Epoch Investment Partners Inc. Trims Stock Position in Diamondback Energy, Inc. $FANG

Key Points

• Epoch Investment Partners Inc. reduced its stake in Diamondback Energy by 31.1%, owning 228,944 shares after selling 103,472 shares in the first quarter.
• Diamondback Energy's recent earnings report showed a net margin of 27.25% and revenue of $3.68 billion, exceeding analysts' expectations despite missing earnings per share estimates.
• The company declared a quarterly dividend of $1.00 per share, translating to an annualized dividend of $4.00 and a yield of 2.8%.

Epoch Investment Partners Inc. lessened its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 31.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 228,944 shares of the oil and natural gas company's stock after selling 103,472 shares during the period. Epoch Investment Partners Inc. owned approximately 0.08% of Diamondback Energy worth $36,604,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BankPlus Trust Department bought a new stake in shares of Diamondback Energy during the 1st quarter worth approximately $27,000. Pinnacle Bancorp Inc. increased its position in Diamondback Energy by 95.7% during the 1st quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock worth $29,000 after purchasing an additional 88 shares in the last quarter. SouthState Corp increased its position in Diamondback Energy by 596.4% during the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock worth $31,000 after purchasing an additional 167 shares in the last quarter. Fourth Dimension Wealth LLC acquired a new position in Diamondback Energy during the 4th quarter worth approximately $33,000. Finally, WASHINGTON TRUST Co increased its position in Diamondback Energy by 119.8% during the 1st quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock worth $32,000 after purchasing an additional 109 shares in the last quarter. Institutional investors own 90.01% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on FANG. Scotiabank reiterated an "outperform" rating on shares of Diamondback Energy in a research report on Friday, July 11th. Evercore ISI initiated coverage on shares of Diamondback Energy in a research report on Tuesday, May 6th. They issued an "outperform" rating and a $165.00 price target for the company. Piper Sandler decreased their price target on shares of Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating for the company in a research report on Thursday, August 14th. Bank of America upped their price target on shares of Diamondback Energy from $165.00 to $170.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Finally, Wall Street Zen cut shares of 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 issued a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $193.33.

Diamondback Energy Stock Down 0.3%

NASDAQ FANG traded down $0.41 on Friday, hitting $148.76. 1,214,063 shares of the company were exchanged, compared to its average volume of 2,050,694. The company has a market cap of $43.06 billion, a PE ratio of 10.57 and a beta of 1.09. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $200.47. The stock has a fifty day moving average of $142.46 and a 200-day moving average of $143.30. The company has a current ratio of 0.55, a quick ratio of 0.52 and a debt-to-equity ratio of 0.35.

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

Diamondback Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were paid a $1.00 dividend. The ex-dividend date was Thursday, August 14th. This represents a $4.00 annualized dividend and a dividend yield of 2.7%. Diamondback Energy's dividend payout ratio (DPR) is presently 28.43%.

Insider Buying and Selling at Diamondback Energy

In related news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction that occurred on 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 completion of 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.70% of the stock is owned by insiders.

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.