State Board of Administration of Florida Retirement System Sells 3,508 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

State Board of Administration of Florida Retirement System decreased its position in Diamondback Energy, Inc. (NASDAQ:FANGGet Rating) by 1.4% in the first quarter, Holdings Channel.com reports. The firm owned 246,248 shares of the oil and natural gas company’s stock after selling 3,508 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Diamondback Energy were worth $33,756,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in FANG. Wetherby Asset Management Inc. increased its holdings in shares of Diamondback Energy by 1.4% during the fourth quarter. Wetherby Asset Management Inc. now owns 5,774 shares of the oil and natural gas company’s stock valued at $622,000 after acquiring an additional 77 shares in the last quarter. Heartland Bank & Trust Co increased its holdings in shares of Diamondback Energy by 1.9% during the fourth quarter. Heartland Bank & Trust Co now owns 4,131 shares of the oil and natural gas company’s stock valued at $446,000 after acquiring an additional 78 shares in the last quarter. Mackay Shields LLC increased its holdings in shares of Diamondback Energy by 0.3% during the fourth quarter. Mackay Shields LLC now owns 25,609 shares of the oil and natural gas company’s stock valued at $2,762,000 after acquiring an additional 78 shares in the last quarter. Wealthcare Advisory Partners LLC increased its holdings in shares of Diamondback Energy by 2.3% during the first quarter. Wealthcare Advisory Partners LLC now owns 3,697 shares of the oil and natural gas company’s stock valued at $507,000 after acquiring an additional 83 shares in the last quarter. Finally, Biltmore Wealth Management LLC increased its holdings in shares of Diamondback Energy by 1.6% during the first quarter. Biltmore Wealth Management LLC now owns 5,410 shares of the oil and natural gas company’s stock valued at $742,000 after acquiring an additional 84 shares in the last quarter. Institutional investors own 89.97% of the company’s stock.

Diamondback Energy Stock Down 4.1 %

FANG stock opened at $116.45 on Friday. Diamondback Energy, Inc. has a twelve month low of $65.93 and a twelve month high of $162.24. The company has a quick ratio of 0.69, a current ratio of 0.73 and a debt-to-equity ratio of 0.38. The stock has a market cap of $20.67 billion, a P/E ratio of 5.44, a PEG ratio of 0.22 and a beta of 2.12. The business’s 50-day moving average price is $129.17 and its 200-day moving average price is $131.58.

Diamondback Energy (NASDAQ:FANGGet Rating) last posted its quarterly earnings data on Monday, August 1st. The oil and natural gas company reported $7.07 earnings per share for the quarter, beating analysts’ consensus estimates of $6.58 by $0.49. Diamondback Energy had a return on equity of 25.12% and a net margin of 42.23%. The firm had revenue of $2.77 billion for the quarter, compared to analysts’ expectations of $2.44 billion. During the same period in the previous year, the firm earned $2.40 EPS. The business’s quarterly revenue was up 64.7% on a year-over-year basis. On average, equities research analysts forecast that Diamondback Energy, Inc. will post 25.56 EPS for the current year.

Diamondback Energy announced that its board has initiated a share buyback program on Monday, August 1st that permits the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization permits the oil and natural gas company to buy up to 17.9% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Diamondback Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 23rd. Investors of record on Tuesday, August 16th will be paid a dividend of $3.05 per share. This represents a $12.20 annualized dividend and a yield of 10.48%. The ex-dividend date of this dividend is Monday, August 15th. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.70. Diamondback Energy’s dividend payout ratio (DPR) is 13.09%.

Insider Activity at Diamondback Energy

In related news, CEO Travis D. Stice sold 30,000 shares of Diamondback Energy stock in a transaction that occurred on Friday, May 27th. The stock was sold at an average price of $150.01, for a total transaction of $4,500,300.00. Following the sale, the chief executive officer now owns 428,497 shares of the company’s stock, valued at approximately $64,278,834.97. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Diamondback Energy news, CEO Travis D. Stice sold 30,000 shares of Diamondback Energy stock in a transaction that occurred on Friday, May 27th. The stock was sold at an average price of $150.01, for a total value of $4,500,300.00. Following the sale, the chief executive officer now owns 428,497 shares of the company’s stock, valued at approximately $64,278,834.97. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Teresa L. Dick sold 2,500 shares of Diamondback Energy stock in a transaction that occurred on Friday, May 27th. The stock was sold at an average price of $152.22, for a total value of $380,550.00. Following the completion of the sale, the chief accounting officer now directly owns 57,308 shares in the company, valued at approximately $8,723,423.76. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 44,500 shares of company stock valued at $6,740,850. 0.42% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FANG. Raymond James raised their price target on Diamondback Energy from $195.00 to $200.00 and gave the company a “strong-buy” rating in a report on Monday, April 25th. Piper Sandler reduced their price target on Diamondback Energy from $196.00 to $191.00 and set an “overweight” rating for the company in a report on Friday, July 22nd. MKM Partners restated a “buy” rating and set a $155.00 price target on shares of Diamondback Energy in a report on Wednesday, July 20th. Susquehanna increased their price objective on Diamondback Energy from $152.00 to $167.00 and gave the company a “positive” rating in a research report on Monday, April 25th. Finally, Wells Fargo & Company dropped their price objective on Diamondback Energy from $200.00 to $192.00 and set an “overweight” rating on the stock in a research report on Monday, July 11th. Three equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $169.42.

Diamondback Energy Company 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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