DnB Asset Management AS Buys 2,588 Shares of Diamondback Energy, Inc. $FANG

Key Points

• DnB Asset Management AS increased its stake in Diamondback Energy by 1.2%, now holding 224,968 shares valued at $35.97 million.
• Diamondback Energy reported a quarterly revenue of $3.68 billion, exceeding analyst expectations of $3.35 billion, despite a slight earnings miss.
• The company announced a quarterly dividend of $1.00 per share, representing an annualized yield of 2.8% and a payout ratio of 28.43%.

DnB Asset Management AS grew its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 1.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 224,968 shares of the oil and natural gas company's stock after buying an additional 2,588 shares during the period. DnB Asset Management AS owned approximately 0.08% of Diamondback Energy worth $35,968,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BankPlus Trust Department purchased a new position in Diamondback Energy in the 1st quarter worth approximately $27,000. Pinnacle Bancorp Inc. grew its stake in Diamondback Energy by 95.7% in 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 in the last quarter. SouthState Corp grew its stake in Diamondback Energy by 596.4% in 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 in the last quarter. Grove Bank & Trust grew its stake 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 worth $32,000 after buying an additional 80 shares in the last quarter. Finally, WASHINGTON TRUST Co grew its stake 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 worth $32,000 after buying an additional 109 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.

Diamondback Energy Trading Down 2.8%

NASDAQ:FANG traded down $4.03 during midday trading on Friday, reaching $138.71. 1,993,976 shares of the stock traded hands, compared to its average volume of 1,686,301. The company has a fifty day moving average of $142.93 and a 200 day moving average of $142.77. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $200.47. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55. The stock has a market capitalization of $40.16 billion, a P/E ratio of 9.86 and a beta of 1.14.

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 EPS for the quarter, missing analysts' consensus estimates of $2.72 by ($0.05). Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.35 billion. During the same quarter in the prior year, the company earned $4.52 earnings per share. The company's quarterly revenue was up 48.1% compared to the same quarter last year. On average, research analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Dividend Announcement

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

Insider Buying and Selling

In related news, Chairman Travis D. Stice sold 20,400 shares of the company's stock in a transaction 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 sale, the chairman directly owned 102,145 shares in the company, valued at $14,586,306. This represents a 16.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

FANG has been the subject of a number of research reports. Piper Sandler cut 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 note on Thursday, August 14th. Wells Fargo & Company upped their price objective on shares of Diamondback Energy from $210.00 to $211.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. Raymond James Financial cut their price objective on shares of Diamondback Energy from $221.00 to $212.00 and set a "strong-buy" rating for the company in a research note on Wednesday, August 20th. Bank of America upped their price objective on shares of Diamondback Energy from $165.00 to $170.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Finally, Melius began coverage on shares of Diamondback Energy in a research note on Wednesday, August 20th. They issued a "buy" rating and a $213.00 price objective for the company. Two investment 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 stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $193.17.

Diamondback Energy 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.