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

MAI Capital Management lowered its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 30.6% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor 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 filing with the SEC.

A number of other large investors have also modified their holdings of FANG. Swiss National Bank lifted its position in shares of Diamondback Energy by 11.7% during the third quarter. Swiss National Bank now owns 560,099 shares of the oil and natural gas company’s stock worth $96,561,000 after purchasing an additional 58,500 shares during the last quarter. Concord Asset Management LLC VA lifted its stake in shares of Diamondback Energy by 4.9% in the 3rd quarter. Concord Asset Management LLC VA now owns 2,945 shares of the oil and natural gas company’s stock worth $508,000 after acquiring an additional 138 shares during the period. Tower Bridge Advisors grew its holdings in Diamondback Energy by 20.0% during the third quarter. Tower Bridge Advisors now owns 6,930 shares of the oil and natural gas company’s stock worth $1,195,000 after acquiring an additional 1,154 shares during the period. Atlanta Consulting Group Advisors LLC acquired a new stake in shares of Diamondback Energy during the 3rd quarter valued at $253,000. Finally, Mutual of America Capital Management LLC boosted its holdings in shares of Diamondback Energy by 2.6% in the third quarter. Mutual of America Capital Management LLC now owns 23,098 shares of the oil and natural gas company’s stock worth $3,982,000 after buying an additional 588 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction dated 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 transaction, the insider now owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. This trade represents a 92.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Mark Lawrence Plaumann sold 1,150 shares of the business’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total value of $208,150.00. Following the completion of 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 position. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

FANG has been the topic of a number of research analyst reports. Benchmark reaffirmed a “buy” rating and set a $195.00 price objective on shares of Diamondback Energy in a research report on Tuesday, October 29th. Jefferies Financial Group initiated coverage on shares of Diamondback Energy in a research note on Monday, September 16th. They issued a “hold” rating and a $185.00 target price on the stock. UBS Group lowered their price objective on shares of Diamondback Energy from $247.00 to $223.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Truist Financial upped their target price on Diamondback Energy from $220.00 to $230.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Finally, KeyCorp cut their price objective on Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Diamondback Energy presently has a consensus rating of “Moderate Buy” and an average price target of $212.00.

Diamondback Energy Stock Up 0.7 %

Shares of NASDAQ FANG opened at $181.46 on Thursday. The firm has a market cap of $52.98 billion, a price-to-earnings ratio of 10.39, a PEG ratio of 1.26 and a beta of 1.89. Diamondback Energy, Inc. has a 52-week low of $145.70 and a 52-week high of $214.50. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The business’s 50 day moving average is $181.65 and its two-hundred day moving average is $191.00.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data 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). Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The firm had revenue of $2.65 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same quarter in the prior year, the firm posted $5.49 EPS. Diamondback Energy’s quarterly revenue was up 13.0% compared to the same quarter last year. Research analysts predict that Diamondback Energy, Inc. will post 16.78 EPS for the current year.

Diamondback Energy Announces Dividend

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

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.