Gulf International Bank UK Ltd Sells 2,693 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Key Points

• Gulf International Bank UK Ltd has reduced its stake in Diamondback Energy by 19.9%, selling 2,693 shares and holding 10,811 shares valued at approximately $1.73 million.
• In the first quarter, several institutional investors increased their holdings in Diamondback Energy, leading to a total of 90.01% of the stock being owned by institutional investors.
• Diamondback Energy announced a quarterly dividend of $1.00 per share, having a current dividend yield of 2.8% and a payout ratio of 28.43%.

Gulf International Bank UK Ltd cut its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 19.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,811 shares of the oil and natural gas company's stock after selling 2,693 shares during the period. Gulf International Bank UK Ltd's holdings in Diamondback Energy were worth $1,728,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of FANG. BankPlus Trust Department bought a new position in Diamondback Energy in the 1st quarter worth approximately $27,000. Pinnacle Bancorp Inc. boosted its holdings 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 during the period. SouthState Corp boosted its holdings 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 during the period. Grove Bank & Trust boosted 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 worth $32,000 after buying an additional 80 shares during the period. Finally, WASHINGTON TRUST Co boosted 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 during the period. 90.01% of the stock is owned by institutional investors.

Insider Activity

In related news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction dated 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 transaction, the chairman owned 102,145 shares in the company, valued at $14,586,306. The trade was a 16.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.70% of the company's stock.

Diamondback Energy Price Performance

FANG stock opened at $140.77 on Friday. The firm's 50-day moving average price is $143.66 and its two-hundred day moving average price is $144.96. Diamondback Energy, Inc. has a 12-month low of $114.00 and a 12-month high of $200.47. The stock has a market capitalization of $40.75 billion, a price-to-earnings ratio of 10.00 and a beta of 1.09. 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 (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 during the quarter, compared to analysts' expectations of $3.35 billion. During the same quarter in the previous year, the firm posted $4.52 EPS. Diamondback Energy's revenue was up 48.1% compared to the same quarter last year. As a group, equities analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th will be given a $1.00 dividend. The ex-dividend date is Thursday, August 14th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.8%. Diamondback Energy's payout ratio is presently 28.43%.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. JPMorgan Chase & Co. cut their price target 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. Wells Fargo & Company raised their price target on shares of Diamondback Energy from $210.00 to $211.00 and gave the company an "overweight" rating in a report on Thursday. Truist Financial raised their price target on shares of Diamondback Energy from $238.00 to $242.00 and gave the company a "buy" rating in a report on Thursday, April 17th. Scotiabank reissued an "outperform" rating on shares of Diamondback Energy in a report on Friday, July 11th. Finally, Susquehanna cut their price target on shares of Diamondback Energy from $192.00 to $188.00 and set a "positive" rating for the company in a report on Wednesday, July 23rd. One analyst has rated the stock with a sell rating, one has issued a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $191.45.

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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