Diamondback Energy, Inc. $FANG Shares Purchased by Bank of America Corp DE

Key Points

• Bank of America increased its Diamondback Energy stake by 8.9% in the second quarter, adding 121,322 shares to hold 1.49 million shares worth approximately $261.8 million. Institutional investors and hedge funds collectively own 90.01% of FANG.
• Diamondback reported strong quarterly results, with earnings of $6.48 per share beating estimates of $6.08 and revenue of $5.56 billion exceeding the $4.89 billion consensus. Revenue rose 51.2% year over year, and the company maintains a $1.10 quarterly dividend.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $224.55, although two directors recently sold shares totaling more than $21.9 million.

Bank of America Corp DE boosted its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 8.9% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 1,489,391 shares of the oil and natural gas company's stock after buying an additional 121,322 shares during the period. Bank of America Corp DE owned approximately 0.53% of Diamondback Energy worth $261,805,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FANG. Hsbc Holdings PLC boosted its holdings in Diamondback Energy by 16.3% in the fourth quarter. Hsbc Holdings PLC now owns 338,577 shares of the oil and natural gas company's stock valued at $50,890,000 after purchasing an additional 47,450 shares during the last quarter. Guinness Asset Management LTD increased its holdings in Diamondback Energy by 12.0% during the 4th quarter. Guinness Asset Management LTD now owns 54,132 shares of the oil and natural gas company's stock worth $8,042,000 after purchasing an additional 5,816 shares during the last quarter. Peterson Wealth Services increased its holdings in Diamondback Energy by 174.2% during the 4th quarter. Peterson Wealth Services now owns 23,973 shares of the oil and natural gas company's stock worth $3,604,000 after purchasing an additional 15,229 shares during the last quarter. National Pension Service raised its position in shares of Diamondback Energy by 7.7% in the 4th quarter. National Pension Service now owns 381,710 shares of the oil and natural gas company's stock valued at $57,382,000 after purchasing an additional 27,229 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in shares of Diamondback Energy by 11.5% in the 4th quarter. EverSource Wealth Advisors LLC now owns 67,977 shares of the oil and natural gas company's stock valued at $10,219,000 after purchasing an additional 6,992 shares in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

More Diamondback Energy News

Here are the key news stories impacting Diamondback Energy this week:

• Positive Sentiment: Diamondback’s strong operating results remain a longer-term support: its latest quarterly earnings and revenue exceeded analyst expectations, with revenue increasing 51.2% year over year. The company also maintains a quarterly dividend of $1.10 per share. Here's Why Diamondback Energy Is a Strong Growth Stock
• Positive Sentiment: Analyst sentiment remains favorable. UBS initiated or reiterated a Buy rating, while the broader analyst consensus is Moderate Buy with an average price target above the recent trading level. Diamondback Receives a Buy from UBS

Insider Buying and Selling at Diamondback Energy

In other news, Director Travis Stice sold 75,000 shares of the business's stock in a transaction on Friday, September 11th. The shares were sold at an average price of $204.31, for a total transaction of $15,323,250.00. Following the completion of the transaction, the director owned 49,727 shares of the company's stock, valued at approximately $10,159,723.37. The trade was a 60.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Charles Meloy sold 33,333 shares of the company's stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $198.41, for a total transaction of $6,613,600.53. Following the transaction, the director owned 818,197 shares of the company's stock, valued at $162,338,466.77. This represents a 3.91% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.64% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Barclays decreased their price target on shares of Diamondback Energy from $232.00 to $221.00 and set an "overweight" rating for the company in a research report on Monday, August 17th. Roth Capital set a $212.00 price objective on shares of Diamondback Energy and gave the company a "buy" rating in a research note on Monday, June 22nd. UBS Group raised their price objective on shares of Diamondback Energy from $243.00 to $253.00 and gave the stock a "buy" rating in a report on Monday. Morgan Stanley reissued an "equal weight" rating and issued a $216.00 target price on shares of Diamondback Energy in a research report on Wednesday, August 19th. Finally, Zacks Research lowered shares of Diamondback Energy from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 28th. Four equities research 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 stock. Based on data from MarketBeat, Diamondback Energy has an average rating of "Moderate Buy" and an average price target of $224.55.

Diamondback Energy Price Performance

FANG opened at $194.54 on Thursday. The company has a quick ratio of 0.45, a current ratio of 0.47 and a debt-to-equity ratio of 0.25. The company's 50-day moving average price is $199.21 and its 200 day moving average price is $193.61. Diamondback Energy, Inc. has a fifty-two week low of $136.13 and a fifty-two week high of $216.90. The firm has a market cap of $54.48 billion, a price-to-earnings ratio of 37.92 and a beta of 0.43.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 EPS for the quarter, beating analysts' consensus estimates of $6.08 by $0.40. The company had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $4.89 billion. Diamondback Energy had a return on equity of 10.10% and a net margin of 8.58%.Diamondback Energy's quarterly revenue was up 51.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.38 earnings per share. As a group, sell-side analysts expect that Diamondback Energy, Inc. will post 19.94 earnings per share for the current year.

Diamondback Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th were given a $1.10 dividend. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $4.40 annualized dividend and a yield of 2.3%. Diamondback Energy's dividend payout ratio (DPR) is currently 85.77%.

Diamondback Energy Profile

Diamondback Energy, Inc is an independent oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin of West Texas and southeastern New Mexico. The company's operations are concentrated primarily in the Midland and Delaware sub-basins.

Diamondback produces crude oil, natural gas and natural gas liquids. Its activities include drilling and completing horizontal wells, operating gathering and infrastructure assets, and managing mineral and royalty interests through its Viper Energy platform.

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