National Bank of Canada FI Boosts Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Key Points

• National Bank of Canada FI increased its stake in Diamondback Energy by 29.6% during the first quarter, now owning approximately 0.06% of the company, valued at around $29.38 million.
• Diamondback Energy recently reported $2.67 EPS for the quarter, falling short of analysts' expectations, though its revenue increased by 48.1% year-over-year to $3.68 billion.
• The company announced a quarterly dividend of $1.00 per share, reflecting an annualized payout of $4.00 and a yield of 2.8%, with a payout ratio of 28.43%.

National Bank of Canada FI raised its position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 29.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 183,751 shares of the oil and natural gas company's stock after buying an additional 42,006 shares during the quarter. National Bank of Canada FI owned about 0.06% of Diamondback Energy worth $29,377,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in FANG. BankPlus Trust Department acquired a new position in shares of Diamondback Energy in the 1st quarter worth approximately $27,000. Pinnacle Bancorp Inc. increased its stake 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 in the last quarter. Grove Bank & Trust grew its stake in shares of 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 acquiring an additional 80 shares in the last quarter. WASHINGTON TRUST Co grew its stake in shares of 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 acquiring an additional 109 shares in the last quarter. Finally, Fourth Dimension Wealth LLC bought a new stake in shares of Diamondback Energy in the 4th quarter worth $33,000. 90.01% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FANG. Susquehanna cut their price target on shares of Diamondback Energy from $192.00 to $188.00 and set a "positive" rating on the stock in a report on Wednesday, July 23rd. Barclays decreased their price target on Diamondback Energy from $200.00 to $185.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Piper Sandler upped their price objective on shares of Diamondback Energy from $225.00 to $228.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Wall Street Zen cut shares of Diamondback Energy from a "hold" rating to a "sell" rating in a research report on Saturday. Finally, Mizuho dropped their price objective on Diamondback Energy from $186.00 to $179.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. One analyst has rated the stock with a sell rating, one has assigned 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, the company presently has an average rating of "Moderate Buy" and a consensus price target of $191.59.

Diamondback Energy Stock Up 1.1%

Shares of NASDAQ:FANG traded up $1.49 on Wednesday, hitting $139.98. 1,944,913 shares of the company traded hands, compared to its average volume of 2,467,458. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week high of $200.47. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35. The stock has a 50 day simple moving average of $143.58 and a 200-day simple moving average of $145.21. The company has a market cap of $40.52 billion, a PE ratio of 9.95 and a beta of 1.09.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its quarterly 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). Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.35 billion. During the same quarter in the previous year, the business earned $4.52 earnings per share. Diamondback Energy's revenue was up 48.1% compared to the same quarter last year. As a group, research analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The company also recently announced 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. This represents a $4.00 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Thursday, August 14th. Diamondback Energy's dividend payout ratio (DPR) is presently 28.43%.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the firm's stock in a transaction dated Thursday, August 7th. The stock was 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.48% of the company's stock.

Diamondback Energy Company 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.