Diamondback Energy, Inc. $FANG Shares Sold by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. has reduced its stake in Diamondback Energy by 1.8%, owning 1,787,983 shares valued at approximately $285.9 million after selling 32,977 shares in the first quarter.
• Several institutional investors, including Grove Bank & Trust and Mesirow Financial Investment Management Inc., have increased their stakes in Diamondback Energy, indicating ongoing interest in the stock.
• Diamondback Energy recently declared a quarterly dividend of $1.00 per share, with an annualized yield of 2.9%, reflecting its commitment to returning value to shareholders.

Raymond James Financial Inc. reduced its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 1.8% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 1,787,983 shares of the oil and natural gas company's stock after selling 32,977 shares during the quarter. Raymond James Financial Inc. owned approximately 0.61% of Diamondback Energy worth $285,862,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. BankPlus Trust Department bought a new position in Diamondback Energy in the first quarter worth about $27,000. Pinnacle Bancorp Inc. raised its position in shares of 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 worth $29,000 after purchasing an additional 88 shares during the period. SouthState Corp raised its position in shares of Diamondback Energy by 596.4% during the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock worth $31,000 after purchasing an additional 167 shares during the period. Grove Bank & Trust lifted its holdings 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 purchasing an additional 80 shares during the last quarter. Finally, WASHINGTON TRUST Co boosted its position in Diamondback Energy by 119.8% during the 1st quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock valued at $32,000 after purchasing an additional 109 shares during the period. Institutional investors own 90.01% of the company's stock.

Insider Transactions at Diamondback Energy

In other news, Chairman Travis D. Stice sold 20,400 shares of Diamondback Energy stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the transaction, the chairman directly owned 102,145 shares in the company, valued at approximately $14,586,306. This trade represents a 16.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.48% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on FANG shares. Wall Street Zen lowered Diamondback Energy from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Bank of America increased their price objective on shares of Diamondback Energy from $165.00 to $170.00 and gave the stock a "buy" rating in a report on Friday, May 23rd. Melius Research began coverage on shares of Diamondback Energy in a research report on Wednesday. They issued a "buy" rating and a $213.00 price objective on the stock. Melius assumed coverage on shares of Diamondback Energy in a research note on Wednesday. They set a "buy" rating and a $213.00 target price for the company. Finally, JPMorgan Chase & Co. dropped 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. Two research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Diamondback Energy presently has an average rating of "Buy" and an average target price of $193.33.

Diamondback Energy Price Performance

FANG traded down $1.09 on Wednesday, reaching $137.87. The company had a trading volume of 1,582,025 shares, compared to its average volume of 2,438,033. The company has a market capitalization of $39.91 billion, a P/E ratio of 9.80 and a beta of 1.09. The company has a current ratio of 0.55, a quick ratio of 0.52 and a debt-to-equity ratio of 0.35. The company has a fifty day moving average of $143.47 and a 200-day moving average of $144.18. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $200.47.

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 analysts' consensus estimates of $2.72 by ($0.05). The company 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 company's revenue was up 48.1% on a year-over-year basis. During the same period in the prior year, the company posted $4.52 earnings per share. As a group, equities research analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th will be paid a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis 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%.

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.