National Bank of Canada FI Raises Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

National Bank of Canada FI lifted its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 276.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 287,266 shares of the oil and natural gas company’s stock after acquiring an additional 211,014 shares during the period. National Bank of Canada FI’s holdings in Diamondback Energy were worth $49,525,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. QRG Capital Management Inc. raised its position in Diamondback Energy by 12.9% in the second quarter. QRG Capital Management Inc. now owns 7,389 shares of the oil and natural gas company’s stock valued at $1,479,000 after purchasing an additional 847 shares during the period. Czech National Bank raised its holdings in Diamondback Energy by 7.9% in the 2nd quarter. Czech National Bank now owns 33,986 shares of the oil and natural gas company’s stock valued at $6,804,000 after buying an additional 2,494 shares during the period. Sequoia Financial Advisors LLC lifted its position in Diamondback Energy by 17.4% in the second quarter. Sequoia Financial Advisors LLC now owns 5,630 shares of the oil and natural gas company’s stock valued at $1,127,000 after buying an additional 835 shares during the last quarter. Wedmont Private Capital lifted its position in Diamondback Energy by 8.2% in the second quarter. Wedmont Private Capital now owns 3,206 shares of the oil and natural gas company’s stock valued at $655,000 after buying an additional 242 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in Diamondback Energy by 178.1% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 30,532 shares of the oil and natural gas company’s stock worth $6,112,000 after buying an additional 19,552 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Diamondback Energy Stock Down 3.4 %

Shares of NASDAQ FANG opened at $166.83 on Monday. The business has a 50-day moving average of $181.38 and a two-hundred day moving average of $188.99. The company has a market capitalization of $48.71 billion, a price-to-earnings ratio of 9.55, a price-to-earnings-growth ratio of 1.26 and a beta of 1.88. Diamondback Energy, Inc. has a 1 year low of $146.52 and a 1 year high of $214.50. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42.

Diamondback Energy (NASDAQ:FANG) last posted its 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 business had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. Diamondback Energy’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.49 EPS. On average, analysts forecast that Diamondback Energy, Inc. will post 16.26 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th were issued a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 2.16%. The ex-dividend date was Thursday, November 14th. Diamondback Energy’s payout ratio is 20.61%.

Analyst Upgrades and Downgrades

FANG has been the topic of several recent analyst reports. Piper Sandler upped their price objective on shares of Diamondback Energy from $240.00 to $252.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Citigroup began coverage on Diamondback Energy in a research note on Monday, October 14th. They set a “neutral” rating and a $195.00 price target on the stock. Barclays raised Diamondback Energy from an “equal weight” rating to an “overweight” rating and dropped their price objective for the company from $216.00 to $210.00 in a research note on Wednesday, October 2nd. BMO Capital Markets raised Diamondback Energy from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $205.00 to $215.00 in a research note on Friday, October 4th. Finally, JPMorgan Chase & Co. began coverage on Diamondback Energy in a research report on Wednesday, October 2nd. They issued an “overweight” rating and a $182.00 target price for the company. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Diamondback Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $212.65.

Insider Activity at Diamondback Energy

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the transaction, the insider now directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. The trade was a 92.72 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available 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 transaction of $208,150.00. Following the completion of the sale, the director now owns 4,712 shares of the company’s stock, valued at approximately $852,872. This trade represents a 19.62 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.48% of the company’s stock.

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.