Diamondback Energy, Inc. $FANG Shares Sold by Public Employees Retirement System of Ohio

Key Points

• The Public Employees Retirement System of Ohio has reduced its stake in Diamondback Energy, Inc. by 6.3%, now holding 92,317 shares valued at approximately $12.68 million.
• Diamondback Energy recently declared a quarterly dividend of $1.00 per share, resulting in an annualized dividend yield of 2.7%.
• The company's latest quarterly earnings showed a profit of $2.67 EPS, falling short of estimates, while revenue increased 48.1% year-over-year to $3.68 billion.

Public Employees Retirement System of Ohio lessened its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 6.3% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 92,317 shares of the oil and natural gas company's stock after selling 6,187 shares during the period. Public Employees Retirement System of Ohio's holdings in Diamondback Energy were worth $12,684,000 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 position in shares of Diamondback Energy during the 1st quarter worth $27,000. Pinnacle Bancorp Inc. increased its holdings in shares of 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 buying an additional 88 shares during the last quarter. SouthState Corp increased its holdings in shares of 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 buying an additional 167 shares during the last quarter. Grove Bank & Trust increased its holdings in 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 purchasing an additional 80 shares in the last quarter. Finally, WASHINGTON TRUST Co increased its holdings in 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 purchasing an additional 109 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company's stock.

Diamondback Energy Stock Performance

FANG opened at $148.25 on Friday. The company has a market capitalization of $42.92 billion, a price-to-earnings ratio of 10.54 and a beta of 1.14. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.55 and a quick ratio of 0.52. Diamondback Energy, Inc. has a 1-year low of $114.00 and a 1-year high of $200.47. The business has a 50 day moving average price of $142.75 and a two-hundred day moving average price of $141.84.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its quarterly 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). The company 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%. Diamondback Energy's quarterly revenue was up 48.1% on a year-over-year basis. During the same period in the prior year, the company posted $4.52 EPS. Research analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were issued a $1.00 dividend. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $4.00 annualized dividend and a dividend yield of 2.7%. Diamondback Energy's dividend payout ratio is currently 28.43%.

Insider Activity

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the company's stock in a transaction 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 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.70% of the company's stock.

Analyst Ratings Changes

FANG has been the subject of several recent analyst reports. Piper Sandler lowered their target price on Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating for the company in a research note on Thursday, August 14th. Morgan Stanley raised their target price on shares of Diamondback Energy from $184.00 to $186.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Melius Research initiated coverage on shares of Diamondback Energy in a report on Wednesday, August 20th. They issued a "buy" rating and a $213.00 target price on the stock. Wells Fargo & Company raised their target price on shares of Diamondback Energy from $210.00 to $211.00 and gave the stock an "overweight" rating in a report on Thursday, August 14th. Finally, Mizuho cut their target price on shares of Diamondback Energy from $183.00 to $176.00 and set an "outperform" rating on the stock in a report on Monday, September 15th. Two research analysts have rated the stock with a Strong Buy rating and twenty-one have issued a Buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $193.39.

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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