State of Alaska Department of Revenue Sells 8,040 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

State of Alaska Department of Revenue reduced its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 20.6% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 30,958 shares of the oil and natural gas company’s stock after selling 8,040 shares during the period. State of Alaska Department of Revenue’s holdings in Diamondback Energy were worth $5,337,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Benedict Financial Advisors Inc. boosted its stake in Diamondback Energy by 17.7% in the third quarter. Benedict Financial Advisors Inc. now owns 15,853 shares of the oil and natural gas company’s stock valued at $2,733,000 after acquiring an additional 2,380 shares in the last quarter. NorthCrest Asset Manangement LLC boosted its position in shares of Diamondback Energy by 6.0% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 1,650 shares of the oil and natural gas company’s stock worth $284,000 after purchasing an additional 94 shares in the last quarter. Arkadios Wealth Advisors boosted its position in shares of Diamondback Energy by 2.7% in the 3rd quarter. Arkadios Wealth Advisors now owns 5,873 shares of the oil and natural gas company’s stock worth $1,012,000 after purchasing an additional 157 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Diamondback Energy by 6.9% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,453 shares of the oil and natural gas company’s stock worth $12,364,000 after buying an additional 4,663 shares during the last quarter. Finally, Parcion Private Wealth LLC acquired a new position in Diamondback Energy during the 3rd quarter valued at about $410,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Price Performance

Shares of Diamondback Energy stock opened at $175.64 on Wednesday. The firm has a market cap of $31.32 billion, a PE ratio of 9.90, a P/E/G ratio of 1.27 and a beta of 1.89. The business has a 50-day moving average price of $184.27 and a 200 day moving average price of $193.50. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. Diamondback Energy, Inc. has a twelve month low of $145.70 and a twelve month high of $214.50.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, beating analysts’ consensus estimates of $4.51 by $0.01. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The business had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the previous year, the business earned $3.68 earnings per share. The business’s revenue was up 29.4% compared to the same quarter last year. Sell-side analysts predict that Diamondback Energy, Inc. will post 17.37 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently announced a None dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th were given a $2.34 dividend. This is a positive change from Diamondback Energy’s previous None dividend of $2.26. The ex-dividend date of this dividend was Thursday, August 15th. This represents a dividend yield of 1.9%. Diamondback Energy’s dividend payout ratio (DPR) is 20.29%.

Analyst Ratings Changes

FANG has been the topic of a number of research analyst reports. Truist Financial boosted their price target on Diamondback Energy from $220.00 to $230.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. BMO Capital Markets raised shares of Diamondback Energy from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $205.00 to $215.00 in a report on Friday, October 4th. Scotiabank dropped their price objective on shares of Diamondback Energy from $245.00 to $225.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. Citigroup started coverage on Diamondback Energy in a research note on Monday, October 14th. They issued a “neutral” rating and a $195.00 target price for the company. Finally, Morgan Stanley boosted their price target on Diamondback Energy from $185.00 to $198.00 and gave the company an “overweight” rating in a research note on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $210.09.

Insider Transactions at Diamondback Energy

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the transaction, the insider now directly owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.48% of the company’s stock.

Diamondback Energy 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.