Equitable Trust Co. Sells 8,974 Shares of Diamondback Energy, Inc. $FANG

Equitable Trust Co. lowered its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 19.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 36,255 shares of the oil and natural gas company’s stock after selling 8,974 shares during the period. Equitable Trust Co.’s holdings in Diamondback Energy were worth $7,171,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Deseret Mutual Benefit Administrators increased its position in shares of Diamondback Energy by 31.7% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 274 shares of the oil and natural gas company’s stock valued at $41,000 after purchasing an additional 66 shares during the last quarter. Scotia Capital Inc. raised its stake in shares of Diamondback Energy by 0.3% during the 3rd quarter. Scotia Capital Inc. now owns 19,719 shares of the oil and natural gas company’s stock worth $2,822,000 after purchasing an additional 68 shares during the period. Townsend & Associates Inc boosted its holdings in shares of Diamondback Energy by 0.5% in the 4th quarter. Townsend & Associates Inc now owns 14,330 shares of the oil and natural gas company’s stock worth $2,161,000 after buying an additional 75 shares during the last quarter. Capital Financial Group Inc. Co. ADV boosted its holdings in shares of Diamondback Energy by 2.1% in the 1st quarter. Capital Financial Group Inc. Co. ADV now owns 3,584 shares of the oil and natural gas company’s stock worth $709,000 after buying an additional 75 shares during the last quarter. Finally, 180 Wealth Advisors LLC grew its position in Diamondback Energy by 2.9% during the fourth quarter. 180 Wealth Advisors LLC now owns 2,725 shares of the oil and natural gas company’s stock valued at $410,000 after buying an additional 78 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Buying and Selling at Diamondback Energy

In related news, CAO Teresa L. Dick sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the sale, the chief accounting officer directly owned 85,755 shares in the company, valued at approximately $17,228,179.50. This represents a 7.55% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Charles Alvin Meloy sold 83,334 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $187.12, for a total transaction of $15,593,458.08. Following the completion of the transaction, the director directly owned 851,530 shares of the company’s stock, valued at approximately $159,338,293.60. This trade represents a 8.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 113,691 shares of company stock worth $21,622,752. 0.64% of the stock is currently owned by company insiders.

Diamondback Energy Trading Down 2.5%

Shares of FANG opened at $182.00 on Friday. Diamondback Energy, Inc. has a fifty-two week low of $134.30 and a fifty-two week high of $214.51. The business has a 50-day moving average of $192.24 and a 200 day moving average of $179.21. The firm has a market cap of $51.20 billion, a P/E ratio of 211.63 and a beta of 0.42. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.55 and a current ratio of 0.56.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Monday, May 4th. The oil and natural gas company reported $4.23 EPS for the quarter, beating the consensus estimate of $3.74 by $0.49. The business had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $3.83 billion. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The company’s revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.54 earnings per share. As a group, research analysts forecast that Diamondback Energy, Inc. will post 19.33 EPS for the current year.

Diamondback Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were given a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 2.4%. This is an increase from Diamondback Energy’s previous quarterly dividend of $1.05. The ex-dividend date of this dividend was Thursday, May 14th. Diamondback Energy’s payout ratio is presently 511.63%.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Piper Sandler raised their price objective on shares of Diamondback Energy from $215.00 to $248.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. Barclays boosted their target price on shares of Diamondback Energy from $225.00 to $232.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Sanford C. Bernstein increased their target price on shares of Diamondback Energy from $237.00 to $241.00 and gave the company an “outperform” rating in a research report on Monday, May 11th. Weiss Ratings restated a “hold (c)” rating on shares of Diamondback Energy in a research note on Wednesday, May 27th. Finally, Wall Street Zen raised shares of Diamondback Energy from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Five research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Diamondback Energy presently has an average rating of “Buy” and an average price target of $220.68.

Diamondback Energy Profile

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub?basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.