Diamondback Energy, Inc. (NASDAQ:FANG) Position Lowered by Citizens Business Bank

Citizens Business Bank reduced its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 1.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 45,216 shares of the oil and natural gas company’s stock after selling 644 shares during the quarter. Diamondback Energy makes up about 1.6% of Citizens Business Bank’s investment portfolio, making the stock its 17th biggest holding. Citizens Business Bank’s holdings in Diamondback Energy were worth $7,012,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA lifted its position in shares of Diamondback Energy by 39.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,007,599 shares of the oil and natural gas company’s stock worth $465,817,000 after buying an additional 858,446 shares during the last quarter. Diamond Hill Capital Management Inc. bought a new position in Diamondback Energy in the third quarter worth about $128,720,000. Wellington Management Group LLP boosted its stake in Diamondback Energy by 4.8% in the third quarter. Wellington Management Group LLP now owns 14,266,640 shares of the oil and natural gas company’s stock valued at $2,209,617,000 after acquiring an additional 648,317 shares during the period. Raymond James & Associates grew its holdings in shares of Diamondback Energy by 143.0% during the fourth quarter. Raymond James & Associates now owns 981,284 shares of the oil and natural gas company’s stock valued at $152,177,000 after purchasing an additional 577,514 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its holdings in shares of Diamondback Energy by 286.1% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 595,694 shares of the oil and natural gas company’s stock valued at $92,380,000 after purchasing an additional 441,411 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on FANG. Scotiabank boosted their price objective on Diamondback Energy from $210.00 to $255.00 and gave the company a “sector outperform” rating in a research report on Thursday, April 11th. UBS Group boosted their price target on shares of Diamondback Energy from $183.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. Piper Sandler increased their price objective on shares of Diamondback Energy from $227.00 to $247.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Royal Bank of Canada reissued an “outperform” rating and set a $195.00 target price on shares of Diamondback Energy in a research note on Monday, March 4th. Finally, Mizuho upped their target price on shares of Diamondback Energy from $200.00 to $217.00 and gave the stock a “buy” rating in a research report on Thursday, April 11th. One analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $202.53.

Insider Buying and Selling

In other news, CAO Teresa L. Dick sold 2,000 shares of the firm’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $192.00, for a total transaction of $384,000.00. Following the completion of the sale, the chief accounting officer now directly owns 96,523 shares of the company’s stock, valued at approximately $18,532,416. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, VP Jere W. Thompson III sold 2,675 shares of the business’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $192.35, for a total transaction of $514,536.25. Following the sale, the vice president now owns 8,485 shares in the company, valued at $1,632,089.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Teresa L. Dick sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $192.00, for a total transaction of $384,000.00. Following the completion of the sale, the chief accounting officer now owns 96,523 shares of the company’s stock, valued at approximately $18,532,416. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 57,675 shares of company stock worth $11,311,096. Corporate insiders own 0.43% of the company’s stock.

Diamondback Energy Price Performance

Shares of FANG traded down $4.73 during midday trading on Tuesday, reaching $201.13. The stock had a trading volume of 2,042,402 shares, compared to its average volume of 1,728,141. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.77 and a quick ratio of 0.74. The company has a market capitalization of $35.87 billion, a P/E ratio of 11.87 and a beta of 1.93. The firm’s 50 day moving average price is $193.78 and its 200-day moving average price is $169.96. Diamondback Energy, Inc. has a 52 week low of $123.41 and a 52 week high of $211.96.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 EPS for the quarter, topping the consensus estimate of $4.23 by $0.27. Diamondback Energy had a net margin of 37.36% and a return on equity of 19.56%. The firm had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.10 billion. During the same period in the previous year, the business earned $4.10 earnings per share. Diamondback Energy’s revenue for the quarter was up 15.7% compared to the same quarter last year. On average, analysts forecast that Diamondback Energy, Inc. will post 18.83 earnings per share for the current fiscal year.

Diamondback Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 22nd. Investors of record on Wednesday, May 15th will be paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 1.79%. Diamondback Energy’s dividend payout ratio is presently 20.76%.

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.