Ontario Teachers Pension Plan Board Sells 10,340 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Ontario Teachers Pension Plan Board trimmed its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 50.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,339 shares of the oil and natural gas company’s stock after selling 10,340 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Diamondback Energy were worth $1,782,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FANG. Price T Rowe Associates Inc. MD increased its stake in Diamondback Energy by 38.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock valued at $1,706,076,000 after acquiring an additional 2,381,488 shares during the period. Boston Partners boosted its holdings in Diamondback Energy by 235.6% during the first quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock valued at $541,844,000 after purchasing an additional 1,916,900 shares in the last quarter. Diamond Hill Capital Management Inc. boosted its holdings in Diamondback Energy by 25.6% during the third quarter. Diamond Hill Capital Management Inc. now owns 2,158,910 shares of the oil and natural gas company’s stock valued at $372,196,000 after purchasing an additional 439,579 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Diamondback Energy by 16.0% during the second quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock valued at $603,038,000 after purchasing an additional 415,902 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its holdings in Diamondback Energy by 280.8% during the second quarter. Canada Pension Plan Investment Board now owns 545,202 shares of the oil and natural gas company’s stock valued at $109,144,000 after purchasing an additional 402,026 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Mark Lawrence Plaumann sold 1,150 shares of the firm’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total value of $208,150.00. Following the sale, the director now directly owns 4,712 shares in the company, valued at $852,872. The trade was a 19.62 % decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on FANG shares. Johnson Rice downgraded Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, September 24th. Truist Financial lifted their price objective on Diamondback Energy from $220.00 to $230.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Piper Sandler lifted their price objective on Diamondback Energy from $240.00 to $252.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Citigroup started coverage on Diamondback Energy in a report on Monday, October 14th. They set a “neutral” rating and a $195.00 price objective on the stock. Finally, Jefferies Financial Group began coverage on Diamondback Energy in a report on Monday, September 16th. They set a “hold” rating and a $185.00 price objective on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $212.00.

Diamondback Energy Stock Performance

FANG stock opened at $180.12 on Wednesday. The business’s fifty day moving average is $181.39 and its 200-day moving average is $191.07. 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 company has a market cap of $52.59 billion, a P/E ratio of 10.31, a price-to-earnings-growth ratio of 1.26 and a beta of 1.89. Diamondback Energy, Inc. has a twelve month low of $145.70 and a twelve month high of $214.50.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). The company had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.43 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The business’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same period last year, the company earned $5.49 EPS. Equities research analysts forecast that Diamondback Energy, Inc. will post 16.78 EPS for the current year.

Diamondback Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 14th will be paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend is Thursday, November 14th. Diamondback Energy’s payout ratio is presently 20.61%.

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.