Diamondback Energy, Inc. $FANG Shares Sold by Janney Montgomery Scott LLC

Key Points

• Janney Montgomery Scott LLC reduced its holdings in Diamondback Energy by 40.8%, selling 64,360 shares during the second quarter, bringing their total to 93,450 shares valued at approximately $12.84 million.
• Recent reports show that institutional ownership of Diamondback Energy stands at 90.01%, with several investors making significant changes to their stakes in the company.
• Diamondback Energy announced a quarterly dividend of $1.00 per share, yielding an annualized amount of $4.00, representing a payout ratio of 28.43%.

Janney Montgomery Scott LLC lowered its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 40.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 93,450 shares of the oil and natural gas company's stock after selling 64,360 shares during the quarter. Janney Montgomery Scott LLC's holdings in Diamondback Energy were worth $12,840,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BankPlus Trust Department purchased a new stake in Diamondback Energy in the first quarter valued at $27,000. Pinnacle Bancorp Inc. raised its position in Diamondback Energy by 95.7% in the first quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock valued at $29,000 after purchasing an additional 88 shares during the period. SouthState Corp raised its position in Diamondback Energy by 596.4% in the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock valued at $31,000 after purchasing an additional 167 shares during the period. WASHINGTON TRUST Co raised its holdings in shares of Diamondback Energy by 119.8% in the 1st quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock valued at $32,000 after buying an additional 109 shares during the period. Finally, Grove Bank & Trust raised its holdings in shares of Diamondback Energy by 65.0% in the 1st quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock valued at $32,000 after buying an additional 80 shares during the period. Hedge funds and other institutional investors own 90.01% of the company's stock.

Insiders Place Their Bets

In related news, Chairman Travis D. Stice sold 20,400 shares of the firm'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 value of $2,913,120.00. Following the completion of the transaction, the chairman directly owned 102,145 shares of the company's stock, valued at $14,586,306. This trade represents a 16.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on FANG shares. Susquehanna cut their price objective on Diamondback Energy from $192.00 to $188.00 and set a "positive" rating on the stock in a report on Wednesday, July 23rd. William Blair started coverage on Diamondback Energy in a report on Monday, August 25th. They issued an "outperform" rating on the stock. Mizuho cut their price objective on Diamondback Energy from $183.00 to $176.00 and set an "outperform" rating on the stock in a report on Monday, September 15th. Wells Fargo & Company boosted their price objective on Diamondback Energy from $210.00 to $211.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. Finally, Wall Street Zen cut Diamondback Energy from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $192.41.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $147.47 on Friday. The company has a market cap of $42.69 billion, a price-to-earnings ratio of 10.48 and a beta of 1.04. The stock has a 50 day simple moving average of $142.86 and a 200-day simple moving average of $141.64. 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.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its 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). The business had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.35 billion. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The business's quarterly revenue was up 48.1% on a year-over-year basis. During the same period last year, the company posted $4.52 earnings per share. On average, equities analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

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

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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