Diamondback Energy, Inc. (NASDAQ:FANG) Shares Sold by Mediolanum International Funds Ltd

Key Points

• Mediolanum International Funds Ltd reduced its stake in Diamondback Energy by 35.5%, owning 5,441 shares worth approximately $857,000 after selling 2,989 shares in the first quarter.
• Diamondback Energy reported an earnings per share (EPS) of $4.54, significantly beating analysts' estimates of $3.67, and had a revenue of $4.05 billion, up 81.8% year-over-year.
• The company declared a quarterly dividend of $1.00, with an annualized yield of 2.62%, and has a payout ratio of 24.46%.

Mediolanum International Funds Ltd decreased its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 35.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,441 shares of the oil and natural gas company's stock after selling 2,989 shares during the period. Mediolanum International Funds Ltd's holdings in Diamondback Energy were worth $857,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also modified their holdings of the company. Benedict Financial Advisors Inc. raised its holdings in Diamondback Energy by 12.7% in the first quarter. Benedict Financial Advisors Inc. now owns 22,436 shares of the oil and natural gas company's stock valued at $3,587,000 after acquiring an additional 2,536 shares in the last quarter. Stevens Capital Management LP acquired a new position in shares of Diamondback Energy during the 1st quarter worth about $267,000. Equitable Trust Co. acquired a new position in shares of Diamondback Energy during the 1st quarter worth about $1,076,000. Caliber Wealth Management LLC KS purchased a new position in shares of Diamondback Energy in the 1st quarter valued at about $1,594,000. Finally, Assetmark Inc. raised its position in shares of Diamondback Energy by 6.0% during the 1st quarter. Assetmark Inc. now owns 224,547 shares of the oil and natural gas company's stock worth $35,901,000 after acquiring an additional 12,733 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Scotiabank reaffirmed an "outperform" rating on shares of Diamondback Energy in a report on Friday, July 11th. JPMorgan Chase & Co. lowered their target price on shares of Diamondback Energy from $167.00 to $161.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Morgan Stanley reiterated an "overweight" rating on shares of Diamondback Energy in a research note on Tuesday, July 15th. Wells Fargo & Company boosted their price target on shares of Diamondback Energy from $207.00 to $208.00 and gave the company an "overweight" rating in a research report on Monday, June 16th. Finally, Piper Sandler raised their price objective on Diamondback Energy from $225.00 to $228.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. Two investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $191.59.

Insider Buying and Selling

In other Diamondback Energy news, President Hof Matthew Kaes Van't sold 10,000 shares of the company's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $142.69, for a total value of $1,426,900.00. Following the sale, the president owned 120,645 shares of the company's stock, valued at approximately $17,214,835.05. This represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.70% of the company's stock.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG traded down $2.16 on Friday, reaching $146.51. 1,435,280 shares of the company were exchanged, compared to its average volume of 2,455,088. The company has a current ratio of 0.86, a quick ratio of 0.83 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a 1-year low of $114.00 and a 1-year high of $202.87. The firm has a market cap of $42.80 billion, a price-to-earnings ratio of 8.96 and a beta of 1.05. The company has a 50-day moving average of $142.69 and a 200-day moving average of $147.37.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The oil and natural gas company reported $4.54 EPS for the quarter, topping analysts' consensus estimates of $3.67 by $0.87. Diamondback Energy had a net margin of 30.84% and a return on equity of 11.22%. The firm had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.58 billion. During the same quarter in the previous year, the firm earned $4.50 earnings per share. The firm's revenue was up 81.8% on a year-over-year basis. Equities analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Thursday, May 15th. Diamondback Energy's payout ratio is presently 24.46%.

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.