Philadelphia Trust Co. Reduces Stake in Diamondback Energy, Inc. $FANG

Key Points

• Philadelphia Trust Co. has decreased its holdings in Diamondback Energy by 14.0%, selling 6,912 shares and bringing its total ownership to 42,288 shares valued at approximately $6.76 million.
• Diamondback Energy's Chairman, Travis D. Stice, sold 20,400 shares of the company's stock for about $2.91 million, representing a 16.65% decrease in his ownership.
• The company reported earnings of $2.67 per share for the last quarter, missing analysts' expectations but achieving a revenue increase of 48.1% year-over-year.

Philadelphia Trust Co. cut its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 14.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 42,288 shares of the oil and natural gas company's stock after selling 6,912 shares during the quarter. Philadelphia Trust Co.'s holdings in Diamondback Energy were worth $6,761,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. BankPlus Trust Department bought a new stake in shares of Diamondback Energy in the 1st quarter valued at approximately $27,000. Pinnacle Bancorp Inc. grew its stake in shares of 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 valued at $29,000 after buying an additional 88 shares in the last quarter. SouthState Corp grew its stake in shares of Diamondback Energy by 596.4% in 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 holdings in 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 purchasing an additional 80 shares during the last quarter. Finally, WASHINGTON TRUST Co lifted its holdings 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 purchasing an additional 109 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.

Insider Activity

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction that occurred 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 in the company, valued at approximately $14,586,306. The trade was a 16.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.48% of the company's stock.

Wall Street Analysts Forecast Growth

FANG has been the subject of several analyst reports. Bank of America boosted their target price on Diamondback Energy from $165.00 to $170.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Mizuho reduced their target price on Diamondback Energy from $186.00 to $179.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Raymond James Financial boosted their target price on Diamondback Energy from $204.00 to $221.00 and gave the stock a "strong-buy" rating in a report on Tuesday, July 22nd. Wall Street Zen lowered Diamondback Energy from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Finally, Morgan Stanley upped their price target on Diamondback Energy from $184.00 to $186.00 and gave the stock an "overweight" rating in a report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $191.59.

Diamondback Energy Price Performance

NASDAQ:FANG traded down $0.56 during trading hours on Tuesday, reaching $138.96. The company had a trading volume of 1,323,916 shares, compared to its average volume of 2,073,046. The stock has a 50-day moving average of $143.60 and a two-hundred day moving average of $144.22. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $200.47. The firm has a market capitalization of $40.23 billion, a PE ratio of 9.80 and a beta of 1.09. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $3.35 billion. During the same quarter last year, the company earned $4.52 earnings per share. The business's revenue was up 48.1% on a year-over-year basis. Analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Thursday, August 14th will be given a $1.00 dividend. The ex-dividend date is Thursday, August 14th. This represents a $4.00 annualized dividend and a dividend yield of 2.9%. Diamondback Energy's payout ratio is currently 28.43%.

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.