Diamondback Energy, Inc. $FANG Stock Holdings Lifted by Comerica Bank

Key Points

• Comerica Bank has increased its holdings in Diamondback Energy, Inc. by 20.1%, owning a total of 71,430 shares valued at approximately $11.4 million at the end of the first quarter.
• The company's recent quarterly earnings report showed $2.67 earnings per share, slightly below analyst estimates of $2.72, despite a 48.1% increase in revenue compared to the same quarter last year.
• Diamondback Energy recently declared a $1.00 quarterly dividend, representing an annualized dividend of $4.00 and a yield of 2.8%.

Comerica Bank lifted its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 20.1% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 71,430 shares of the oil and natural gas company's stock after buying an additional 11,952 shares during the quarter. Comerica Bank's holdings in Diamondback Energy were worth $11,420,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. Oak Harvest Investment Services lifted its position in shares of Diamondback Energy by 5.7% in the 1st quarter. Oak Harvest Investment Services now owns 41,120 shares of the oil and natural gas company's stock worth $6,574,000 after buying an additional 2,217 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in Diamondback Energy by 7.5% in the 1st quarter. Smartleaf Asset Management LLC now owns 2,959 shares of the oil and natural gas company's stock valued at $466,000 after purchasing an additional 207 shares during the last quarter. Biondo Investment Advisors LLC lifted its position in Diamondback Energy by 0.3% in the 1st quarter. Biondo Investment Advisors LLC now owns 28,858 shares of the oil and natural gas company's stock valued at $4,614,000 after purchasing an additional 80 shares during the last quarter. AlphaQuest LLC lifted its position in Diamondback Energy by 30.6% in the 1st quarter. AlphaQuest LLC now owns 3,271 shares of the oil and natural gas company's stock valued at $523,000 after purchasing an additional 766 shares during the last quarter. Finally, Allstate Corp lifted its position in Diamondback Energy by 89.2% in the 1st quarter. Allstate Corp now owns 10,105 shares of the oil and natural gas company's stock valued at $1,616,000 after purchasing an additional 4,764 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors.

Diamondback Energy Price Performance

Shares of FANG stock traded down $0.41 during midday trading on Friday, reaching $148.76. 1,214,063 shares of the company were exchanged, compared to its average volume of 2,050,694. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55. The company's 50 day moving average price is $142.46 and its two-hundred day moving average price is $143.30. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $200.47. The company has a market cap of $43.06 billion, a P/E ratio of 10.57 and a beta of 1.09.

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 EPS for the quarter, missing analysts' consensus estimates of $2.72 by ($0.05). Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.35 billion. During the same quarter in the previous year, the firm earned $4.52 earnings per share. The firm's revenue for the quarter was up 48.1% compared to the same quarter last year. On average, sell-side analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Announces Dividend

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

Insider Activity at Diamondback Energy

In related news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction that occurred 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 directly owned 102,145 shares in the company, valued at $14,586,306. The trade was a 16.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.70% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Piper Sandler cut their price objective on shares of Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating on the stock in a research report on Thursday, August 14th. UBS Group lifted their price objective on shares of Diamondback Energy from $163.00 to $171.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Royal Bank Of Canada assumed coverage on shares of Diamondback Energy in a research report on Friday, May 2nd. They issued an "outperform" rating and a $180.00 price objective on the stock. Wells Fargo & Company lifted their price objective on shares of Diamondback Energy from $210.00 to $211.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Finally, Morgan Stanley lifted their price objective on shares of Diamondback Energy from $184.00 to $186.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Two research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Diamondback Energy presently has a consensus rating of "Buy" and a consensus target price of $193.33.

Diamondback Energy Profile

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.