Copeland Capital Management LLC Trims Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Copeland Capital Management LLC lessened its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 33.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 59,197 shares of the oil and natural gas company's stock after selling 29,546 shares during the quarter. Copeland Capital Management LLC's holdings in Diamondback Energy were worth $9,464,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. QRG Capital Management Inc. grew its holdings in Diamondback Energy by 38.4% during the 4th quarter. QRG Capital Management Inc. now owns 11,675 shares of the oil and natural gas company's stock valued at $1,913,000 after buying an additional 3,238 shares in the last quarter. Candriam S.C.A. grew its holdings in Diamondback Energy by 27.4% during the 4th quarter. Candriam S.C.A. now owns 21,040 shares of the oil and natural gas company's stock valued at $3,447,000 after buying an additional 4,529 shares in the last quarter. SevenBridge Financial Group LLC grew its holdings in Diamondback Energy by 10.8% during the 4th quarter. SevenBridge Financial Group LLC now owns 20,388 shares of the oil and natural gas company's stock valued at $3,303,000 after buying an additional 1,990 shares in the last quarter. Oppenheimer Asset Management Inc. grew its holdings in Diamondback Energy by 6.3% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 58,853 shares of the oil and natural gas company's stock valued at $9,409,000 after buying an additional 3,467 shares in the last quarter. Finally, Tower Bridge Advisors grew its holdings in Diamondback Energy by 27.4% during the 4th quarter. Tower Bridge Advisors now owns 8,828 shares of the oil and natural gas company's stock valued at $1,446,000 after buying an additional 1,898 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $139.77 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.83 and a current ratio of 0.86. Diamondback Energy, Inc. has a fifty-two week low of $114.00 and a fifty-two week high of $214.50. The stock has a 50 day moving average price of $139.95 and a two-hundred day moving average price of $150.69. The company has a market capitalization of $40.84 billion, a P/E ratio of 8.55 and a beta of 1.06.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share for the quarter, beating the consensus estimate of $3.67 by $0.87. Diamondback Energy had a return on equity of 11.22% and a net margin of 30.84%. The firm had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.58 billion. During the same quarter in the previous year, the company posted $4.50 earnings per share. The business's revenue was up 81.8% on a year-over-year basis. Analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th were given a $1.00 dividend. The ex-dividend date was Thursday, May 15th. This represents a $4.00 annualized dividend and a yield of 2.86%. Diamondback Energy's payout ratio is currently 24.46%.

Insider Buying and Selling at Diamondback Energy

In other news, President Hof Matthew Kaes Van't sold 10,000 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $142.69, for a total transaction of $1,426,900.00. Following the transaction, the president now directly owns 120,645 shares of the company's stock, valued at approximately $17,214,835.05. The trade was a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on FANG. Truist Financial boosted their price objective on Diamondback Energy from $238.00 to $242.00 and gave the stock a "buy" rating in a report on Thursday, April 17th. UBS Group cut their price objective on Diamondback Energy from $175.00 to $163.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Bank of America boosted their price objective on Diamondback Energy from $165.00 to $170.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Susquehanna cut their price objective on Diamondback Energy from $219.00 to $194.00 and set a "positive" rating for the company in a report on Tuesday, April 22nd. Finally, KeyCorp cut their price objective on Diamondback Energy from $216.00 to $180.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Two analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $193.13.

About Diamondback Energy

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.

Want to see what other hedge funds are holding FANG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Diamondback Energy, Inc. (NASDAQ:FANG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.