Independence Bank of Kentucky Has $343,000 Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Independence Bank of Kentucky lifted its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 25.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,730 shares of the oil and natural gas company’s stock after purchasing an additional 355 shares during the quarter. Independence Bank of Kentucky’s holdings in Diamondback Energy were worth $343,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Wellington Management Group LLP boosted its stake in Diamondback Energy by 4.8% during the 3rd 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 purchasing an additional 648,317 shares during the last quarter. Raymond James & Associates boosted its position 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 buying an additional 577,514 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in 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 worth $92,380,000 after buying an additional 441,411 shares in the last quarter. iA Global Asset Management Inc. raised its position in Diamondback Energy by 1,748.1% in the 3rd quarter. iA Global Asset Management Inc. now owns 281,256 shares of the oil and natural gas company’s stock valued at $43,561,000 after buying an additional 266,037 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its stake in Diamondback Energy by 16,215.2% during the 4th quarter. International Assets Investment Management LLC now owns 266,264 shares of the oil and natural gas company’s stock valued at $41,292,000 after acquiring an additional 264,632 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

Insider Activity at Diamondback Energy

In other news, CEO Travis D. Stice sold 30,000 shares of the company’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total value of $6,000,000.00. Following the transaction, the chief executive officer now owns 446,610 shares of the company’s stock, valued at $89,322,000. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, COO Daniel N. Wesson sold 6,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total value of $1,182,840.00. Following the sale, the chief operating officer now directly owns 69,677 shares of the company’s stock, valued at $13,736,123.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Travis D. Stice sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the completion of the transaction, the chief executive officer now directly owns 446,610 shares of the company’s stock, valued at approximately $89,322,000. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 36,900 shares of company stock valued at $7,362,750. Corporate insiders own 0.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on FANG. Evercore ISI upped their target price on shares of Diamondback Energy from $185.00 to $215.00 and gave the stock an “outperform” rating in a research note on Monday, March 25th. Piper Sandler increased their price objective on shares of Diamondback Energy from $227.00 to $247.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Scotiabank lifted their target price on shares of Diamondback Energy from $210.00 to $255.00 and gave the stock a “sector outperform” rating in a research report on Thursday, April 11th. Truist Financial upped their target price on Diamondback Energy from $248.00 to $250.00 and gave the company a “buy” rating in a report on Monday, April 22nd. Finally, Bank of America reiterated a “neutral” rating and set a $201.00 price target on shares of Diamondback Energy in a report on Friday, June 14th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Diamondback Energy has an average rating of “Moderate Buy” and a consensus price target of $209.35.

Diamondback Energy Trading Up 0.5 %

Shares of FANG stock opened at $200.19 on Friday. The stock has a market capitalization of $35.70 billion, a price-to-earnings ratio of 11.28, a PEG ratio of 1.09 and a beta of 1.90. The company’s fifty day simple moving average is $196.76 and its two-hundred day simple moving average is $181.50. Diamondback Energy, Inc. has a 1 year low of $125.73 and a 1 year high of $211.96. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.89.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.29 by $0.21. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The company had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.10 billion. During the same period in the previous year, the company posted $4.10 EPS. The firm’s revenue for the quarter was up 15.7% compared to the same quarter last year. As a group, analysts anticipate that Diamondback Energy, Inc. will post 19.06 earnings per share for the current year.

Diamondback Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 22nd. Stockholders of record on Wednesday, May 15th were issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date of this dividend was Tuesday, May 14th. Diamondback Energy’s payout ratio is 20.29%.

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.