Independence Bank of Kentucky Raises Holdings in Diamondback Energy, Inc. $FANG

Independence Bank of Kentucky grew its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 13.0% during the second quarter, Holdings Channel reports. The institutional investor owned 5,048 shares of the oil and natural gas company’s stock after purchasing an additional 580 shares during the quarter. Independence Bank of Kentucky’s holdings in Diamondback Energy were worth $694,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in FANG. Nuveen LLC purchased a new position in shares of Diamondback Energy during the 1st quarter valued at $230,039,000. GAMMA Investing LLC raised its stake in shares of Diamondback Energy by 16,197.8% during the 1st quarter. GAMMA Investing LLC now owns 605,625 shares of the oil and natural gas company’s stock valued at $96,827,000 after purchasing an additional 601,909 shares during the period. Adage Capital Partners GP L.L.C. bought a new stake in shares of Diamondback Energy during the 1st quarter valued at $77,622,000. Wellington Management Group LLP raised its stake in shares of Diamondback Energy by 27.3% during the 1st quarter. Wellington Management Group LLP now owns 1,950,160 shares of the oil and natural gas company’s stock valued at $311,792,000 after purchasing an additional 418,431 shares during the period. Finally, Victory Capital Management Inc. raised its stake in shares of Diamondback Energy by 50.6% during the 1st quarter. Victory Capital Management Inc. now owns 1,135,759 shares of the oil and natural gas company’s stock valued at $181,585,000 after purchasing an additional 381,542 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Price Performance

Shares of NASDAQ FANG opened at $143.58 on Tuesday. The firm has a market capitalization of $41.56 billion, a P/E ratio of 10.20 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. The stock’s 50-day simple moving average is $142.82 and its two-hundred day simple moving average is $141.73. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $200.47.

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 for the quarter, missing analysts’ consensus estimates of $2.72 by ($0.05). The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.35 billion. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.Diamondback Energy’s revenue was up 48.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.52 earnings per share. As a group, equities analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were given a dividend of $1.00 per share. The ex-dividend date was Thursday, August 14th. This represents a $4.00 annualized dividend and a dividend yield of 2.8%. Diamondback Energy’s dividend payout ratio is 28.43%.

Wall Street Analysts Forecast Growth

FANG has been the topic of a number of analyst reports. UBS Group boosted their price objective on Diamondback Energy from $163.00 to $171.00 and gave the company a “buy” rating in a research note on Wednesday, August 20th. Wells Fargo & Company boosted their price objective on Diamondback Energy from $210.00 to $211.00 and gave the company an “overweight” rating in a research note on Thursday, August 14th. Piper Sandler decreased their price objective on Diamondback Energy from $228.00 to $222.00 and set an “overweight” rating on the stock in a research note on Thursday, August 14th. William Blair initiated coverage on Diamondback Energy in a research note on Monday, August 25th. They set an “outperform” rating on the stock. Finally, Morgan Stanley boosted their price objective on Diamondback Energy from $184.00 to $186.00 and gave the company an “overweight” rating in a research note on Monday, August 18th. Two investment analysts have rated the stock with a Strong Buy rating and twenty-one have issued a Buy rating to the company’s stock. Based on data from MarketBeat, Diamondback Energy currently has an average rating of “Buy” and an average price target of $193.39.

Insider Activity at Diamondback Energy

In other news, Chairman Travis D. Stice sold 20,400 shares of the 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 transaction, the chairman directly owned 102,145 shares in the company, valued at approximately $14,586,306. This represents a 16.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.70% of the company’s stock.

Diamondback Energy 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.