Shell Asset Management Co. Has $1.79 Million Position in Diamondback Energy, Inc. $FANG

Key Points

• Shell Asset Management Co. increased its stake in Diamondback Energy by 22.9%, acquiring a total of 12,998 shares valued at approximately $1.79 million.
• Institutional investors own 90.01% of Diamondback Energy's stock, with significant increases in holdings from various firms during the first quarter of the year.
• Diamondback Energy declared a quarterly dividend of $1.00 per share, yielding 2.7% and highlighting a dividend payout ratio of 28.43%.

Shell Asset Management Co. lifted its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 22.9% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 12,998 shares of the oil and natural gas company's stock after acquiring an additional 2,423 shares during the period. Shell Asset Management Co.'s holdings in Diamondback Energy were worth $1,786,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. BankPlus Trust Department acquired a new position in shares of Diamondback Energy during the 1st quarter valued at $27,000. Pinnacle Bancorp Inc. lifted 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 valued at $29,000 after acquiring an additional 88 shares during the period. SouthState Corp lifted 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 valued at $31,000 after acquiring an additional 167 shares during the period. WASHINGTON TRUST Co lifted its position in shares of 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 acquiring an additional 109 shares during the period. Finally, Grove Bank & Trust lifted its position in shares of 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 valued at $32,000 after acquiring an additional 80 shares during the period. Institutional investors and hedge funds own 90.01% of the company's stock.

Analyst Upgrades and Downgrades

FANG has been the topic of a number of research reports. Scotiabank reiterated an "outperform" rating on shares of Diamondback Energy in a research report on Friday, July 11th. UBS Group upped their price objective on shares of Diamondback Energy from $163.00 to $171.00 and gave the stock a "buy" rating in a report on Wednesday, August 20th. Wall Street Zen downgraded shares of Diamondback Energy from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Evercore ISI upped their price objective on shares of Diamondback Energy from $165.00 to $175.00 and gave the stock an "outperform" rating in a report on Monday. Finally, Barclays lowered their price objective on shares of Diamondback Energy from $185.00 to $178.00 and set an "overweight" rating on the stock in a report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $192.55.

Diamondback Energy Stock Performance

NASDAQ FANG opened at $149.07 on Thursday. Diamondback Energy, Inc. has a 1 year low of $114.00 and a 1 year high of $197.68. 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 $43.15 billion, a price-to-earnings ratio of 10.59 and a beta of 1.04. The company has a fifty day moving average price of $142.72 and a 200-day moving average price of $141.45.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted 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 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 the consensus estimate of $3.35 billion. During the same quarter in the previous year, the company earned $4.52 EPS. The business's revenue was up 48.1% compared to the same quarter last year. As a group, equities research analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 14th were given a dividend of $1.00 per share. The ex-dividend date was Thursday, August 14th. This represents a $4.00 annualized dividend and a yield of 2.7%. Diamondback Energy's dividend payout ratio is presently 28.43%.

Insiders Place Their Bets

In related news, Chairman Travis D. Stice sold 20,400 shares of the stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the completion of the transaction, the chairman owned 102,145 shares in the company, valued at approximately $14,586,306. This represents a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.70% of the company's stock.

About Diamondback Energy

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.

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