Grove Bank & Trust Has $32,000 Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Grove Bank & Trust boosted its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 65.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 203 shares of the oil and natural gas company’s stock after buying an additional 80 shares during the quarter. Grove Bank & Trust’s holdings in Diamondback Energy were worth $32,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. QRG Capital Management Inc. raised its position in shares of Diamondback Energy by 6.7% during the first quarter. QRG Capital Management Inc. now owns 12,461 shares of the oil and natural gas company’s stock worth $1,992,000 after acquiring an additional 786 shares during the last quarter. Sagespring Wealth Partners LLC increased its position in Diamondback Energy by 6.7% in the first quarter. Sagespring Wealth Partners LLC now owns 7,511 shares of the oil and natural gas company’s stock worth $1,201,000 after purchasing an additional 473 shares during the period. Sowell Financial Services LLC bought a new stake in Diamondback Energy during the 1st quarter worth about $1,382,000. Cyndeo Wealth Partners LLC acquired a new position in Diamondback Energy during the 1st quarter valued at about $341,000. Finally, Asio Capital LLC lifted its position in Diamondback Energy by 5.2% during the 1st quarter. Asio Capital LLC now owns 34,353 shares of the oil and natural gas company’s stock valued at $5,492,000 after purchasing an additional 1,707 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Insider Transactions at Diamondback Energy

In other news, President Hof Matthew Kaes Van’t sold 10,000 shares of Diamondback Energy stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $142.69, for a total value of $1,426,900.00. Following the sale, the president now directly owns 120,645 shares in the company, valued at $17,214,835.05. This trade represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.70% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Citigroup upgraded shares of Diamondback Energy from a “reduce” rating to a “buy” rating and lifted their price target for the stock from $157.00 to $180.00 in a research report on Monday, April 7th. Scotiabank lowered their target price on shares of Diamondback Energy from $215.00 to $175.00 and set a “sector outperform” rating for the company in a report on Friday, April 11th. Susquehanna cut their price target on Diamondback Energy from $219.00 to $194.00 and set a “positive” rating on the stock in a research note on Tuesday, April 22nd. KeyCorp reduced their price target on Diamondback Energy from $216.00 to $180.00 and set an “overweight” rating on the stock in a research report on Monday, April 21st. Finally, Royal Bank Of Canada began coverage on Diamondback Energy in a report on Friday, May 2nd. They issued an “outperform” rating and a $180.00 price objective for the company. Two analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $193.13.

Diamondback Energy Stock Down 2.7%

Diamondback Energy stock opened at $148.78 on Thursday. The company has a 50 day moving average of $138.27 and a 200-day moving average of $152.13. The company has a quick ratio of 0.83, a current ratio of 0.86 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $214.50. The stock has a market capitalization of $43.47 billion, a PE ratio of 9.10, a price-to-earnings-growth ratio of 1.39 and a beta of 1.06.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, May 5th. The oil and natural gas company reported $4.54 EPS for the quarter, beating the consensus estimate of $3.67 by $0.87. The business had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.58 billion. Diamondback Energy had a net margin of 30.84% and a return on equity of 11.22%. The firm’s revenue was up 81.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.50 EPS. On average, equities research analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Thursday, May 15th were issued a $1.00 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.69%. Diamondback Energy’s dividend payout ratio (DPR) is 24.46%.

About Diamondback Energy

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.