Diamondback Energy, Inc. $FANG Shares Acquired by Cullen Frost Bankers Inc.

Key Points

• Cullen Frost Bankers Inc. increased its stake in Diamondback Energy by 23.3% during the second quarter, owning a total of 107,967 shares valued at approximately $14.83 million.
• Diamondback Energy reported earnings of $2.67 per share for the last quarter, missing expectations slightly, although its revenue of $3.68 billion exceeded analyst forecasts.
• The company declared a quarterly dividend of $1.00 per share, yielding 2.8%, with a payout ratio of 28.43% as of the last financial report.

Cullen Frost Bankers Inc. grew its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 23.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 107,967 shares of the oil and natural gas company's stock after buying an additional 20,419 shares during the quarter. Cullen Frost Bankers Inc.'s holdings in Diamondback Energy were worth $14,835,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Boston Partners lifted its holdings in shares of Diamondback Energy by 4.8% in the 1st quarter. Boston Partners now owns 5,418,840 shares of the oil and natural gas company's stock valued at $861,961,000 after buying an additional 249,098 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Diamondback Energy by 2.3% in the 1st quarter. Bank of New York Mellon Corp now owns 4,257,247 shares of the oil and natural gas company's stock valued at $680,649,000 after buying an additional 94,177 shares during the period. Diamond Hill Capital Management Inc. lifted its holdings in shares of Diamondback Energy by 4.1% in the 1st quarter. Diamond Hill Capital Management Inc. now owns 2,932,484 shares of the oil and natural gas company's stock valued at $468,846,000 after buying an additional 114,930 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Diamondback Energy by 27.3% in the 1st quarter. Wellington Management Group LLP now owns 1,950,160 shares of the oil and natural gas company's stock valued at $311,792,000 after buying an additional 418,431 shares during the period. Finally, Nuveen LLC acquired a new position in shares of Diamondback Energy in the 1st quarter valued at about $230,039,000. Institutional investors and hedge funds own 90.01% of the company's stock.

Diamondback Energy Price Performance

NASDAQ:FANG opened at $142.28 on Thursday. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $186.07. The stock has a 50 day moving average of $142.37 and a two-hundred day moving average of $140.50. The company has a current ratio of 0.55, a quick ratio of 0.52 and a debt-to-equity ratio of 0.35. The firm has a market cap of $41.19 billion, a P/E ratio of 10.11 and a beta of 1.04.

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

Diamondback Energy Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on FANG shares. Royal Bank Of Canada reissued an "outperform" rating and issued a $173.00 price objective on shares of Diamondback Energy in a report on Friday, October 10th. Scotiabank reaffirmed an "outperform" rating on shares of Diamondback Energy in a report on Thursday, October 9th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Diamondback Energy in a report on Wednesday, October 8th. Mizuho reduced their price target on Diamondback Energy from $183.00 to $176.00 and set an "outperform" rating for the company in a report on Monday, September 15th. Finally, Susquehanna reduced their price target on Diamondback Energy to $188.00 and set a "positive" rating for the company in a report on Monday. Two analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $189.91.

Insider Buying and Selling

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the completion of the sale, the chairman directly owned 102,145 shares in the company, valued at approximately $14,586,306. The trade was a 16.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.70% of the company's stock.

Diamondback Energy Company 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.

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