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Bank of Nova Scotia Reduces Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Diamondback Energy logo with Energy background

Key Points

  • Bank of Nova Scotia has reduced its stake in Diamondback Energy by 17.9%, now holding 85,268 shares worth approximately $13.63 million.
  • Despite the decrease by Bank of Nova Scotia, several institutional investors, including Pinnacle Bancorp and WASHINGTON TRUST Co, have increased their positions in Diamondback Energy during the same quarter.
  • Diamondback Energy reported a significant earnings per share of $4.54, exceeding analysts' expectations, and also disclosed a quarterly dividend of $1.00, reflecting a 2.7% yield.
  • MarketBeat previews top five stocks to own in September.

Bank of Nova Scotia cut its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 17.9% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 85,268 shares of the oil and natural gas company's stock after selling 18,623 shares during the period. Bank of Nova Scotia's holdings in Diamondback Energy were worth $13,633,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Robeco Institutional Asset Management B.V. lifted its stake in Diamondback Energy by 4.0% in the first quarter. Robeco Institutional Asset Management B.V. now owns 36,177 shares of the oil and natural gas company's stock worth $5,784,000 after purchasing an additional 1,384 shares during the last quarter. Oppenheimer Asset Management Inc. lifted its stake in Diamondback Energy by 6.3% in the first quarter. Oppenheimer Asset Management Inc. now owns 58,853 shares of the oil and natural gas company's stock worth $9,409,000 after purchasing an additional 3,467 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in Diamondback Energy by 50.4% in the first quarter. China Universal Asset Management Co. Ltd. now owns 7,149 shares of the oil and natural gas company's stock worth $1,143,000 after purchasing an additional 2,397 shares during the last quarter. Wealth Advisory Solutions LLC bought a new stake in Diamondback Energy in the first quarter worth $2,631,000. Finally, Requisite Capital Management LLC lifted its stake in Diamondback Energy by 501.7% in the first quarter. Requisite Capital Management LLC now owns 59,281 shares of the oil and natural gas company's stock worth $9,478,000 after purchasing an additional 49,428 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FANG. KeyCorp lowered their price target on shares of Diamondback Energy from $216.00 to $180.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. Wells Fargo & Company upped their price objective on shares of Diamondback Energy from $207.00 to $208.00 and gave the company an "overweight" rating in a research note on Monday, June 16th. Truist Financial upped their price objective on shares of Diamondback Energy from $238.00 to $242.00 and gave the company a "buy" rating in a research note on Thursday, April 17th. Piper Sandler upped their price objective on shares of Diamondback Energy from $225.00 to $228.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Finally, UBS Group lowered their price objective on shares of Diamondback Energy from $175.00 to $163.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Two equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $191.59.

View Our Latest Stock Report on FANG

Insider Activity at Diamondback Energy

In other news, President Hof Matthew Kaes Van't sold 10,000 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $142.69, for a total transaction of $1,426,900.00. Following the sale, the president directly owned 120,645 shares in the company, valued at $17,214,835.05. This trade represents a 7.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.70% of the stock is owned by insiders.

Diamondback Energy Stock Down 0.9%

Shares of NASDAQ:FANG traded down $1.32 during trading on Wednesday, reaching $144.36. 2,171,306 shares of the stock traded hands, compared to its average volume of 1,973,740. The stock has a 50-day moving average of $143.30 and a two-hundred day moving average of $146.47. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $202.87. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.83 and a current ratio of 0.55. The stock has a market cap of $42.18 billion, a P/E ratio of 10.26 and a beta of 1.09.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its quarterly earnings data 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). The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.35 billion. Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The firm's revenue for the quarter was up 48.1% on a year-over-year basis. During the same quarter last year, the company earned $4.52 EPS. As a group, sell-side analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Thursday, August 14th. Diamondback Energy's dividend payout ratio (DPR) is presently 24.46%.

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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Institutional Ownership by Quarter for Diamondback Energy (NASDAQ:FANG)

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