Corigliano Investment Advisers LLC Decreases Stake in Diamondback Energy, Inc. $FANG

Corigliano Investment Advisers LLC lessened its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 72.5% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 16,900 shares of the oil and natural gas company’s stock after selling 44,600 shares during the quarter. Diamondback Energy accounts for approximately 0.9% of Corigliano Investment Advisers LLC’s portfolio, making the stock its 28th biggest position. Corigliano Investment Advisers LLC’s holdings in Diamondback Energy were worth $2,541,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Deseret Mutual Benefit Administrators lifted its stake in Diamondback Energy by 31.7% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 274 shares of the oil and natural gas company’s stock worth $41,000 after purchasing an additional 66 shares during the last quarter. Scotia Capital Inc. lifted its stake in Diamondback Energy by 0.3% during the third quarter. Scotia Capital Inc. now owns 19,719 shares of the oil and natural gas company’s stock worth $2,822,000 after purchasing an additional 68 shares during the last quarter. Equitable Trust Co. lifted its stake in Diamondback Energy by 0.7% during the third quarter. Equitable Trust Co. now owns 10,030 shares of the oil and natural gas company’s stock worth $1,435,000 after purchasing an additional 73 shares during the last quarter. Townsend & Associates Inc lifted its stake in Diamondback Energy by 0.5% during the fourth quarter. Townsend & Associates Inc now owns 14,330 shares of the oil and natural gas company’s stock worth $2,161,000 after purchasing an additional 75 shares during the last quarter. Finally, 180 Wealth Advisors LLC lifted its stake in Diamondback Energy by 2.9% during the fourth quarter. 180 Wealth Advisors LLC now owns 2,725 shares of the oil and natural gas company’s stock worth $410,000 after purchasing an additional 78 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Insider Buying and Selling

In other Diamondback Energy news, EVP Matt Zmigrosky sold 5,000 shares of Diamondback Energy stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $200.10, for a total value of $1,000,500.00. Following the transaction, the executive vice president directly owned 51,392 shares in the company, valued at approximately $10,283,539.20. This trade represents a 8.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Charles Alvin Meloy sold 83,334 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $187.12, for a total value of $15,593,458.08. Following the completion of the transaction, the director owned 851,530 shares in the company, valued at $159,338,293.60. This trade represents a 8.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 121,548 shares of company stock valued at $23,146,460. Company insiders own 0.64% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on FANG. Sanford C. Bernstein boosted their target price on Diamondback Energy from $237.00 to $241.00 and gave the stock an “outperform” rating in a research note on Monday, May 11th. Scotiabank boosted their target price on Diamondback Energy from $175.00 to $195.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, April 22nd. Piper Sandler boosted their target price on Diamondback Energy from $215.00 to $248.00 and gave the stock an “overweight” rating in a research note on Thursday, March 12th. Mizuho boosted their target price on Diamondback Energy from $220.00 to $240.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Finally, Benchmark cut Diamondback Energy from a “buy” rating to a “hold” rating in a research note on Thursday, March 5th. Four analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $223.63.

Diamondback Energy Trading Down 1.4%

FANG opened at $185.48 on Thursday. The firm has a market cap of $52.18 billion, a price-to-earnings ratio of 215.68 and a beta of 0.42. Diamondback Energy, Inc. has a 52 week low of $134.30 and a 52 week high of $214.51. The business’s 50 day moving average is $195.33 and its two-hundred day moving average is $176.39. 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 (NASDAQ:FANG) last announced its 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 company had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $3.83 billion. During the same period last year, the business posted $4.54 EPS. The company’s revenue was up 4.7% on a year-over-year basis. On average, research analysts predict that Diamondback Energy, Inc. will post 19.92 EPS for the current year.

Diamondback Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 14th were paid a $1.10 dividend. This is an increase from Diamondback Energy’s previous quarterly dividend of $1.05. The ex-dividend date was Thursday, May 14th. This represents a $4.40 annualized dividend and a dividend yield of 2.4%. Diamondback Energy’s dividend payout ratio (DPR) is 511.63%.

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.