stock, valued at approximately $2,640,370.50. The trade was a 3.59% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 129,167 shares of company stock worth $24,714,309. 0.64% of the stock is owned by company insiders.

Diamondback Energy Trading Down 2.8%

Diamondback Energy stock opened at $199.89 on Wednesday. The business has a 50 day moving average price of $192.34 and a two-hundred day moving average price of $189.96. The company has a quick ratio of 0.45, a current ratio of 0.47 and a debt-to-equity ratio of 0.25. The stock has a market cap of $55.97 billion, a price-to-earnings ratio of 38.96 and a beta of 0.43. Diamondback Energy, Inc. has a 12 month low of $134.30 and a 12 month high of $216.90.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.08 by $0.40. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The firm had revenue of $5.56 billion for the quarter, compared to analyst estimates of $4.89 billion. During the same quarter in the previous year, the firm posted $2.38 EPS. The business's revenue for the quarter was up 51.2% on a year-over-year basis. As a group, equities analysts forecast that Diamondback Energy, Inc. will post 20.13 EPS for the current year.

Diamondback Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th were given a $1.10 dividend. The ex-dividend date was Thursday, August 13th. This represents a $4.40 annualized dividend and a yield of 2.2%. Diamondback Energy's payout ratio is presently 85.77%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FANG. Roth Capital set a $212.00 price target on Diamondback Energy and gave the stock a "buy" rating in a research note on Monday, June 22nd. Wells Fargo & Company raised their price objective on Diamondback Energy from $262.00 to $263.00 and gave the company an "overweight" rating in a research note on Wednesday, August 5th. Truist Financial boosted their target price on Diamondback Energy from $220.00 to $224.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Raymond James Financial reaffirmed a "strong-buy" rating and set a $248.00 target price on shares of Diamondback Energy in a research report on Friday, July 31st. Finally, Sanford C. Bernstein increased their price target on Diamondback Energy from $237.00 to $241.00 and gave the company an "outperform" rating in a report on Monday, May 11th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $222.21.

Diamondback Energy 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.

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