OLD National Bancorp IN Trims Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

OLD National Bancorp IN trimmed its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 17.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,702 shares of the oil and natural gas company's stock after selling 2,798 shares during the quarter. OLD National Bancorp IN's holdings in Diamondback Energy were worth $2,191,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Wintrust Investments LLC purchased a new stake in Diamondback Energy in the fourth quarter worth $28,000. Fourth Dimension Wealth LLC purchased a new stake in Diamondback Energy in the fourth quarter worth $33,000. Key Financial Inc increased its position in Diamondback Energy by 940.0% in the fourth quarter. Key Financial Inc now owns 208 shares of the oil and natural gas company's stock worth $34,000 after buying an additional 188 shares during the last quarter. Ancora Advisors LLC increased its position in Diamondback Energy by 182.9% in the fourth quarter. Ancora Advisors LLC now owns 232 shares of the oil and natural gas company's stock worth $38,000 after buying an additional 150 shares during the last quarter. Finally, Transce3nd LLC purchased a new stake in Diamondback Energy in the fourth quarter worth $38,000. 90.01% of the stock is currently owned by institutional investors.

Insider Activity at Diamondback Energy

In related news, President Hof Matthew Kaes Van't sold 10,000 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $142.69, for a total transaction of $1,426,900.00. Following the transaction, the president now owns 120,645 shares in the company, valued at $17,214,835.05. The trade was a 7.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.70% of the stock is owned by company insiders.

Diamondback Energy Trading Up 2.4%

Shares of NASDAQ FANG traded up $3.44 during midday trading on Tuesday, reaching $145.57. The company had a trading volume of 2,282,175 shares, compared to its average volume of 2,183,844. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $214.50. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The firm's fifty day moving average price is $135.19 and its 200-day moving average price is $153.09. The stock has a market cap of $42.53 billion, a PE ratio of 8.33, a price-to-earnings-growth ratio of 1.24 and a beta of 1.06.

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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.67 by $0.87. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The company had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.58 billion. During the same quarter in the previous year, the business earned $4.50 EPS. Diamondback Energy's revenue was up 81.8% compared to the same quarter last year. On average, equities research analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Announces Dividend

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

Wall Street Analysts Forecast Growth

FANG has been the subject of a number of recent research reports. Mizuho decreased their target price on Diamondback Energy from $186.00 to $179.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Evercore ISI began coverage on Diamondback Energy in a research report on Tuesday, May 6th. They issued an "outperform" rating and a $165.00 price target for the company. Morgan Stanley reduced their price target on Diamondback Energy from $186.00 to $183.00 and set an "overweight" rating for the company in a research report on Friday, May 23rd. Royal Bank of Canada began coverage on Diamondback Energy in a research report on Friday, May 2nd. They issued an "outperform" rating and a $180.00 price target for the company. Finally, Williams Trading set a $190.00 price target on Diamondback Energy in a research report on Wednesday, March 5th. Two analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $193.09.

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.