Commerce Bank Makes New Investment in Diamondback Energy, Inc. $FANG

Key Points

• Commerce Bank acquired 82,247 shares of Diamondback Energy in the second quarter, valued at approximately $14.46 million. Institutional investors collectively own 90.01% of the company.
• Analysts maintain a positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $222.21. Recent targets range from $212 to $263.
• Diamondback exceeded quarterly expectations, reporting $6.48 EPS and $5.56 billion in revenue, while revenue increased 51.2% year over year. The company also declared a $1.10 quarterly dividend, equivalent to a 2.1% annualized yield.

Commerce Bank bought a new position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 82,247 shares of the oil and natural gas company's stock, valued at approximately $14,457,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Laurel Wealth Advisors LLC bought a new position in shares of Diamondback Energy during the fourth quarter worth about $26,000. Cedar Mountain Advisors LLC bought a new stake in Diamondback Energy in the first quarter valued at about $26,000. JPL Wealth Management LLC bought a new stake in Diamondback Energy in the third quarter valued at about $26,000. Wellington Shields & Co. LLC raised its stake in Diamondback Energy by 264.7% during the fourth 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 in the last quarter. Finally, Meeder Asset Management Inc. acquired a new stake in Diamondback Energy during the second quarter valued at approximately $28,000. Institutional investors own 90.01% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on FANG shares. Truist Financial increased their target price on Diamondback Energy from $220.00 to $224.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Barclays dropped their price target on Diamondback Energy from $232.00 to $221.00 and set an "overweight" rating on the stock in a research report on Monday, August 17th. Wells Fargo & Company raised their price objective on Diamondback Energy from $262.00 to $263.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 5th. Mizuho lifted their price objective on shares of Diamondback Energy from $220.00 to $240.00 and gave the stock an "outperform" rating in a report on Wednesday, May 27th. Finally, Roth Capital set a $212.00 price objective on shares of Diamondback Energy and gave the stock a "buy" rating in a report on Monday, June 22nd. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $222.21.

Diamondback Energy Price Performance

Shares of FANG opened at $210.72 on Friday. The company has a market cap of $59.01 billion, a P/E ratio of 41.08 and a beta of 0.43. The stock has a fifty day moving average price of $191.79 and a 200 day moving average price of $189.22. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.47 and a quick ratio of 0.45. Diamondback Energy, Inc. has a 12 month low of $134.30 and a 12 month high of $216.90.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $6.08 by $0.40. The company had revenue of $5.56 billion for the quarter, compared to analysts' expectations of $4.89 billion. Diamondback Energy had a return on equity of 10.10% and a net margin of 8.58%.The firm's quarterly revenue was up 51.2% compared to the same quarter last year. During the same period last year, the business posted $2.38 earnings per share. On average, research analysts forecast that Diamondback Energy, Inc. will post 20.13 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were paid a $1.10 dividend. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $4.40 annualized dividend and a dividend yield of 2.1%. Diamondback Energy's dividend payout ratio is presently 85.77%.

Insider Activity at Diamondback Energy

In other news, CAO Teresa L. Dick sold 7,000 shares of Diamondback Energy stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the transaction, the chief accounting officer directly owned 85,755 shares in the company, 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 Securities & Exchange Commission, which can be accessed through this link. Also, EVP Matt Zmigrosky sold 5,000 shares of Diamondback Energy stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $200.54, for a total value of $1,002,700.00. Following the transaction, the executive vice president directly owned 46,392 shares in the company, valued at approximately $9,303,451.68. The trade was a 9.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 129,167 shares of company stock worth $24,714,309. 0.64% of the stock is currently owned by corporate insiders.

Diamondback Energy Company 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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