Corebridge Financial Inc. Lowers Stake in Diamondback Energy, Inc. $FANG

Key Points

• Corebridge Financial Inc. reduced its stake in Diamondback Energy by 3.7% in the first quarter, now holding 68,856 shares valued at approximately $11 million.
• Diamondback Energy recently reported quarterly earnings of $2.67 per share, missing analyst estimates, but its revenue increased by 48.1% year-over-year to $3.68 billion.
• The company declared a quarterly dividend of $1.00 per share, resulting in an annualized dividend of $4.00 and a yield of 2.8% for shareholders.

Corebridge Financial Inc. lessened its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 3.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 68,856 shares of the oil and natural gas company's stock after selling 2,651 shares during the period. Corebridge Financial Inc.'s holdings in Diamondback Energy were worth $11,009,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Robeco Institutional Asset Management B.V. increased its position in shares of Diamondback Energy by 4.0% in the first quarter. Robeco Institutional Asset Management B.V. now owns 36,177 shares of the oil and natural gas company's stock valued at $5,784,000 after buying an additional 1,384 shares in the last quarter. Oppenheimer Asset Management Inc. grew its stake in Diamondback Energy by 6.3% in 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 acquiring an additional 3,467 shares during the period. China Universal Asset Management Co. Ltd. grew its stake in Diamondback Energy by 50.4% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 7,149 shares of the oil and natural gas company's stock valued at $1,143,000 after acquiring an additional 2,397 shares during the period. True North Advisors LLC purchased a new stake in Diamondback Energy in the 1st quarter worth $327,000. Finally, Wealth Advisory Solutions LLC purchased a new stake in Diamondback Energy in the 1st quarter worth $2,631,000. Hedge funds and other institutional investors own 90.01% of the company's stock.

Diamondback Energy Trading Down 0.9%

FANG opened at $143.96 on Wednesday. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.55 and a quick ratio of 0.52. The company's 50 day simple moving average is $142.49 and its two-hundred day simple moving average is $143.45. Diamondback Energy, Inc. has a 1-year low of $114.00 and a 1-year high of $200.47. The firm has a market capitalization of $41.67 billion, a price-to-earnings ratio of 10.23 and a beta of 1.09.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.72 by ($0.05). Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The company had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.35 billion. During the same quarter last year, the company earned $4.52 earnings per share. Diamondback Energy's revenue for the quarter was up 48.1% on a year-over-year basis. Analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Thursday, August 14th. Diamondback Energy's payout ratio is currently 28.43%.

Insider Activity at Diamondback Energy

In other news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the transaction, the chairman owned 102,145 shares of the company's stock, valued at approximately $14,586,306. The trade was a 16.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.48% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on FANG. Wells Fargo & Company increased their price objective on shares of Diamondback Energy from $210.00 to $211.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. UBS Group raised their price target on shares of Diamondback Energy from $163.00 to $171.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Morgan Stanley lifted their price objective on Diamondback Energy from $184.00 to $186.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Mizuho reduced their target price on Diamondback Energy from $186.00 to $179.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Finally, Wall Street Zen downgraded Diamondback Energy from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $193.33.

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.

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