Diamondback Energy, Inc. (NASDAQ:FANG) Shares Sold by Homestead Advisers Corp

Homestead Advisers Corp decreased its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 11.6% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 401,000 shares of the oil and natural gas company's stock after selling 52,600 shares during the quarter. Diamondback Energy accounts for approximately 1.6% of Homestead Advisers Corp's holdings, making the stock its 29th biggest holding. Homestead Advisers Corp owned 0.14% of Diamondback Energy worth $64,112,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. BankPlus Trust Department acquired a new position in Diamondback Energy during the 1st quarter valued at about $27,000. Pinnacle Bancorp Inc. lifted its position in 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 valued at $29,000 after purchasing an additional 88 shares during the period. Fourth Dimension Wealth LLC acquired a new position in Diamondback Energy during the 4th quarter valued at about $33,000. WASHINGTON TRUST Co lifted its position in Diamondback Energy by 119.8% during 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. Finally, Grove Bank & Trust lifted its position in Diamondback Energy by 65.0% during 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 during the period. Institutional investors and hedge funds own 90.01% of the company's stock.

Insider Activity

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on FANG. Truist Financial increased their price target on shares of Diamondback Energy from $238.00 to $242.00 and gave the company a "buy" rating in a research report on Thursday, April 17th. JPMorgan Chase & Co. cut their price target on shares of Diamondback Energy from $167.00 to $161.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 7th. KeyCorp cut their price target on shares of Diamondback Energy from $216.00 to $180.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. UBS Group lowered their target price on Diamondback Energy from $175.00 to $163.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Finally, Royal Bank Of Canada initiated coverage on Diamondback Energy in a research note on Friday, May 2nd. They set an "outperform" rating and a $180.00 target price for the company. Two investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $191.59.

Diamondback Energy Price Performance

Shares of NASDAQ FANG traded up $1.61 during trading hours on Thursday, reaching $145.30. 1,789,572 shares of the stock traded hands, compared to its average volume of 2,485,052. The company has a market capitalization of $42.45 billion, a P/E ratio of 8.89 and a beta of 1.05. The company has a quick ratio of 0.83, a current ratio of 0.86 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $203.98. The company's 50-day simple moving average is $141.51 and its two-hundred day simple moving average is $148.36.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its quarterly earnings results 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. The business had revenue of $4.05 billion for the quarter, compared to analysts' expectations of $3.58 billion. Diamondback Energy had a return on equity of 11.22% and a net margin of 30.84%. The business's quarterly revenue was up 81.8% on a year-over-year basis. During the same period in the previous year, the firm earned $4.50 EPS. Equities research analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Thursday, May 15th were paid a dividend of $1.00 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $4.00 annualized dividend and a dividend yield of 2.75%. Diamondback Energy's dividend payout ratio (DPR) is presently 24.46%.

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.