TD Asset Management Inc Trims Stock Holdings in Diamondback Energy, Inc. $FANG

TD Asset Management Inc cut its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 4.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 350,703 shares of the oil and natural gas company’s stock after selling 17,282 shares during the period. TD Asset Management Inc owned 0.12% of Diamondback Energy worth $50,186,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of FANG. Creekmur Asset Management LLC acquired a new stake in shares of Diamondback Energy during the second quarter worth about $28,000. E Fund Management Hong Kong Co. Ltd. increased its holdings in shares of Diamondback Energy by 106.3% in the third quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the oil and natural gas company’s stock valued at $28,000 after purchasing an additional 102 shares during the period. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of Diamondback Energy during the second quarter worth approximately $29,000. Salomon & Ludwin LLC acquired a new stake in shares of Diamondback Energy in the 3rd quarter worth $31,000. Finally, Estabrook Capital Management acquired a new position in Diamondback Energy during the 2nd quarter worth approximately $41,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FANG. Morgan Stanley decreased their price target on Diamondback Energy from $183.00 to $171.00 and set an “overweight” rating on the stock in a research note on Friday, January 23rd. Scotiabank set a $175.00 target price on Diamondback Energy in a research report on Friday, January 16th. Mizuho boosted their price objective on shares of Diamondback Energy from $194.00 to $205.00 and gave the company an “outperform” rating in a research note on Tuesday. Piper Sandler raised their price target on shares of Diamondback Energy from $215.00 to $218.00 and gave the company an “overweight” rating in a report on Wednesday, January 28th. Finally, TD Cowen upgraded Diamondback Energy to a “strong-buy” rating in a research note on Monday, February 9th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $187.86.

Diamondback Energy Price Performance

FANG opened at $166.98 on Friday. The company has a quick ratio of 0.60, a current ratio of 0.42 and a debt-to-equity ratio of 0.32. The company’s 50-day moving average price is $157.63 and its 200 day moving average price is $149.47. Diamondback Energy, Inc. has a fifty-two week low of $114.00 and a fifty-two week high of $177.25. The firm has a market cap of $47.82 billion, a price-to-earnings ratio of 29.76 and a beta of 0.63.

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

Diamondback Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 12th. Investors of record on Thursday, March 5th will be issued a $1.05 dividend. This is a boost from Diamondback Energy’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Thursday, March 5th. This represents a $4.20 dividend on an annualized basis and a dividend yield of 2.5%. Diamondback Energy’s dividend payout ratio is 71.30%.

Insider Activity

In other news, Director Charles Alvin Meloy sold 60,605 shares of the business’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $161.12, for a total transaction of $9,764,677.60. Following the completion of the transaction, the director directly owned 982,006 shares in the company, valued at approximately $158,220,806.72. The trade was a 5.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Fang Holdings Lp Sgf sold 1,000,000 shares of the firm’s stock in a transaction that occurred 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 sale, the insider owned 98,686,727 shares in the company, valued at approximately $16,074,094,093.76. This represents a 1.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 1,438,516 shares of company stock worth $225,026,921. 0.70% of the stock is currently owned by insiders.

About Diamondback Energy

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.