Cibc World Market Inc. Makes New $13 Million Investment in Diamondback Energy, Inc. $FANG

Cibc World Market Inc. purchased a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) in the 2nd quarter, Holdings Channel reports. The firm purchased 73,962 shares of the oil and natural gas company’s stock, valued at approximately $13,001,000.

Other large investors also recently modified their holdings of the company. Deseret Mutual Benefit Administrators grew its position in Diamondback Energy by 31.7% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 274 shares of the oil and natural gas company’s stock worth $41,000 after acquiring an additional 66 shares during the last quarter. Scotia Capital Inc. raised its position in Diamondback Energy by 0.3% in the third quarter. Scotia Capital Inc. now owns 19,719 shares of the oil and natural gas company’s stock valued at $2,822,000 after purchasing an additional 68 shares during the last quarter. Capital Financial Group Inc. Co. ADV raised its position in Diamondback Energy by 2.1% in the first quarter. Capital Financial Group Inc. Co. ADV now owns 3,584 shares of the oil and natural gas company’s stock valued at $709,000 after purchasing an additional 75 shares during the last quarter. Physician Wealth Advisors Inc. boosted its stake in shares of Diamondback Energy by 40.0% during the fourth quarter. Physician Wealth Advisors Inc. now owns 301 shares of the oil and natural gas company’s stock valued at $45,000 after purchasing an additional 86 shares in the last quarter. Finally, Kestra Private Wealth Services LLC boosted its stake in shares of Diamondback Energy by 0.5% during the third quarter. Kestra Private Wealth Services LLC now owns 17,564 shares of the oil and natural gas company’s stock valued at $2,513,000 after purchasing an additional 86 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FANG has been the subject of several recent research reports. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $248.00 price objective on shares of Diamondback Energy in a research note on Friday, July 31st. Citigroup reduced their target price on shares of Diamondback Energy from $221.00 to $220.00 and set a “buy” rating on the stock in a report on Monday, August 10th. Roth Capital set a $212.00 price target on shares of Diamondback Energy and gave the company a “buy” rating in a research report on Monday, June 22nd. UBS Group dropped their price target on shares of Diamondback Energy from $246.00 to $243.00 and set a “buy” rating for the company in a research note on Tuesday, July 21st. Finally, Weiss Ratings upgraded shares of Diamondback Energy from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, July 31st. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Diamondback Energy currently has an average rating of “Moderate Buy” and a consensus price target of $222.21.

Diamondback Energy Stock Down 2.4%

Diamondback Energy stock opened at $205.60 on Tuesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.45 and a current ratio of 0.47. Diamondback Energy, Inc. has a 52-week low of $134.30 and a 52-week high of $216.90. The firm has a 50 day moving average price of $192.10 and a two-hundred day moving average price of $189.74. The firm has a market cap of $57.57 billion, a price-to-earnings ratio of 40.08 and a beta of 0.43.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, August 3rd. The oil and natural gas company reported $6.48 EPS for the quarter, beating analysts’ consensus estimates of $6.08 by $0.40. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The company had revenue of $5.56 billion for the quarter, compared to analyst estimates of $4.89 billion. During the same period in the prior year, the firm posted $2.38 EPS. The company’s quarterly revenue was up 51.2% on a year-over-year basis. Equities analysts predict that Diamondback Energy, Inc. will post 20.13 EPS for the current year.

Diamondback Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th were issued a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date was Thursday, August 13th. Diamondback Energy’s dividend payout ratio (DPR) is presently 85.77%.

Insiders Place Their Bets

In other news, 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 transaction, the director directly owned 13,437 shares of the company’s stock, valued at approximately $2,640,370.50. This trade represents a 3.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Matt Zmigrosky sold 5,000 shares of the business’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $200.54, for a total value of $1,002,700.00. Following the completion of the transaction, the executive vice president directly owned 46,392 shares in the company, valued at $9,303,451.68. This represents a 9.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 129,167 shares of company stock valued at $24,714,309. Insiders own 0.64% of the company’s stock.

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.