Diamondback Energy, Inc. $FANG Shares Sold by BI Asset Management Fondsmaeglerselskab A S

Key Points

• BI Asset Management Fondsmaeglerselskab A S significantly reduced its stake in Diamondback Energy by 81.4%, now holding 9,576 shares valued at approximately $1.53 million.
• The company recently announced a quarterly dividend of $1.00 per share, resulting in an annualized dividend yield of 2.9%.
• Analyst reports show a consensus rating of "Buy" for Diamondback Energy, with a target price averaging $193.33.

BI Asset Management Fondsmaeglerselskab A S lowered its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 81.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,576 shares of the oil and natural gas company's stock after selling 41,946 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in Diamondback Energy were worth $1,531,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BankPlus Trust Department acquired a new position in Diamondback Energy during the first quarter worth $27,000. Pinnacle Bancorp Inc. boosted its stake in Diamondback Energy by 95.7% during the first quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock worth $29,000 after buying an additional 88 shares during the last quarter. SouthState Corp boosted its stake in Diamondback Energy by 596.4% during the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock worth $31,000 after buying an additional 167 shares during the last quarter. Fourth Dimension Wealth LLC acquired a new position in Diamondback Energy during the fourth quarter worth $33,000. Finally, WASHINGTON TRUST Co raised its position in Diamondback Energy by 119.8% in the first quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock valued at $32,000 after purchasing an additional 109 shares during the period. Institutional investors and hedge funds own 90.01% of the company's stock.

Diamondback Energy Price Performance

FANG opened at $138.00 on Friday. The stock's 50-day moving average price is $143.02 and its 200 day moving average price is $143.96. Diamondback Energy, Inc. has a 12-month low of $114.00 and a 12-month high of $200.47. 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 $39.95 billion, a price-to-earnings ratio of 9.81 and a beta of 1.09.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share (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 analyst estimates of $3.35 billion. During the same period in the previous year, the company posted $4.52 EPS. Diamondback Energy's revenue was up 48.1% on a year-over-year basis. As a group, sell-side analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 14th were paid a dividend of $1.00 per share. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $4.00 annualized dividend and a yield of 2.9%. Diamondback Energy's dividend payout ratio is presently 28.43%.

Insider Transactions at Diamondback Energy

In related news, Chairman Travis D. Stice sold 20,400 shares of the stock in a transaction dated 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 transaction, the chairman owned 102,145 shares of the company's stock, valued at approximately $14,586,306. This represents a 16.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.70% of the company's stock.

Analyst Ratings Changes

FANG has been the topic of a number of research analyst reports. Scotiabank restated an "outperform" rating on shares of Diamondback Energy in a research report on Friday, July 11th. Raymond James Financial reduced their target price on Diamondback Energy from $221.00 to $212.00 and set a "strong-buy" rating on the stock in a research report on Wednesday. Wells Fargo & Company lifted their target price on Diamondback Energy from $210.00 to $211.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Susquehanna reduced their target price on Diamondback Energy from $192.00 to $188.00 and set a "positive" rating on the stock in a research report on Wednesday, July 23rd. Finally, Royal Bank Of Canada initiated coverage on Diamondback Energy in a research report on Friday, May 2nd. They issued an "outperform" rating and a $180.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus 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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