Royal Bank of Canada Reduces Stake in Diamondback Energy, Inc. $FANG

Key Points

• The Royal Bank of Canada has reduced its stake in Diamondback Energy by 3.4%, now holding approximately $127.90 million worth of shares after selling 28,211 shares during the first quarter.
• Recent analyst reports reflect a mix of ratings for Diamondback Energy, with Bank of AmericaWall Street Zen
• Diamondback Energy announced a quarterly dividend of $1.00 per share, representing a 2.7% yield, and its earnings report showed a year-over-year revenue increase of 48.1%.

Royal Bank of Canada trimmed its position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 3.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 799,979 shares of the oil and natural gas company's stock after selling 28,211 shares during the quarter. Royal Bank of Canada owned 0.27% of Diamondback Energy worth $127,901,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FANG. BankPlus Trust Department acquired a new stake in shares of Diamondback Energy during the first quarter valued at about $27,000. Pinnacle Bancorp Inc. raised its holdings 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 valued at $29,000 after buying an additional 88 shares during the last quarter. SouthState Corp boosted its position in 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 buying an additional 167 shares during the period. Grove Bank & Trust grew its holdings in Diamondback Energy by 65.0% during the 1st quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock worth $32,000 after acquiring an additional 80 shares during the last quarter. Finally, WASHINGTON TRUST Co raised its stake in shares of Diamondback Energy by 119.8% during the first quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock valued at $32,000 after acquiring an additional 109 shares during the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Diamondback Energy Stock Down 2.8%

Diamondback Energy stock traded down $4.03 during mid-day trading on Friday, reaching $138.71. The stock had a trading volume of 1,993,976 shares, compared to its average volume of 1,686,301. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55. Diamondback Energy, Inc. has a fifty-two week low of $114.00 and a fifty-two week high of $200.47. The stock's 50-day simple moving average is $142.93 and its 200-day simple moving average is $142.77. The firm has a market capitalization of $40.16 billion, a PE ratio of 9.86 and a beta of 1.14.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its 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). 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 for 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. On average, sell-side analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 14th were paid a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Thursday, August 14th. Diamondback Energy's payout ratio is presently 28.43%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on FANG shares. Raymond James Financial lowered their price objective on Diamondback Energy from $221.00 to $212.00 and set a "strong-buy" rating for the company in a research report on Wednesday, August 20th. Bank of America raised their price objective on Diamondback Energy from $165.00 to $170.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. William Blair started coverage on Diamondback Energy in a research report on Monday, August 25th. They set an "outperform" rating for the company. Morgan Stanley raised their price objective on Diamondback Energy from $184.00 to $186.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Finally, Piper Sandler lowered their target price on Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating for the company in a report on Thursday, August 14th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Diamondback Energy currently has a consensus rating of "Buy" and an average price target of $193.17.

Insider Activity

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 transaction of $2,913,120.00. Following the sale, the chairman directly 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 document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.70% of the company's stock.

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.