Diamondback Energy, Inc. $FANG Shares Sold by DNB Asset Management AS

DNB Asset Management AS trimmed its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 80.6% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 37,769 shares of the oil and natural gas company’s stock after selling 156,533 shares during the quarter. DNB Asset Management AS’s holdings in Diamondback Energy were worth $5,405,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Diamondback Energy by 2.5% during the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 396,717 shares of the oil and natural gas company’s stock valued at $56,770,000 after buying an additional 9,851 shares during the last quarter. Citizens Business Bank grew its holdings in Diamondback Energy by 1.2% in the 3rd quarter. Citizens Business Bank now owns 42,040 shares of the oil and natural gas company’s stock worth $6,016,000 after buying an additional 482 shares in the last quarter. Second Half Financial Partners LLC increased its position in Diamondback Energy by 10.7% in the 3rd quarter. Second Half Financial Partners LLC now owns 3,380 shares of the oil and natural gas company’s stock valued at $484,000 after acquiring an additional 326 shares during the period. US Bancorp DE increased its position in Diamondback Energy by 5.7% in the 3rd quarter. US Bancorp DE now owns 25,447 shares of the oil and natural gas company’s stock valued at $3,642,000 after acquiring an additional 1,383 shares during the period. Finally, MAI Capital Management raised its stake in Diamondback Energy by 5.6% during the 3rd quarter. MAI Capital Management now owns 16,984 shares of the oil and natural gas company’s stock valued at $2,430,000 after acquiring an additional 895 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, Director Charles Alvin Meloy sold 377,911 shares of Diamondback Energy stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $138.61, for a total value of $52,382,243.71. Following the transaction, the director owned 1,044,864 shares in the company, valued at approximately $144,828,599.04. The trade was a 26.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Fang Holdings Lp Sgf sold 1,000,000 shares of the company’s stock in a transaction on Tuesday, February 3rd. The shares were sold at an average price of $162.88, for a total value of $162,880,000.00. Following the completion of the transaction, the insider directly owned 98,686,727 shares in the company, valued at $16,074,094,093.76. This represents a 1.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 1,438,516 shares of company stock worth $225,026,921. 0.48% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on FANG. UBS Group set a $195.00 price target on Diamondback Energy in a research note on Tuesday, February 24th. Sanford C. Bernstein cut their price objective on shares of Diamondback Energy from $199.00 to $190.00 and set an “outperform” rating on the stock in a research note on Monday, January 5th. Citigroup decreased their target price on shares of Diamondback Energy from $180.00 to $178.00 and set a “buy” rating for the company in a research report on Tuesday, January 6th. TD Cowen raised shares of Diamondback Energy to a “strong-buy” rating in a research note on Monday, February 9th. Finally, Wells Fargo & Company boosted their price target on shares of Diamondback Energy from $169.00 to $171.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 27th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $187.86.

Diamondback Energy Price Performance

Shares of Diamondback Energy stock opened at $174.08 on Monday. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week high of $177.25. The company has a current ratio of 0.42, a quick ratio of 0.40 and a debt-to-equity ratio of 0.32. The stock has a market cap of $49.10 billion, a PE ratio of 31.03 and a beta of 0.59. The company’s 50-day moving average price is $158.15 and its two-hundred day moving average price is $149.87.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, February 23rd. The oil and natural gas company reported $1.74 earnings per share for the quarter, missing the consensus estimate of $2.00 by ($0.26). The business had revenue of $3.38 billion for the quarter, compared to the consensus estimate of $3.41 billion. Diamondback Energy had a net margin of 11.07% and a return on equity of 8.08%. The business’s revenue for the quarter was down 9.0% on a year-over-year basis. During the same quarter last year, the business posted $3.67 EPS. As a group, sell-side analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 12th. Investors of record on Thursday, March 5th will be issued a dividend of $1.05 per share. The ex-dividend date is Thursday, March 5th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $1.00. This represents a $4.20 dividend on an annualized basis and a yield of 2.4%. Diamondback Energy’s payout ratio is 71.30%.

Diamondback Energy Profile

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.