Zurcher Kantonalbank Zurich Cantonalbank Grows Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Key Points

• Zurcher Kantonalbank increased its stake in Diamondback Energy by 77%, owning 64,784 shares valued at approximately $10.36 million as of the latest filing.
• Diamondback Energy reported earnings of $4.54 per share, exceeding analyst estimates, and saw an annual revenue increase of 81.8% year-over-year.
• The company declared a quarterly dividend of $1.00, resulting in an annual yield of 2.65%, with a payout ratio of 24.46%.

Zurcher Kantonalbank Zurich Cantonalbank increased its position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 77.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 64,784 shares of the oil and natural gas company's stock after acquiring an additional 28,187 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Diamondback Energy were worth $10,358,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FANG. BankPlus Trust Department purchased a new position in Diamondback Energy in the 1st quarter worth $27,000. Pinnacle Bancorp Inc. raised 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 raised 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 raised 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 acquired a new stake in Diamondback Energy during the 4th quarter worth about $33,000. Hedge funds and other institutional investors own 90.01% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on FANG shares. KeyCorp dropped their target price on Diamondback Energy from $216.00 to $180.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Scotiabank reaffirmed an "outperform" rating on shares of Diamondback Energy in a report on Friday, July 11th. Raymond James Financial raised their target price on Diamondback Energy from $204.00 to $221.00 and gave the stock a "strong-buy" rating in a report on Tuesday, July 22nd. Citigroup raised Diamondback Energy from a "reduce" rating to a "buy" rating and raised their target price for the stock from $157.00 to $180.00 in a report on Monday, April 7th. Finally, Susquehanna dropped their target price on Diamondback Energy from $192.00 to $188.00 and set a "positive" rating on the stock in a report on Wednesday, July 23rd. Two analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $191.59.

Diamondback Energy Price Performance

FANG stock traded down $2.52 during trading on Friday, hitting $146.14. The stock had a trading volume of 2,830,897 shares, compared to its average volume of 1,723,121. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.86 and a quick ratio of 0.83. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $202.87. The stock has a market capitalization of $42.70 billion, a P/E ratio of 8.94 and a beta of 1.09. The company's 50-day moving average price is $142.90 and its two-hundred day moving average price is $147.15.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share 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 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 revenue was up 81.8% on a year-over-year basis. As a group, research analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Thursday, May 15th. Diamondback Energy's dividend payout ratio (DPR) is 24.46%.

Insiders Place Their Bets

In other Diamondback Energy news, President Hof Matthew Kaes Van't sold 10,000 shares of the firm's stock in a transaction that occurred on 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 directly owned 120,645 shares of the company's stock, valued at $17,214,835.05. This trade represents a 7.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.70% of the stock is owned by company insiders.

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.