Diamondback Energy, Inc. $FANG Shares Sold by OMERS ADMINISTRATION Corp

Key Points

• OMERS ADMINISTRATION Corp reduced its stake in Diamondback Energy by 16.3%, selling 2,200 shares during the first quarter, leaving it with 11,301 shares valued at approximately $1,807,000.
• In recent analyst ratings, Diamondback Energy received multiple "buy" and "overweight" ratings with a consensus target price of $193.33, despite a miss on earnings estimates in the last quarter.
• The company declared a quarterly dividend of $1.00 per share, translating to an annualized dividend of $4.00 and a yield of 2.7%.

OMERS ADMINISTRATION Corp lessened its position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 16.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,301 shares of the oil and natural gas company's stock after selling 2,200 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Diamondback Energy were worth $1,807,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. BankPlus Trust Department purchased a new position in Diamondback Energy in the 1st quarter worth about $27,000. Pinnacle Bancorp Inc. increased its stake in Diamondback Energy by 95.7% in the 1st quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock worth $29,000 after buying an additional 88 shares during the period. SouthState Corp increased its stake in Diamondback Energy by 596.4% in the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock worth $31,000 after buying an additional 167 shares during the period. Fourth Dimension Wealth LLC purchased a new position in Diamondback Energy in the 4th quarter worth about $33,000. Finally, WASHINGTON TRUST Co increased its stake in 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 buying an additional 109 shares during the period. Hedge funds and other institutional investors own 90.01% of the company's stock.

Diamondback Energy Stock Up 0.7%

NASDAQ FANG traded up $1.10 during trading on Tuesday, reaching $149.86. 1,558,704 shares of the company's stock traded hands, compared to its average volume of 1,843,046. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.55 and a quick ratio of 0.52. The firm has a market cap of $43.38 billion, a price-to-earnings ratio of 10.65 and a beta of 1.14. The company's 50 day simple moving average is $142.83 and its two-hundred day simple moving average is $143.11. Diamondback Energy, Inc. has a 12-month low of $114.00 and a 12-month high of $200.47.

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

Diamondback Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were given 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 payout ratio is presently 28.43%.

Insider Activity

In other news, Chairman Travis D. Stice sold 20,400 shares of Diamondback Energy stock in a transaction that occurred on 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 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 accessible through this link. 0.48% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. JPMorgan Chase & Co. reduced 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 note on Wednesday, May 7th. Morgan Stanley raised their price target on shares of Diamondback Energy from $184.00 to $186.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Melius started coverage on shares of Diamondback Energy in a research note on Wednesday, August 20th. They issued a "buy" rating and a $213.00 price target on the stock. William Blair started coverage on shares of Diamondback Energy in a research report on Monday, August 25th. They set an "outperform" rating on the stock. Finally, Wells Fargo & Company raised their target price on shares of Diamondback Energy from $210.00 to $211.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Two analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Diamondback Energy has an average rating of "Buy" and a consensus price target of $193.33.

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.