Diamondback Energy, Inc. (NASDAQ:FANG) Shares Bought by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. grew its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 1.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 46,474 shares of the oil and natural gas company’s stock after acquiring an additional 821 shares during the period. PNC Financial Services Group Inc.’s holdings in Diamondback Energy were worth $8,012,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Boston Partners grew its position in Diamondback Energy by 235.6% in the 1st quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock valued at $541,844,000 after acquiring an additional 1,916,900 shares in the last quarter. Diamond Hill Capital Management Inc. grew its holdings in shares of Diamondback Energy by 25.6% in the third quarter. Diamond Hill Capital Management Inc. now owns 2,158,910 shares of the oil and natural gas company’s stock valued at $372,196,000 after purchasing an additional 439,579 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Diamondback Energy by 16.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock worth $603,038,000 after buying an additional 415,902 shares during the period. Canada Pension Plan Investment Board lifted its holdings in Diamondback Energy by 280.8% during the 2nd quarter. Canada Pension Plan Investment Board now owns 545,202 shares of the oil and natural gas company’s stock worth $109,144,000 after buying an additional 402,026 shares in the last quarter. Finally, American Century Companies Inc. boosted its position in Diamondback Energy by 195.4% in the 2nd quarter. American Century Companies Inc. now owns 531,162 shares of the oil and natural gas company’s stock valued at $106,333,000 after buying an additional 351,329 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Buying and Selling

In other news, Director Mark Lawrence Plaumann sold 1,150 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total transaction of $208,150.00. Following the completion of the transaction, the director now directly owns 4,712 shares of the company’s stock, valued at approximately $852,872. This represents a 19.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Lyndal Greth sold 13,212,830 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the insider now directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. This represents a 92.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.

Diamondback Energy Trading Up 1.4 %

Shares of Diamondback Energy stock opened at $185.29 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. The company has a market capitalization of $54.10 billion, a P/E ratio of 10.61, a PEG ratio of 1.32 and a beta of 1.89. Diamondback Energy, Inc. has a 1 year low of $145.70 and a 1 year high of $214.50. The company’s fifty day moving average is $182.15 and its two-hundred day moving average is $190.81.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The company had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same period in the prior year, the business earned $5.49 EPS. The business’s quarterly revenue was up 13.0% compared to the same quarter last year. Analysts forecast that Diamondback Energy, Inc. will post 16.37 earnings per share for the current year.

Diamondback Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th were paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a dividend yield of 1.94%. The ex-dividend date of this dividend was Thursday, November 14th. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.61%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. StockNews.com upgraded Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, November 13th. Scotiabank reduced their price target on Diamondback Energy from $245.00 to $225.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. BMO Capital Markets raised Diamondback Energy from a “market perform” rating to an “outperform” rating and boosted their price objective for the stock from $205.00 to $215.00 in a research report on Friday, October 4th. Raymond James raised their target price on shares of Diamondback Energy from $232.00 to $237.00 and gave the company a “strong-buy” rating in a report on Tuesday. Finally, Jefferies Financial Group assumed coverage on shares of Diamondback Energy in a report on Monday, September 16th. They set a “hold” rating and a $185.00 price target for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $212.00.

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.