Cibc World Market Inc. Has $21.76 Million Stake in Diamondback Energy, Inc. $FANG

Key Points

• Cibc World Market Inc. increased its stake in Diamondback Energy by 87.9% in the fourth quarter, ending with 144,778 shares valued at about $21.76 million.
• Diamondback Energy reported better-than-expected quarterly results, posting EPS of $4.23 versus the $3.74 estimate and revenue of $4.24 billion versus the $3.83 billion consensus.
• The company also raised its quarterly dividend to $1.10 per share from $1.05, while analysts largely remain constructive with a Moderate Buy consensus and an average price target of $223.26.

Cibc World Market Inc. boosted its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 87.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 144,778 shares of the oil and natural gas company's stock after purchasing an additional 67,715 shares during the quarter. Cibc World Market Inc. owned about 0.05% of Diamondback Energy worth $21,764,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in FANG. Flagship Harbor Advisors LLC bought a new position in shares of Diamondback Energy during the 4th quarter worth approximately $25,000. JPL Wealth Management LLC bought a new position in Diamondback Energy in the 3rd quarter valued at $26,000. Richardson Financial Services Inc. raised its position in Diamondback Energy by 245.1% in the 4th quarter. Richardson Financial Services Inc. now owns 176 shares of the oil and natural gas company's stock valued at $26,000 after purchasing an additional 125 shares during the last quarter. Laurel Wealth Advisors LLC acquired a new stake in shares of Diamondback Energy in the 4th quarter valued at $26,000. Finally, Wellington Shields & Co. LLC increased its stake in shares of Diamondback Energy by 264.7% in the 4th quarter. Wellington Shields & Co. LLC now owns 186 shares of the oil and natural gas company's stock valued at $28,000 after buying an additional 135 shares during the period. Institutional investors own 90.01% of the company's stock.

Diamondback Energy Stock Performance

FANG opened at $192.62 on Friday. Diamondback Energy, Inc. has a 52-week low of $134.30 and a 52-week high of $214.51. The firm has a market capitalization of $54.19 billion, a PE ratio of 223.98 and a beta of 0.42. 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 business's 50-day simple moving average is $196.07 and its 200 day simple moving average is $173.72.

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, topping analysts' consensus estimates of $3.74 by $0.49. The firm had revenue of $4.24 billion for the quarter, compared to the consensus estimate 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 was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.54 earnings per share. As a group, sell-side analysts expect that Diamondback Energy, Inc. will post 19.54 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were given a $1.10 dividend. 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. This represents a $4.40 annualized dividend and a dividend yield of 2.3%. Diamondback Energy's dividend payout ratio (DPR) is currently 511.63%.

Key Stories Impacting Diamondback Energy

Here are the key news stories impacting Diamondback Energy this week:

• Positive Sentiment: Zacks Research and KeyCorp both lifted several near- and longer-term earnings estimates for Diamondback Energy, suggesting analysts still see solid profit potential ahead. Zacks also reiterated a Hold rating, while KeyCorp kept an Overweight rating and a $225 price target. Analyst estimate updates for Diamondback Energy
• Positive Sentiment: Zacks described Diamondback Energy as a strong momentum stock, which may reinforce bullish sentiment around the name. Zacks momentum stock article
• Neutral Sentiment: One article noted that Diamondback Energy has been trading near highs, but the focus was on market activity rather than a direct company-specific catalyst.
• Negative Sentiment: Financial Post reported that the daughter of late wildcatter Autry Stephens is offloading a $2 billion energy stake, including a Diamondback Energy position. Large insider- or major-holder selling can weigh on sentiment because investors may view it as profit-taking after a strong run. Stephens family stake sale in Diamondback Energy

Analysts Set New Price Targets

FANG has been the subject of several research reports. Truist Financial set a $242.00 target price on Diamondback Energy in a research note on Wednesday, May 6th. Sanford C. Bernstein lifted their price objective on Diamondback Energy from $237.00 to $241.00 and gave the stock an "outperform" rating in a research note on Monday, May 11th. Wall Street Zen raised Diamondback Energy from a "sell" rating to a "hold" rating in a research note on Saturday, May 9th. Susquehanna lifted their price objective on Diamondback Energy from $231.00 to $245.00 and gave the stock a "positive" rating in a research note on Wednesday, May 6th. Finally, Benchmark cut Diamondback Energy from a "buy" rating to a "hold" rating in a research note on Thursday, March 5th. Four analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Diamondback Energy currently has a consensus rating of "Moderate Buy" and an average target price of $223.26.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, CAO Teresa L. Dick sold 7,000 shares of the firm's stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total value of $1,406,300.00. Following the sale, the chief accounting officer owned 85,755 shares of the company's stock, valued at approximately $17,228,179.50. This trade represents a 7.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Matt Zmigrosky sold 20,899 shares of the stock in a transaction on Friday, March 13th. The shares were sold at an average price of $180.00, for a total value of $3,761,820.00. Following the completion of the transaction, the executive vice president owned 60,493 shares of the company's stock, valued at $10,888,740. The trade was a 25.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 86,321 shares of company stock worth $16,386,359 over the last three months. Company insiders own 0.64% of the company's stock.

About Diamondback Energy

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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