CIBC Asset Management Inc Buys 3,046 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

CIBC Asset Management Inc boosted its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANGGet Rating) by 14.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,374 shares of the oil and natural gas company’s stock after buying an additional 3,046 shares during the period. CIBC Asset Management Inc’s holdings in Diamondback Energy were worth $2,936,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FANG. Adirondack Trust Co. increased its position in Diamondback Energy by 275.0% during the 3rd quarter. Adirondack Trust Co. now owns 225 shares of the oil and natural gas company’s stock valued at $27,000 after buying an additional 165 shares in the last quarter. Private Trust Co. NA bought a new position in Diamondback Energy during the 2nd quarter valued at approximately $28,000. SOA Wealth Advisors LLC. increased its position in Diamondback Energy by 72.1% during the 3rd quarter. SOA Wealth Advisors LLC. now owns 241 shares of the oil and natural gas company’s stock valued at $29,000 after buying an additional 101 shares in the last quarter. Carolinas Wealth Consulting LLC increased its position in Diamondback Energy by 366.7% during the 1st quarter. Carolinas Wealth Consulting LLC now owns 224 shares of the oil and natural gas company’s stock valued at $31,000 after buying an additional 176 shares in the last quarter. Finally, First Personal Financial Services bought a new position in Diamondback Energy during the 3rd quarter valued at approximately $32,000. Institutional investors own 89.76% of the company’s stock.

Insider Activity at Diamondback Energy

In other news, VP Matt Zmigrosky sold 2,012 shares of the business’s stock in a transaction dated Wednesday, December 21st. The stock was sold at an average price of $136.96, for a total value of $275,563.52. Following the transaction, the vice president now directly owns 23,623 shares in the company, valued at $3,235,406.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.42% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have commented on the company. Credit Suisse Group lifted their target price on Diamondback Energy from $190.00 to $195.00 and gave the stock an “outperform” rating in a report on Thursday, November 17th. Bank of America lowered Diamondback Energy from a “neutral” rating to an “underperform” rating and set a $143.00 target price for the company. in a report on Monday, November 28th. They noted that the move was a valuation call. Susquehanna Bancshares lifted their target price on Diamondback Energy from $180.00 to $190.00 in a report on Wednesday, November 9th. Citigroup lifted their target price on Diamondback Energy from $155.00 to $170.00 in a report on Tuesday, November 22nd. Finally, Johnson Rice raised Diamondback Energy from an “accumulate” rating to a “buy” rating and set a $210.00 target price for the company in a report on Monday, December 5th. One analyst has rated the stock with a sell rating, three have issued a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $180.90.

Diamondback Energy Price Performance

NASDAQ FANG opened at $147.24 on Wednesday. The company has a market capitalization of $25.91 billion, a PE ratio of 6.00, a price-to-earnings-growth ratio of 0.28 and a beta of 2.00. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.58 and a current ratio of 0.61. The business’s fifty day moving average is $141.70 and its 200 day moving average is $136.96. Diamondback Energy, Inc. has a fifty-two week low of $103.71 and a fifty-two week high of $168.95.

Diamondback Energy (NASDAQ:FANGGet Rating) last released its earnings results on Monday, November 7th. The oil and natural gas company reported $6.48 earnings per share for the quarter, missing the consensus estimate of $6.51 by ($0.03). The company had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Diamondback Energy had a net margin of 45.47% and a return on equity of 28.49%. Sell-side analysts predict that Diamondback Energy, Inc. will post 24.39 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The business also recently announced a None dividend, which was paid on Friday, November 25th. Investors of record on Thursday, November 17th were given a dividend of $2.26 per share. The ex-dividend date was Wednesday, November 16th. This represents a yield of 4.7%. Diamondback Energy’s dividend payout ratio (DPR) is presently 12.22%.

Diamondback Energy Profile

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Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and 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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