CIBC Asset Management Inc Boosts Holdings in Diamondback Energy, Inc. $FANG

Key Points

• CIBC Asset Management increased its Diamondback Energy stake by 24.7% in the fourth quarter, buying 20,382 additional shares and bringing its total holding to 103,014 shares worth about $15.5 million.
• Diamondback Energy reported strong quarterly results, with EPS of $4.23 and revenue of $4.24 billion, both ahead of analyst expectations. Revenue rose 4.7% year over year.
• The company raised its quarterly dividend to $1.10 per share from $1.05, while analysts remain broadly positive with a consensus rating of Moderate Buy and an average price target of $223.26.

CIBC Asset Management Inc raised its position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 24.7% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 103,014 shares of the oil and natural gas company's stock after buying an additional 20,382 shares during the quarter. CIBC Asset Management Inc's holdings in Diamondback Energy were worth $15,486,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of FANG. Marble Wealth LLC acquired a new stake in Diamondback Energy in the fourth quarter valued at about $731,000. Mccarter Private Wealth Services LLC boosted its holdings in Diamondback Energy by 3.0% in the 4th quarter. Mccarter Private Wealth Services LLC now owns 18,558 shares of the oil and natural gas company's stock valued at $2,790,000 after purchasing an additional 539 shares in the last quarter. Bank of New York Mellon Corp increased its position in Diamondback Energy by 11.5% during the 4th quarter. Bank of New York Mellon Corp now owns 5,159,365 shares of the oil and natural gas company's stock worth $775,607,000 after purchasing an additional 532,756 shares during the period. SCP Investment LP raised its stake in shares of Diamondback Energy by 37.7% during the 4th quarter. SCP Investment LP now owns 14,608 shares of the oil and natural gas company's stock worth $2,196,000 after buying an additional 4,000 shares in the last quarter. Finally, Dynasty Wealth Management LLC raised its stake in shares of Diamondback Energy by 7.7% during the 4th quarter. Dynasty Wealth Management LLC now owns 9,390 shares of the oil and natural gas company's stock worth $1,412,000 after buying an additional 670 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.

Diamondback Energy Stock Down 3.6%

FANG opened at $202.94 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.55 and a current ratio of 0.56. The company has a market cap of $57.09 billion, a price-to-earnings ratio of 235.98 and a beta of 0.42. Diamondback Energy, Inc. has a one year low of $134.30 and a one year high of $214.51. The business's fifty day moving average is $196.14 and its two-hundred day moving average is $173.58.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its quarterly earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share for the quarter, beating analysts' consensus estimates of $3.74 by $0.49. The business had revenue of $4.24 billion during the quarter, compared to analysts' expectations of $3.83 billion. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.The business's revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the business posted $4.54 earnings per share. Analysts anticipate that Diamondback Energy, Inc. will post 19.54 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Thursday, May 14th. This is a positive change from Diamondback Energy's previous quarterly dividend of $1.05. Diamondback Energy's dividend payout ratio is currently 511.63%.

Analyst Ratings Changes

A number of brokerages recently weighed in on FANG. Truist Financial set a $242.00 price objective on Diamondback Energy in a report on Wednesday, May 6th. Mizuho boosted their target price on shares of Diamondback Energy from $220.00 to $240.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. Scotiabank upped their price target on shares of Diamondback Energy from $175.00 to $195.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, April 22nd. Wells Fargo & Company upped their price target on shares of Diamondback Energy from $202.00 to $262.00 and gave the stock an "overweight" rating in a research note on Monday, April 20th. Finally, Barclays increased their price target on shares of Diamondback Energy from $225.00 to $232.00 and gave the company an "overweight" rating in a report on Tuesday, May 26th. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $223.26.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, Director Charles Alvin Meloy sold 7,857 shares of the stock in a transaction on Monday, March 9th. The stock was sold at an average price of $183.27, for a total transaction of $1,439,952.39. Following the sale, the director owned 974,149 shares in the company, valued at approximately $178,532,287.23. This represents a 0.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Steven E. West sold 6,000 shares of the firm's stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $188.35, for a total value of $1,130,100.00. Following the transaction, the director directly owned 4,484 shares of the company's stock, valued at $844,561.40. The trade was a 57.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 86,321 shares of company stock valued at $16,386,359. Insiders own 0.64% of the company's stock.

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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