Korea Investment CORP Trims Position in Diamondback Energy, Inc. $FANG

Key Points

• Korea Investment CORP reduced its stakes in Diamondback Energy by 2.1%, holding approximately $25.09 million in shares after selling 3,416 shares in the first quarter.
• Diamondback Energy reported a missed earnings estimate of $2.67 per share for the last quarter, while revenue exceeded expectations at $3.68 billion, showing a 48.1% increase year-over-year.
• The company declared a quarterly dividend of $1.00 per share, with an annualized dividend yield of 2.9%, and a payout ratio currently at 28.43%.

Korea Investment CORP lowered its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 2.1% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 156,919 shares of the oil and natural gas company's stock after selling 3,416 shares during the period. Korea Investment CORP owned 0.05% of Diamondback Energy worth $25,088,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. BankPlus Trust Department purchased a new position in shares of Diamondback Energy in the 1st quarter worth $27,000. Pinnacle Bancorp Inc. lifted its stake 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 valued at $29,000 after buying an additional 88 shares in the last quarter. SouthState Corp lifted its stake 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 valued at $31,000 after buying an additional 167 shares in the last quarter. Grove Bank & Trust lifted its stake in shares of 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 buying an additional 80 shares in the last quarter. Finally, WASHINGTON TRUST Co lifted its stake in shares of 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 buying an additional 109 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Diamondback Energy Stock Up 3.8%

FANG stock traded up $5.28 on Friday, hitting $143.28. 2,028,152 shares of the company's stock were exchanged, compared to its average volume of 2,073,046. Diamondback Energy, Inc. has a 12-month low of $114.00 and a 12-month high of $200.47. The firm has a 50 day moving average price of $142.79 and a two-hundred day moving average price of $143.80. 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 cap of $41.48 billion, a P/E ratio of 10.18 and a beta of 1.09.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share for the quarter, missing the consensus estimate of $2.72 by ($0.05). The business had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.35 billion. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The firm's quarterly revenue was up 48.1% compared to the same quarter last year. During the same quarter last year, the firm earned $4.52 earnings per share. As a group, equities research analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were given a dividend of $1.00 per share. The ex-dividend date was Thursday, August 14th. This represents a $4.00 dividend on an annualized basis and a yield of 2.8%. Diamondback Energy's dividend payout ratio is currently 28.43%.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Susquehanna lowered their price target on Diamondback Energy from $192.00 to $188.00 and set a "positive" rating on the stock in a report on Wednesday, July 23rd. Raymond James Financial lowered their target price on shares of Diamondback Energy from $221.00 to $212.00 and set a "strong-buy" rating on the stock in a report on Wednesday. Mizuho lowered their target price on shares of Diamondback Energy from $186.00 to $179.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. UBS Group boosted their price target on shares of Diamondback Energy from $163.00 to $171.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Royal Bank Of Canada assumed coverage on shares of Diamondback Energy in a research note on Friday, May 2nd. They issued an "outperform" rating and a $180.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Diamondback Energy currently has a consensus rating of "Buy" and an average price target of $193.33.

Insider Transactions at Diamondback Energy

In related news, Chairman Travis D. Stice sold 20,400 shares of the firm's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $142.80, for a total value of $2,913,120.00. Following the transaction, the chairman directly owned 102,145 shares of the company's stock, valued at approximately $14,586,306. This trade represents a 16.65% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.70% of the stock is currently owned by insiders.

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.