Securian Asset Management Inc. Sells 122 Shares of Diamondback Energy, Inc. $FANG

Securian Asset Management Inc. reduced its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 1.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,720 shares of the oil and natural gas company’s stock after selling 122 shares during the quarter. Securian Asset Management Inc.’s holdings in Diamondback Energy were worth $1,336,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BankPlus Trust Department bought a new position in shares of Diamondback Energy during the first quarter valued at about $27,000. Pinnacle Bancorp Inc. grew its stake in shares of Diamondback Energy by 95.7% during the first quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company’s stock valued at $29,000 after buying an additional 88 shares during the last quarter. SouthState Corp grew its stake in shares of 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 purchasing an additional 167 shares during the last quarter. WASHINGTON TRUST Co grew its stake in shares of 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 purchasing an additional 109 shares during the last quarter. Finally, Financial Gravity Asset Management Inc. bought a new stake in shares of Diamondback Energy in the first quarter worth about $33,000. 90.01% of the stock is owned by institutional investors.

Insider Activity

In other news, Chairman Travis D. Stice sold 20,400 shares of Diamondback Energy stock in a transaction that occurred on Thursday, August 7th. The shares were 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 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 the SEC website. Insiders own 0.70% of the company’s stock.

Wall Street Analysts Forecast Growth

FANG has been the topic of several recent analyst reports. Morgan Stanley cut their target price on Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 14th. Raymond James Financial cut their target price on Diamondback Energy from $221.00 to $212.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, August 20th. Wall Street Zen cut Diamondback Energy from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Scotiabank reissued an “outperform” rating on shares of Diamondback Energy in a research note on Thursday, October 9th. Finally, Piper Sandler cut their target price 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. Two investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $189.91.

Diamondback Energy Stock Up 0.5%

Shares of NASDAQ:FANG opened at $142.28 on Thursday. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $186.07. The firm has a market capitalization of $41.19 billion, a P/E ratio of 10.11 and a beta of 1.04. The stock has a 50 day moving average price of $142.37 and a 200-day moving average price of $140.50. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55.

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

Diamondback Energy Dividend Announcement

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