Guinness Asset Management LTD Reduces Stock Holdings in Diamondback Energy, Inc. $FANG

Guinness Asset Management LTD lowered its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 9.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 46,628 shares of the oil and natural gas company’s stock after selling 5,095 shares during the quarter. Guinness Asset Management LTD’s holdings in Diamondback Energy were worth $6,443,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. BankPlus Trust Department purchased a new stake in Diamondback Energy in the first quarter valued at $27,000. SouthState Corp increased its position in shares of 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 purchasing an additional 167 shares in the last quarter. WASHINGTON TRUST Co increased its position in shares of Diamondback Energy by 119.8% during the first quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company’s stock worth $32,000 after purchasing an additional 109 shares in the last quarter. Financial Gravity Asset Management Inc. purchased a new stake in shares of Diamondback Energy in the 1st quarter valued at about $33,000. Finally, Catalyst Capital Advisors LLC boosted its position in shares of Diamondback Energy by 60.9% in the 1st quarter. Catalyst Capital Advisors LLC now owns 222 shares of the oil and natural gas company’s stock valued at $35,000 after purchasing an additional 84 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Diamondback Energy Stock Down 0.9%

Shares of Diamondback Energy stock opened at $145.86 on Monday. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $186.07. The company has a market cap of $42.22 billion, a P/E ratio of 10.37 and a beta of 1.04. 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 firm has a fifty day moving average of $142.61 and a two-hundred day moving average of $141.03.

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 analysts’ consensus estimates of $2.72 by ($0.05). The firm 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 company’s revenue was up 48.1% compared to the same quarter last year. During the same quarter last year, the firm earned $4.52 earnings per share. On average, analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Announces Dividend

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

Insider Activity at Diamondback Energy

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the stock in a transaction on 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 owned 102,145 shares in the company, valued at approximately $14,586,306. This represents a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have commented on FANG. Susquehanna cut their price target on Diamondback Energy to $188.00 and set a “positive” rating on the stock in a research report on Monday, October 20th. Melius Research assumed coverage on shares of Diamondback Energy in a report on Wednesday, August 20th. They issued a “buy” rating and a $213.00 target price on the stock. Raymond James Financial decreased their price target on shares of Diamondback Energy from $221.00 to $212.00 and set a “strong-buy” rating for the company in a research note on Wednesday, August 20th. Melius began coverage on shares of Diamondback Energy in a research report on Wednesday, August 20th. They set a “buy” rating and a $213.00 price objective on the stock. Finally, Wells Fargo & Company dropped their price objective on shares of Diamondback Energy from $211.00 to $160.00 and set an “overweight” rating on the stock in a research note on Friday, October 17th. Two analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $189.91.

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.