OLD National Bancorp IN Has $1.01 Million Position in Diamondback Energy, Inc. $FANG

Key Points

• OLD National Bancorp IN reduced its stake in Diamondback Energy by 46.4% during the second quarter, ending with a position worth approximately $1.01 million.
• Diamondback Energy's quarterly earnings report showed earnings per share of $2.67, slightly missing analyst estimates, while revenue surged 48.1% year-over-year.
• The company announced a quarterly dividend of $1.00 per share, translating to an annualized yield of 2.7% and a payout ratio of approximately 28.43%.

OLD National Bancorp IN lowered its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 46.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,347 shares of the oil and natural gas company's stock after selling 6,355 shares during the quarter. OLD National Bancorp IN's holdings in Diamondback Energy were worth $1,009,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of FANG. Boston Partners boosted its holdings in shares of Diamondback Energy by 4.8% during the 1st quarter. Boston Partners now owns 5,418,840 shares of the oil and natural gas company's stock worth $861,961,000 after buying an additional 249,098 shares during the period. Bank of New York Mellon Corp boosted its holdings in Diamondback Energy by 2.3% during the first quarter. Bank of New York Mellon Corp now owns 4,257,247 shares of the oil and natural gas company's stock valued at $680,649,000 after acquiring an additional 94,177 shares during the period. Demars Financial Group LLC grew its position in shares of Diamondback Energy by 5.3% in the first quarter. Demars Financial Group LLC now owns 4,102,785 shares of the oil and natural gas company's stock valued at $655,953,000 after purchasing an additional 208,200 shares during the last quarter. Diamond Hill Capital Management Inc. increased its stake in shares of Diamondback Energy by 4.1% in the first quarter. Diamond Hill Capital Management Inc. now owns 2,932,484 shares of the oil and natural gas company's stock worth $468,846,000 after purchasing an additional 114,930 shares during the period. Finally, Wellington Management Group LLP lifted its position in shares of Diamondback Energy by 27.3% during the 1st quarter. Wellington Management Group LLP now owns 1,950,160 shares of the oil and natural gas company's stock worth $311,792,000 after purchasing an additional 418,431 shares during the last quarter. Institutional investors own 90.01% of the company's stock.

Insider Activity at Diamondback Energy

In related news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction on 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 sale, the chairman owned 102,145 shares of the company's stock, valued at $14,586,306. The trade was a 16.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.48% of the stock is owned by company insiders.

Diamondback Energy Price Performance

NASDAQ:FANG opened at $149.10 on Tuesday. 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 company has a 50-day moving average of $142.83 and a 200-day moving average of $141.34. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week high of $200.47. The company has a market capitalization of $43.16 billion, a price-to-earnings ratio of 10.60 and a beta of 1.04.

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 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.72 by ($0.05). The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.35 billion. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The business's revenue for the quarter was up 48.1% on a year-over-year basis. During the same period last year, the company earned $4.52 EPS. As a group, equities research analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were issued a $1.00 dividend. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.7%. Diamondback Energy's dividend payout ratio is presently 28.43%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on FANG. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Diamondback Energy in a research report on Saturday, September 27th. Melius started coverage on shares of Diamondback Energy in a research report on Wednesday, August 20th. They set a "buy" rating and a $213.00 target price on the stock. KeyCorp reduced their price target on shares of Diamondback Energy from $180.00 to $176.00 and set an "overweight" rating for the company in a report on Wednesday, September 3rd. Evercore ISI raised their price target on shares of Diamondback Energy from $165.00 to $175.00 and gave the stock an "outperform" rating in a research report on Monday. Finally, William Blair started coverage on shares of Diamondback Energy in a research report on Monday, August 25th. They set an "outperform" rating for the company. Two investment 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. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $192.86.

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.

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