Royal Bank of Canada Has $127.90 Million Position in Diamondback Energy, Inc. $FANG

Royal Bank of Canada lowered its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 3.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 799,979 shares of the oil and natural gas company’s stock after selling 28,211 shares during the period. Royal Bank of Canada owned about 0.27% of Diamondback Energy worth $127,901,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of FANG. BankPlus Trust Department acquired a new stake in Diamondback Energy during the first quarter worth $27,000. Pinnacle Bancorp Inc. boosted its stake in Diamondback Energy by 95.7% during the first quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company’s stock worth $29,000 after buying an additional 88 shares in the last quarter. SouthState Corp boosted its stake in Diamondback Energy by 596.4% during the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock worth $31,000 after buying an additional 167 shares in the last quarter. Grove Bank & Trust boosted its stake in Diamondback Energy by 65.0% during the first quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company’s stock worth $32,000 after buying an additional 80 shares in the last quarter. Finally, WASHINGTON TRUST Co boosted its stake in shares of Diamondback Energy by 119.8% in the 1st quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company’s stock valued at $32,000 after purchasing an additional 109 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analysts Set New Price Targets

FANG has been the topic of several recent analyst reports. Wall Street Zen downgraded shares of Diamondback Energy from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Bank of America boosted their target price on shares of Diamondback Energy from $165.00 to $170.00 and gave the company a “buy” rating in a research note on Friday, May 23rd. Piper Sandler reduced their target price on shares of Diamondback Energy from $228.00 to $222.00 and set an “overweight” rating on the stock in a research note on Thursday, August 14th. Mizuho reduced their target price on shares of Diamondback Energy from $186.00 to $179.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 13th. Finally, William Blair initiated coverage on shares of Diamondback Energy in a research note on Monday, August 25th. They issued an “outperform” rating on the stock. Two analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $193.33.

Insiders Place Their Bets

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the business’s stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the completion of the sale, the chairman directly owned 102,145 shares of the company’s stock, valued at approximately $14,586,306. The trade was a 16.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.48% of the company’s stock.

Diamondback Energy Stock Up 0.7%

Shares of NASDAQ FANG opened at $149.86 on Wednesday. The firm’s 50-day simple moving average is $142.83 and its 200 day simple moving average is $143.11. The company has a market cap of $43.38 billion, a price-to-earnings ratio of 10.65 and a beta of 1.14. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35. Diamondback Energy, Inc. has a 12-month low of $114.00 and a 12-month high of $200.47.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.72 by ($0.05). The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.35 billion. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The firm’s quarterly revenue was up 48.1% on a year-over-year basis. During the same quarter last year, the company earned $4.52 EPS. On average, research analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Thursday, August 14th. Diamondback Energy’s payout ratio is currently 28.43%.

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.