Diamondback Energy, Inc. (NASDAQ:FANG) Shares Sold by OLD National Bancorp IN

OLD National Bancorp IN lowered its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 3.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 81,931 shares of the oil and natural gas company’s stock after selling 2,793 shares during the period. OLD National Bancorp IN’s holdings in Diamondback Energy were worth $16,402,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Founders Capital Management increased its position in Diamondback Energy by 404.0% in the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after acquiring an additional 101 shares during the period. Logan Capital Management Inc. acquired a new position in shares of Diamondback Energy in the fourth quarter valued at approximately $31,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Diamondback Energy during the fourth quarter worth approximately $34,000. E Fund Management Hong Kong Co. Ltd. acquired a new stake in shares of Diamondback Energy during the first quarter worth $49,000. Finally, First Horizon Advisors Inc. grew its position in Diamondback Energy by 37.3% in the 4th quarter. First Horizon Advisors Inc. now owns 320 shares of the oil and natural gas company’s stock valued at $50,000 after buying an additional 87 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of the stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $197.14, for a total transaction of $1,182,840.00. Following the transaction, the chief operating officer now owns 69,677 shares of the company’s stock, valued at approximately $13,736,123.78. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.48% of the stock is currently owned by corporate insiders.

Diamondback Energy Trading Up 1.2 %

FANG stock traded up $2.28 during midday trading on Friday, reaching $199.77. 1,289,210 shares of the company’s stock traded hands, compared to its average volume of 1,572,757. Diamondback Energy, Inc. has a fifty-two week low of $143.08 and a fifty-two week high of $214.50. The business has a 50-day moving average price of $197.86 and a two-hundred day moving average price of $191.12. The company has a market capitalization of $35.63 billion, a P/E ratio of 11.26, a PEG ratio of 1.06 and a beta of 1.90. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.89.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, beating analysts’ consensus estimates of $4.51 by $0.01. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. The business had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same period last year, the business earned $3.68 EPS. The business’s revenue was up 29.4% on a year-over-year basis. Equities research analysts forecast that Diamondback Energy, Inc. will post 18.63 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently declared a None dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th will be given a dividend of $2.34 per share. The ex-dividend date is Thursday, August 15th. This represents a dividend yield of 1.9%. This is an increase from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.29%.

Analysts Set New Price Targets

A number of brokerages recently commented on FANG. Scotiabank reduced their price objective on shares of Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. StockNews.com lowered Diamondback Energy from a “buy” rating to a “hold” rating in a report on Saturday, July 6th. Barclays boosted their target price on shares of Diamondback Energy from $214.00 to $216.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Mizuho raised their price objective on shares of Diamondback Energy from $217.00 to $222.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Finally, Piper Sandler upped their target price on shares of Diamondback Energy from $247.00 to $249.00 and gave the stock an “overweight” rating in a research report on Thursday, July 18th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $210.00.

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.