Diamondback Energy, Inc. $FANG Shares Sold by Sumitomo Mitsui DS Asset Management Company Ltd

Key Points

• Sumitomo Mitsui DS Asset Management Company Ltd reduced its holdings in Diamondback Energy by 26.8%, selling 8,200 shares and retaining 22,401 shares valued at approximately $3,078,000.
• Several large investors increased their holdings in Diamondback Energy, with Grove Bank & Trust making a notable purchase of 65.0% more shares in the first quarter.
• Diamondback Energy recently reported earnings of $2.67 EPS, missing analysts' expectations, while announcing a $1.00 per share quarterly dividend resulting in an annual yield of 2.9%.

Sumitomo Mitsui DS Asset Management Company Ltd cut its position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 26.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 22,401 shares of the oil and natural gas company's stock after selling 8,200 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Diamondback Energy were worth $3,078,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of FANG. BankPlus Trust Department purchased a new position in Diamondback Energy in the first quarter worth about $27,000. Pinnacle Bancorp Inc. raised its holdings in shares of Diamondback Energy by 95.7% during the first quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock valued at $29,000 after purchasing an additional 88 shares during the last quarter. SouthState Corp raised its holdings in shares of Diamondback Energy by 596.4% during the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock valued at $31,000 after purchasing an additional 167 shares during the last quarter. Grove Bank & Trust raised its holdings in shares of Diamondback Energy by 65.0% during the first quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock valued at $32,000 after purchasing an additional 80 shares during the last quarter. Finally, WASHINGTON TRUST Co raised its holdings 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 purchasing an additional 109 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Diamondback Energy Stock Up 3.0%

Diamondback Energy stock traded up $4.10 during midday trading on Tuesday, hitting $142.93. 1,135,708 shares of the company's stock were exchanged, compared to its average volume of 2,380,374. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $200.47. The company has a market cap of $41.38 billion, a PE ratio of 10.17 and a beta of 1.15. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55. The firm has a 50-day moving average of $142.27 and a two-hundred day moving average of $141.76.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released 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 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 prior year, the business posted $4.52 earnings per share. The firm's quarterly revenue was up 48.1% on a year-over-year basis. As a group, analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Thursday, August 14th. Diamondback Energy's payout ratio is currently 28.43%.

Insiders Place Their Bets

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 shares were sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the sale, the chairman owned 102,145 shares of the company's stock, 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 Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.48% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on FANG shares. UBS Group upped their target price on shares of Diamondback Energy from $163.00 to $171.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. William Blair began coverage on shares of Diamondback Energy in a research report on Monday, August 25th. They issued an "outperform" rating for the company. Wells Fargo & Company upped their target price on shares of Diamondback Energy from $210.00 to $211.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. Wall Street Zen lowered shares of Diamondback Energy from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Finally, Susquehanna reduced their target price on shares of Diamondback Energy from $192.00 to $188.00 and set a "positive" rating on the stock in a research note on Wednesday, July 23rd. Two analysts have rated the stock with a Strong Buy rating and twenty-one have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $193.39.

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.