TCW Group Inc. Lowers Stock Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Key Points

• TCW Group Inc. reduced its holdings in Diamondback Energy by 36.1%, selling 25,417 shares and leaving them with 44,945 shares worth $7.19 million as of the last reporting period.
• Diamondback Energy reported a strong quarterly earnings with an EPS of $4.54, exceeding estimates by $0.87, and a year-over-year revenue increase of 81.8%.
• The company recently announced a quarterly dividend of $1.00 per share, representing an annualized dividend of $4.00 and a dividend yield of 2.77%.

TCW Group Inc. decreased its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 36.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 44,945 shares of the oil and natural gas company's stock after selling 25,417 shares during the quarter. TCW Group Inc.'s holdings in Diamondback Energy were worth $7,186,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in FANG. LPL Financial LLC grew its holdings in shares of Diamondback Energy by 5.4% during the fourth quarter. LPL Financial LLC now owns 181,642 shares of the oil and natural gas company's stock valued at $29,758,000 after buying an additional 9,334 shares during the last quarter. UniSuper Management Pty Ltd grew its holdings in shares of Diamondback Energy by 32.9% during the fourth quarter. UniSuper Management Pty Ltd now owns 18,333 shares of the oil and natural gas company's stock valued at $3,003,000 after buying an additional 4,540 shares during the last quarter. New Age Alpha Advisors LLC purchased a new stake in shares of Diamondback Energy during the fourth quarter valued at approximately $2,201,000. Nomura Asset Management Co. Ltd. grew its holdings in shares of Diamondback Energy by 6.4% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 68,070 shares of the oil and natural gas company's stock valued at $11,152,000 after buying an additional 4,101 shares during the last quarter. Finally, Pictet Asset Management Holding SA boosted its holdings in Diamondback Energy by 12.6% in the fourth quarter. Pictet Asset Management Holding SA now owns 69,563 shares of the oil and natural gas company's stock worth $11,397,000 after purchasing an additional 7,790 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.

Insider Activity at Diamondback Energy

In related news, President Hof Matthew Kaes Van't sold 10,000 shares of Diamondback Energy stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $142.69, for a total transaction of $1,426,900.00. Following the completion of the transaction, the president directly owned 120,645 shares of the company's stock, valued at approximately $17,214,835.05. The trade was a 7.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.70% of the company's stock.

Diamondback Energy Price Performance

Shares of Diamondback Energy stock traded down $2.56 during trading hours on Thursday, reaching $148.45. The company's stock had a trading volume of 818,229 shares, compared to its average volume of 2,455,287. The firm has a 50 day moving average price of $142.45 and a 200-day moving average price of $147.57. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $203.98. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.86 and a quick ratio of 0.83. The stock has a market cap of $43.37 billion, a P/E ratio of 9.08 and a beta of 1.05.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 EPS for the quarter, topping analysts' consensus estimates of $3.67 by $0.87. Diamondback Energy had a net margin of 30.84% and a return on equity of 11.22%. The firm had revenue of $4.05 billion during the quarter, compared to analysts' expectations of $3.58 billion. During the same period in the previous year, the company earned $4.50 EPS. The firm's revenue for the quarter was up 81.8% compared to the same quarter last year. On average, analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Thursday, May 15th were paid a dividend of $1.00 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.69%. Diamondback Energy's dividend payout ratio is presently 24.46%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FANG. Truist Financial lifted their price target on shares of Diamondback Energy from $238.00 to $242.00 and gave the stock a "buy" rating in a research note on Thursday, April 17th. Citigroup upgraded shares of Diamondback Energy from a "reduce" rating to a "buy" rating and lifted their price target for the stock from $157.00 to $180.00 in a research note on Monday, April 7th. Susquehanna dropped their price target 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. Scotiabank reiterated an "outperform" rating on shares of Diamondback Energy in a research note on Friday, July 11th. 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 investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $191.59.

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.