Diamondback Energy, Inc. (NASDAQ:FANG) Shares Sold by TD Asset Management Inc

Key Points

• TD Asset Management Inc reduced its stake in Diamondback Energy by 4.4%, holding 408,932 shares valued at approximately $65.38 million after selling 18,851 shares in the 1st quarter.
• Several institutional investors have shifted their positions, with Pinnacle Bancorp Inc increasing its stake by 95.7% and BankPlus Trust Department acquiring a new position valued at $27,000 during the same period.
• Diamondback Energy reported earnings of $4.54 per share for the last quarter, exceeding estimates, and announced a quarterly dividend of $1.00 per share, resulting in a dividend yield of 2.77%.

TD Asset Management Inc trimmed its position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 4.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 408,932 shares of the oil and natural gas company's stock after selling 18,851 shares during the quarter. TD Asset Management Inc owned about 0.14% of Diamondback Energy worth $65,380,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BankPlus Trust Department bought a new stake in Diamondback Energy in the 1st quarter worth approximately $27,000. Pinnacle Bancorp Inc. increased its stake 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 worth $29,000 after acquiring an additional 88 shares during the last quarter. Grove Bank & Trust increased its stake in 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 acquiring an additional 80 shares during the last quarter. WASHINGTON TRUST Co increased its stake in Diamondback Energy by 119.8% in the 1st quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock worth $32,000 after acquiring an additional 109 shares during the last quarter. Finally, Fourth Dimension Wealth LLC bought a new stake in Diamondback Energy in the 4th quarter worth approximately $33,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on FANG shares. Citigroup raised Diamondback Energy from a "reduce" rating to a "buy" rating and boosted their target price for the company from $157.00 to $180.00 in a research report on Monday, April 7th. Piper Sandler boosted their target price on Diamondback Energy from $225.00 to $228.00 and gave the company an "overweight" rating in a research report on Thursday, July 17th. Barclays cut their target price on Diamondback Energy from $200.00 to $185.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Susquehanna cut their target price on Diamondback Energy from $192.00 to $188.00 and set a "positive" rating on the stock in a research report on Wednesday, July 23rd. Finally, Mizuho cut their target price on Diamondback Energy from $186.00 to $179.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Two research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Diamondback Energy has a consensus rating of "Buy" and an average price target of $191.59.

Diamondback Energy Trading Down 1.3%

Shares of Diamondback Energy stock traded down $1.92 during trading hours on Thursday, reaching $149.08. 708,476 shares of the company's stock were exchanged, compared to its average volume of 2,454,455. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $203.98. The firm has a market capitalization of $43.56 billion, a price-to-earnings ratio of 9.12 and a beta of 1.05. The company has a fifty day moving average of $142.45 and a 200-day moving average of $147.57. The company has a current ratio of 0.86, a quick ratio of 0.83 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share for the quarter, topping the consensus estimate of $3.67 by $0.87. Diamondback Energy had a return on equity of 11.22% and a net margin of 30.84%. The business had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.58 billion. During the same period last year, the company posted $4.50 EPS. The business's quarterly revenue was up 81.8% on a year-over-year basis. Sell-side analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

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 $1.00 dividend. The ex-dividend date was Thursday, May 15th. This represents a $4.00 dividend on an annualized basis and a yield of 2.68%. Diamondback Energy's dividend payout ratio (DPR) is 24.46%.

Insider Buying and Selling

In other Diamondback Energy news, President Hof Matthew Kaes Van't sold 10,000 shares of the firm's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $142.69, for a total value of $1,426,900.00. Following the transaction, the president owned 120,645 shares of the company's stock, valued at $17,214,835.05. This trade represents a 7.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company 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.