Sumitomo Mitsui Trust Group Inc. Sells 10,928 Shares of Diamondback Energy, Inc. $FANG

Sumitomo Mitsui Trust Group Inc. cut its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 2.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 525,467 shares of the oil and natural gas company’s stock after selling 10,928 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.19% of Diamondback Energy worth $103,932,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of FANG. Wellington Management Group LLP boosted its position in Diamondback Energy by 74.1% in the fourth quarter. Wellington Management Group LLP now owns 3,239,837 shares of the oil and natural gas company’s stock worth $487,045,000 after purchasing an additional 1,379,010 shares during the last quarter. EnCap Energy Capital Fund XII L.P. bought a new stake in shares of Diamondback Energy during the 4th quarter worth $169,342,000. Smead Capital Management Inc. bought a new stake in shares of Diamondback Energy during the 2nd quarter worth $144,775,000. Encompass Capital Advisors LLC purchased a new position in shares of Diamondback Energy in the 4th quarter worth about $112,198,000. Finally, Capital Research Global Investors boosted its holdings in shares of Diamondback Energy by 14.1% in the 4th quarter. Capital Research Global Investors now owns 4,332,885 shares of the oil and natural gas company’s stock worth $651,363,000 after buying an additional 534,073 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Diamondback Energy Stock Performance

NASDAQ FANG traded up $1.39 during trading on Friday, hitting $183.39. 1,364,974 shares of the company’s stock traded hands, compared to its average volume of 2,323,722. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.55 and a current ratio of 0.56. The stock has a market capitalization of $51.59 billion, a price-to-earnings ratio of 213.25 and a beta of 0.42. Diamondback Energy, Inc. has a 12-month low of $134.30 and a 12-month high of $214.51. The business has a 50 day moving average of $191.80 and a 200-day moving average of $179.24.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share for the quarter, topping the consensus estimate of $3.74 by $0.49. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The firm had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $3.83 billion. During the same quarter last year, the company earned $4.54 earnings per share. The company’s revenue was up 4.7% on a year-over-year basis. As a group, equities research analysts anticipate that Diamondback Energy, Inc. will post 19.25 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were paid a $1.10 dividend. The ex-dividend date was Thursday, May 14th. This represents a $4.40 dividend on an annualized basis and a yield of 2.4%. This is a positive change from Diamondback Energy’s previous quarterly dividend of $1.05. Diamondback Energy’s dividend payout ratio (DPR) is presently 511.63%.

Wall Street Analysts Forecast Growth

FANG has been the subject of several research reports. Sanford C. Bernstein increased their price target on shares of Diamondback Energy from $237.00 to $241.00 and gave the company an “outperform” rating in a research report on Monday, May 11th. Barclays lifted their price objective on shares of Diamondback Energy from $225.00 to $232.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Morgan Stanley reduced their target price on shares of Diamondback Energy from $229.00 to $216.00 and set an “overweight” rating for the company in a research report on Monday, June 29th. Raymond James Financial restated a “strong-buy” rating and set a $249.00 price target on shares of Diamondback Energy in a research note on Wednesday, June 10th. Finally, KeyCorp lifted their price target on shares of Diamondback Energy from $196.00 to $225.00 and gave the stock an “overweight” rating in a report on Thursday, April 2nd. Five equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $220.68.

Insider Buying and Selling at Diamondback Energy

In other news, Director Mark Lawrence Plaumann sold 500 shares of Diamondback Energy stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $196.50, for a total value of $98,250.00. Following the completion of the transaction, the director directly owned 13,437 shares in the company, valued at approximately $2,640,370.50. The trade was a 3.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Teresa L. Dick sold 7,000 shares of the business’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $200.90, for a total value of $1,406,300.00. Following the sale, the chief accounting officer owned 85,755 shares in the company, valued at approximately $17,228,179.50. The trade was a 7.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 113,691 shares of company stock worth $21,622,752. 0.64% of the stock is owned by insiders.

Diamondback Energy Company Profile

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.