Principal Financial Group Inc. Reduces Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Principal Financial Group Inc. reduced its position in shares of Diamondback Energy, Inc. (NASDAQ:FANGFree Report) by 1.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 599,362 shares of the oil and natural gas company’s stock after selling 10,875 shares during the period. Principal Financial Group Inc.’s holdings in Diamondback Energy were worth $92,949,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. BKM Wealth Management LLC purchased a new position in Diamondback Energy in the 4th quarter valued at about $27,000. Turtle Creek Wealth Advisors LLC purchased a new position in Diamondback Energy in the fourth quarter valued at about $34,000. CVA Family Office LLC acquired a new stake in Diamondback Energy during the 4th quarter valued at approximately $35,000. Cary Street Partners Investment Advisory LLC increased its holdings in Diamondback Energy by 559.0% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 257 shares of the oil and natural gas company’s stock worth $40,000 after purchasing an additional 218 shares during the last quarter. Finally, First Horizon Advisors Inc. raised its position in shares of 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 purchasing an additional 87 shares in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FANG has been the subject of a number of research analyst reports. Mizuho lifted their price target on shares of Diamondback Energy from $217.00 to $222.00 and gave the stock a “buy” rating in a research note on Monday. Piper Sandler upped their target price on shares of Diamondback Energy from $227.00 to $247.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Bank Of America (Bofa) decreased their price target on Diamondback Energy from $147.00 to $129.00 and set an “underperform” rating for the company in a research note on Thursday, January 18th. UBS Group upped their price objective on Diamondback Energy from $183.00 to $200.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. Finally, Evercore ISI lifted their target price on Diamondback Energy from $185.00 to $215.00 and gave the stock an “outperform” rating in a research report on Monday, March 25th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Diamondback Energy currently has an average rating of “Moderate Buy” and a consensus target price of $205.95.

Get Our Latest Report on Diamondback Energy

Insider Buying and Selling at Diamondback Energy

In other news, CEO Travis D. Stice sold 30,000 shares of the stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total value of $6,000,000.00. Following the completion of the transaction, the chief executive officer now directly owns 446,610 shares in the company, valued at $89,322,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Travis D. Stice sold 30,000 shares of the company’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $200.00, for a total value of $6,000,000.00. Following the completion of the sale, the chief executive officer now owns 446,610 shares in the company, valued at $89,322,000. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Hof Matthew Kaes Van’t sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $190.82, for a total value of $2,289,840.00. Following the transaction, the chief financial officer now directly owns 185,882 shares of the company’s stock, valued at approximately $35,470,003.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 58,575 shares of company stock valued at $11,491,006. Company insiders own 0.43% of the company’s stock.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $200.77 on Tuesday. The firm’s 50 day moving average is $197.78 and its two-hundred day moving average is $172.16. The firm has a market capitalization of $35.81 billion, a P/E ratio of 11.32 and a beta of 1.91. The company has a current ratio of 0.92, a quick ratio of 0.89 and a debt-to-equity ratio of 0.37. Diamondback Energy, Inc. has a 52 week low of $123.41 and a 52 week high of $211.96.

Diamondback Energy (NASDAQ:FANGGet Free Report) last posted its earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 EPS for the quarter, beating the consensus estimate of $4.29 by $0.21. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The firm had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.10 billion. During the same period last year, the firm earned $4.10 EPS. The firm’s revenue was up 15.7% compared to the same quarter last year. Analysts anticipate that Diamondback Energy, Inc. will post 18.98 earnings per share for the current year.

Diamondback Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 22nd. Investors of record on Wednesday, May 15th will be given a $0.90 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $3.60 dividend on an annualized basis and a yield of 1.79%. Diamondback Energy’s dividend payout ratio is presently 20.29%.

Diamondback Energy Company Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Diamondback Energy (NASDAQ:FANG)

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