Chevy Chase Trust Holdings LLC Purchases 3,054 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Chevy Chase Trust Holdings LLC increased its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 3.1% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 100,726 shares of the oil and natural gas company’s stock after buying an additional 3,054 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Diamondback Energy were worth $17,365,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Concentric Capital Strategies LP bought a new stake in shares of Diamondback Energy in the 3rd quarter worth approximately $4,939,000. Benjamin Edwards Inc. lifted its stake in Diamondback Energy by 368.1% in the third quarter. Benjamin Edwards Inc. now owns 9,784 shares of the oil and natural gas company’s stock worth $1,687,000 after purchasing an additional 7,694 shares during the last quarter. Paloma Partners Management Co purchased a new stake in Diamondback Energy during the third quarter valued at about $19,163,000. B&L Asset Management LLC purchased a new stake in Diamondback Energy during the third quarter valued at about $2,520,000. Finally, Erste Asset Management GmbH bought a new position in shares of Diamondback Energy during the third quarter valued at about $1,066,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

FANG has been the subject of several analyst reports. Morgan Stanley increased their target price on Diamondback Energy from $185.00 to $198.00 and gave the company an “overweight” rating in a report on Monday, September 16th. UBS Group dropped their price objective on Diamondback Energy from $247.00 to $223.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Jefferies Financial Group began coverage on shares of Diamondback Energy in a research note on Monday, September 16th. They issued a “hold” rating and a $185.00 target price on the stock. Wells Fargo & Company reissued a “sector outperform” rating on shares of Diamondback Energy in a research report on Friday, October 18th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Diamondback Energy in a research report on Wednesday, October 2nd. They issued an “overweight” rating and a $182.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $212.65.

Diamondback Energy Stock Performance

Shares of FANG opened at $175.76 on Wednesday. Diamondback Energy, Inc. has a 52 week low of $145.70 and a 52 week high of $214.50. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The stock has a market cap of $51.32 billion, a P/E ratio of 10.06, a P/E/G ratio of 1.30 and a beta of 1.88. The business’s 50 day moving average price is $181.57 and its 200-day moving average price is $189.53.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share for the quarter, missing the consensus estimate of $4.62 by ($1.24). The company had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.43 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. Diamondback Energy’s revenue was up 13.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.49 earnings per share. Equities research analysts anticipate that Diamondback Energy, Inc. will post 16.26 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th were issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date was Thursday, November 14th. Diamondback Energy’s payout ratio is 20.61%.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the sale, the insider now owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. This trade represents a 92.72 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mark Lawrence Plaumann sold 1,150 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total value of $208,150.00. Following the transaction, the director now directly owns 4,712 shares in the company, valued at approximately $852,872. The trade was a 19.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is owned by insiders.

Diamondback Energy Company Profile

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.