Faithward Advisors LLC Trims Stock Holdings in Diamondback Energy, Inc. $FANG

Faithward Advisors LLC decreased its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 70.5% in the fourth quarter, HoldingsChannel.com reports. The fund owned 7,172 shares of the oil and natural gas company’s stock after selling 17,162 shares during the period. Faithward Advisors LLC’s holdings in Diamondback Energy were worth $1,078,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FANG. Boston Partners raised its stake in shares of Diamondback Energy by 2.9% during the 3rd quarter. Boston Partners now owns 5,733,538 shares of the oil and natural gas company’s stock valued at $821,649,000 after buying an additional 163,548 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Diamondback Energy by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 5,621,120 shares of the oil and natural gas company’s stock valued at $844,073,000 after buying an additional 14,625 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Diamondback Energy by 11.5% during the 4th quarter. Bank of New York Mellon Corp now owns 5,159,365 shares of the oil and natural gas company’s stock valued at $775,607,000 after buying an additional 532,756 shares during the last quarter. Capital Research Global Investors raised its stake in shares of Diamondback Energy by 14.1% during the 4th quarter. Capital Research Global Investors now owns 4,332,885 shares of the oil and natural gas company’s stock valued at $651,363,000 after buying an additional 534,073 shares during the last quarter. Finally, Morgan Stanley raised its stake in shares of Diamondback Energy by 3.2% during the 4th quarter. Morgan Stanley now owns 3,828,941 shares of the oil and natural gas company’s stock valued at $575,605,000 after buying an additional 117,798 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Price Performance

Shares of Diamondback Energy stock opened at $189.96 on Tuesday. The company has a quick ratio of 0.55, a current ratio of 0.56 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a twelve month low of $134.30 and a twelve month high of $214.51. The business has a 50-day moving average price of $195.63 and a 200 day moving average price of $175.86. The firm has a market cap of $53.44 billion, a PE ratio of 220.89 and a beta of 0.42.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share for the quarter, beating the consensus estimate of $3.74 by $0.49. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.The firm had revenue of $4.24 billion during the quarter, compared to analyst estimates of $3.83 billion. During the same quarter in the previous year, the business earned $4.54 EPS. Diamondback Energy’s revenue for the quarter was up 4.7% compared to the same quarter last year. Sell-side analysts predict that Diamondback Energy, Inc. will post 19.92 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were issued a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 2.3%. The ex-dividend date was Thursday, May 14th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $1.05. Diamondback Energy’s payout ratio is presently 511.63%.

Insider Buying and Selling

In related news, CAO Teresa L. Dick sold 7,000 shares of Diamondback Energy stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total value of $1,406,300.00. Following the sale, the chief accounting officer directly owned 85,755 shares in the company, valued at approximately $17,228,179.50. The trade was a 7.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Mark Lawrence Plaumann sold 500 shares of Diamondback Energy stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $196.50, for a total value of $98,250.00. Following the completion of the sale, the director owned 13,437 shares in the company, valued at approximately $2,640,370.50. The trade was a 3.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 53,315 shares of company stock worth $10,414,384 in the last quarter. 0.64% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FANG. Wall Street Zen upgraded Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Benchmark lowered Diamondback Energy from a “buy” rating to a “hold” rating in a research note on Thursday, March 5th. Piper Sandler lifted their price objective on Diamondback Energy from $215.00 to $248.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. Susquehanna lifted their price objective on Diamondback Energy from $231.00 to $245.00 and gave the company a “positive” rating in a research note on Wednesday, May 6th. Finally, Sanford C. Bernstein lifted their price target on Diamondback Energy from $237.00 to $241.00 and gave the company an “outperform” rating in a research note on Monday, May 11th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $223.63.

Diamondback Energy Company 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.