American National Bank & Trust Sells 1,977 Shares of Diamondback Energy, Inc. $FANG

Key Points

• American National Bank & Trust significantly reduced its stake in Diamondback Energy by 70.2%, selling 1,977 shares and leaving them with 839 shares valued at $115,000.
• Chairman Travis D. Stice sold 20,400 shares at approximately $142.80, decreasing his ownership by 16.65% and raising concerns about insider selling.
• Diamondback Energy reported $2.67 earnings per share, missing forecasts, while also declaring a quarterly dividend of $1.00, reflecting a 2.7% yield.

American National Bank & Trust lessened its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 70.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 839 shares of the oil and natural gas company's stock after selling 1,977 shares during the period. American National Bank & Trust's holdings in Diamondback Energy were worth $115,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. BankPlus Trust Department bought a new stake in Diamondback Energy in the 1st quarter worth approximately $27,000. Pinnacle Bancorp Inc. grew its position in Diamondback Energy by 95.7% in the 1st quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock worth $29,000 after purchasing an additional 88 shares during the period. SouthState Corp grew its position in Diamondback Energy by 596.4% in the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock worth $31,000 after purchasing an additional 167 shares during the period. WASHINGTON TRUST Co boosted its stake in shares of Diamondback Energy by 119.8% during the 1st quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock worth $32,000 after acquiring an additional 109 shares during the last quarter. Finally, Grove Bank & Trust boosted its stake in shares of Diamondback Energy by 65.0% during the 1st quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock worth $32,000 after acquiring an additional 80 shares during the last quarter. Institutional investors own 90.01% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on FANG. KeyCorp dropped their price target on shares of Diamondback Energy from $180.00 to $176.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 3rd. UBS Group lifted their price target on shares of Diamondback Energy from $163.00 to $171.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Raymond James Financial dropped their price target on shares of Diamondback Energy from $221.00 to $212.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, August 20th. Scotiabank reiterated an "outperform" rating on shares of Diamondback Energy in a research note on Friday, July 11th. Finally, William Blair began coverage on shares of Diamondback Energy in a research note on Monday, August 25th. They set an "outperform" rating on the stock. Two equities research analysts have rated the stock with a Strong Buy rating and twenty-one have issued a Buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $193.39.

Insider Buying and Selling

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $142.80, for a total value of $2,913,120.00. Following the sale, the chairman owned 102,145 shares in the company, valued at $14,586,306. The trade was a 16.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.70% of the stock is currently owned by insiders.

Diamondback Energy Stock Up 1.7%

FANG opened at $148.25 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55. Diamondback Energy, Inc. has a fifty-two week low of $114.00 and a fifty-two week high of $200.47. The firm's fifty day moving average is $142.75 and its 200 day moving average is $141.84. The stock has a market cap of $42.92 billion, a price-to-earnings ratio of 10.54 and a beta of 1.14.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share for the quarter, missing analysts' consensus estimates of $2.72 by ($0.05). Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The firm had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.35 billion. During the same quarter last year, the firm posted $4.52 EPS. The firm's quarterly revenue was up 48.1% compared to the same quarter last year. On average, sell-side analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were paid a $1.00 dividend. The ex-dividend date was Thursday, August 14th. This represents a $4.00 annualized dividend and a yield of 2.7%. Diamondback Energy's payout ratio is presently 28.43%.

About Diamondback Energy

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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