Diamondback Energy, Inc. $FANG Shares Acquired by Somerset Trust Co

Somerset Trust Co lifted its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 2.1% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,070 shares of the oil and natural gas company’s stock after purchasing an additional 127 shares during the quarter. Somerset Trust Co’s holdings in Diamondback Energy were worth $834,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Investor s Fiduciary Advisor Network LLC boosted its holdings in Diamondback Energy by 2.1% in the first quarter. Investor s Fiduciary Advisor Network LLC now owns 3,559 shares of the oil and natural gas company’s stock valued at $569,000 after acquiring an additional 74 shares during the last quarter. Mesirow Financial Investment Management Inc. boosted its holdings in Diamondback Energy by 5.6% in the first quarter. Mesirow Financial Investment Management Inc. now owns 1,414 shares of the oil and natural gas company’s stock valued at $226,000 after acquiring an additional 75 shares during the last quarter. FourThought Financial Partners LLC boosted its holdings in Diamondback Energy by 2.9% in the first quarter. FourThought Financial Partners LLC now owns 2,779 shares of the oil and natural gas company’s stock valued at $444,000 after acquiring an additional 78 shares during the last quarter. Grove Bank & Trust boosted its holdings in Diamondback Energy by 65.0% in the first quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company’s stock valued at $32,000 after acquiring an additional 80 shares during the last quarter. Finally, Biondo Investment Advisors LLC boosted its holdings in Diamondback Energy by 0.3% in the first quarter. Biondo Investment Advisors LLC now owns 28,858 shares of the oil and natural gas company’s stock valued at $4,614,000 after acquiring an additional 80 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on FANG shares. William Blair started coverage on Diamondback Energy in a report on Monday, August 25th. They issued an “outperform” rating on the stock. UBS Group lifted their target price on Diamondback Energy from $163.00 to $171.00 and gave the company a “buy” rating in a report on Wednesday, August 20th. Melius began coverage on Diamondback Energy in a research report on Wednesday, August 20th. They issued a “buy” rating and a $213.00 price objective on the stock. Bank of America raised their price objective on Diamondback Energy from $165.00 to $170.00 and gave the company a “buy” rating in a research report on Friday, May 23rd. Finally, Wall Street Zen lowered Diamondback Energy from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $193.17.

Insider Buying and Selling

In related news, Chairman Travis D. Stice sold 20,400 shares of Diamondback Energy stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $142.80, for a total value of $2,913,120.00. Following the completion of the transaction, the chairman directly owned 102,145 shares in the company, valued at approximately $14,586,306. This trade represents a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.70% of the company’s stock.

Diamondback Energy Stock Down 1.1%

Shares of NASDAQ FANG opened at $136.88 on Friday. Diamondback Energy, Inc. has a 1 year low of $114.00 and a 1 year high of $200.47. The firm has a market cap of $39.63 billion, a price-to-earnings ratio of 9.73 and a beta of 1.14. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55. The stock’s 50-day simple moving average is $142.68 and its 200-day simple moving average is $142.15.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.72 by ($0.05). Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The business had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.35 billion. During the same period in the previous year, the firm posted $4.52 earnings per share. The firm’s revenue was up 48.1% compared to the same quarter last year. As a group, equities analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 14th were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Thursday, August 14th. Diamondback Energy’s dividend payout ratio (DPR) is 28.43%.

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.