Diamondback Energy, Inc. (NASDAQ:FANG) Shares Sold by MAI Capital Management

MAI Capital Management lowered its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 30.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,826 shares of the oil and natural gas company’s stock after selling 5,211 shares during the quarter. MAI Capital Management’s holdings in Diamondback Energy were worth $2,039,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Community Trust NA purchased a new stake in Diamondback Energy during the 2nd quarter worth about $26,000. Carolinas Wealth Consulting LLC raised its position in shares of Diamondback Energy by 67.1% during the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after acquiring an additional 55 shares in the last quarter. HHM Wealth Advisors LLC purchased a new stake in Diamondback Energy during the second quarter worth approximately $40,000. Values First Advisors Inc. acquired a new position in Diamondback Energy in the third quarter valued at approximately $42,000. Finally, Founders Capital Management increased its stake in Diamondback Energy by 99.2% in the second quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock valued at $50,000 after purchasing an additional 125 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Diamondback Energy Stock Up 0.7 %

FANG stock opened at $181.46 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. Diamondback Energy, Inc. has a 12 month low of $145.70 and a 12 month high of $214.50. The firm has a market capitalization of $52.98 billion, a PE ratio of 10.39, a P/E/G ratio of 1.26 and a beta of 1.89. The company’s 50 day simple moving average is $181.65 and its 200-day simple moving average is $191.00.

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 for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). The company had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.43 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The business’s revenue was up 13.0% compared to the same quarter last year. During the same period last year, the firm earned $5.49 earnings per share. Equities analysts expect that Diamondback Energy, Inc. will post 16.78 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th will be issued a dividend of $0.90 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.98%. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.61%.

Insider Transactions at Diamondback Energy

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction on Monday, September 23rd. The stock was 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 owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. The trade was a 92.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mark Lawrence Plaumann sold 1,150 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total value of $208,150.00. Following the transaction, the director now owns 4,712 shares in the company, valued at $852,872. This trade represents a 19.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.48% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Johnson Rice downgraded shares of Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, September 24th. Piper Sandler upped their price objective on shares of Diamondback Energy from $240.00 to $252.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. JPMorgan Chase & Co. started coverage on Diamondback Energy in a report on Wednesday, October 2nd. They set an “overweight” rating and a $182.00 price objective on the stock. Scotiabank reduced their target price on Diamondback Energy from $245.00 to $225.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. Finally, Jefferies Financial Group began coverage on Diamondback Energy in a research note on Monday, September 16th. They set a “hold” rating and a $185.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $212.00.

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.