Citizens Business Bank Trims Stock Holdings in Diamondback Energy, Inc. $FANG

Citizens Business Bank decreased its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 3.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 41,558 shares of the oil and natural gas company’s stock after selling 1,452 shares during the quarter. Diamondback Energy makes up 1.1% of Citizens Business Bank’s portfolio, making the stock its 27th biggest holding. Citizens Business Bank’s holdings in Diamondback Energy were worth $5,710,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. BankPlus Trust Department purchased a new stake in Diamondback Energy in the first quarter worth about $27,000. Pinnacle Bancorp Inc. increased its position in Diamondback Energy by 95.7% in 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 increased its position in Diamondback Energy by 596.4% in 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. WASHINGTON TRUST Co increased its position in Diamondback Energy by 119.8% in the first quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company’s stock worth $32,000 after buying an additional 109 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. purchased a new stake in Diamondback Energy in the first quarter worth about $33,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Buying and Selling

In related news, Chairman Travis D. Stice sold 20,400 shares of the stock in a transaction that occurred on 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 transaction, the chairman directly owned 102,145 shares of the company’s stock, valued at approximately $14,586,306. This represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.70% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on FANG. Melius Research began coverage on Diamondback Energy in a research report on Wednesday, August 20th. They issued a “buy” rating and a $213.00 price target for the company. Piper Sandler dropped their price objective on Diamondback Energy from $228.00 to $222.00 and set an “overweight” rating for the company in a research note on Thursday, August 14th. Susquehanna dropped their price objective on Diamondback Energy from $192.00 to $188.00 and set a “positive” rating for the company in a research note on Wednesday, July 23rd. William Blair initiated coverage on Diamondback Energy in a research note on Monday, August 25th. They issued an “outperform” rating for the company. Finally, UBS Group upped their price objective on Diamondback Energy from $163.00 to $171.00 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $189.91.

Diamondback Energy Price Performance

Shares of Diamondback Energy stock opened at $139.09 on Friday. The stock has a 50 day moving average of $142.18 and a 200 day moving average of $140.51. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $186.74. The firm has a market cap of $40.26 billion, a PE ratio of 9.89 and a beta of 1.04. The company has a current ratio of 0.55, a quick ratio of 0.52 and a debt-to-equity ratio of 0.35.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 EPS for the quarter, missing analysts’ consensus estimates of $2.72 by ($0.05). Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.35 billion. During the same period in the previous year, the company posted $4.52 earnings per share. Diamondback Energy’s quarterly revenue was up 48.1% on a year-over-year basis. On average, research analysts expect 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, August 21st. Investors of record on Thursday, August 14th were paid a dividend of $1.00 per share. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $4.00 dividend on an annualized basis and a yield of 2.9%. Diamondback Energy’s dividend payout ratio is presently 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.