PNC Financial Services Group Inc. Sells 2,703 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

PNC Financial Services Group Inc. lessened its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 6.1% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 41,463 shares of the oil and natural gas company’s stock after selling 2,703 shares during the period. PNC Financial Services Group Inc.’s holdings in Diamondback Energy were worth $6,430,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the company. CWM LLC increased its stake in Diamondback Energy by 1.8% in the 4th quarter. CWM LLC now owns 19,717 shares of the oil and natural gas company’s stock worth $3,058,000 after acquiring an additional 354 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of Diamondback Energy by 14.1% during the 4th quarter. Franklin Resources Inc. now owns 50,633 shares of the oil and natural gas company’s stock worth $7,852,000 after acquiring an additional 6,240 shares during the last quarter. Raymond James Trust N.A. boosted its stake in shares of Diamondback Energy by 145.2% during the fourth quarter. Raymond James Trust N.A. now owns 11,993 shares of the oil and natural gas company’s stock valued at $1,860,000 after purchasing an additional 7,102 shares during the period. Larson Financial Group LLC increased its position in shares of Diamondback Energy by 748.0% during the fourth quarter. Larson Financial Group LLC now owns 15,221 shares of the oil and natural gas company’s stock worth $2,361,000 after acquiring an additional 13,426 shares during the period. Finally, Sequoia Financial Advisors LLC raised its position in Diamondback Energy by 613.7% during the 4th quarter. Sequoia Financial Advisors LLC now owns 15,401 shares of the oil and natural gas company’s stock valued at $2,388,000 after purchasing an additional 13,243 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $187.56 on Tuesday. The company has a current ratio of 0.92, a quick ratio of 0.89 and a debt-to-equity ratio of 0.37. The company has a 50-day moving average of $198.44 and a 200-day moving average of $178.87. Diamondback Energy, Inc. has a twelve month low of $123.41 and a twelve month high of $211.96. The firm has a market cap of $33.45 billion, a price-to-earnings ratio of 10.57 and a beta of 1.90.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share for the quarter, beating the consensus estimate of $4.29 by $0.21. The company had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.10 billion. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The business’s revenue for the quarter was up 15.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.10 EPS. Analysts forecast that Diamondback Energy, Inc. will post 19.13 earnings per share for the current fiscal year.

Diamondback Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 22nd. Stockholders of record on Wednesday, May 15th were paid a $0.90 dividend. The ex-dividend date was Tuesday, May 14th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.92%. Diamondback Energy’s payout ratio is presently 20.29%.

Insider Activity

In other Diamondback Energy news, CEO Travis D. Stice sold 30,000 shares of Diamondback Energy stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the sale, the chief executive officer now owns 446,610 shares in the company, valued at $89,322,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Diamondback Energy news, CEO Travis D. Stice sold 30,000 shares of Diamondback Energy stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $200.00, for a total value of $6,000,000.00. Following the completion of the transaction, the chief executive officer now owns 446,610 shares in the company, valued at approximately $89,322,000. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Jere W. Thompson III sold 900 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $199.90, for a total value of $179,910.00. Following the transaction, the vice president now directly owns 7,585 shares in the company, valued at approximately $1,516,241.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 55,900 shares of company stock valued at $11,006,290. 0.48% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on FANG shares. Royal Bank of Canada upped their price objective on Diamondback Energy from $195.00 to $220.00 and gave the stock an “outperform” rating in a research note on Monday, May 6th. Wells Fargo & Company decreased their price objective on Diamondback Energy from $227.00 to $224.00 and set an “overweight” rating for the company in a report on Thursday, May 2nd. Morgan Stanley lowered their target price on shares of Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating on the stock in a research note on Monday, April 15th. Bank of America reaffirmed a “neutral” rating and set a $201.00 target price on shares of Diamondback Energy in a research note on Friday. Finally, Piper Sandler lifted their price objective on Diamondback Energy from $227.00 to $247.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. One analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Diamondback Energy has an average rating of “Moderate Buy” and a consensus price target of $209.35.

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.