Bank of New York Mellon Corp Sells 1,218,610 Shares of Diamondback Energy, Inc. $FANG

Bank of New York Mellon Corp reduced its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 23.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,940,755 shares of the oil and natural gas company’s stock after selling 1,218,610 shares during the period. Bank of New York Mellon Corp’s holdings in Diamondback Energy were worth $779,442,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in FANG. Mirae Asset Global Investments Co. Ltd. grew its position in Diamondback Energy by 18.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 139,308 shares of the oil and natural gas company’s stock worth $20,942,000 after acquiring an additional 21,575 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in Diamondback Energy by 4.1% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,441,622 shares of the oil and natural gas company’s stock valued at $216,719,000 after acquiring an additional 56,194 shares during the last quarter. Hsbc Holdings PLC raised its position in Diamondback Energy by 16.3% during the fourth quarter. Hsbc Holdings PLC now owns 338,577 shares of the oil and natural gas company’s stock valued at $50,890,000 after purchasing an additional 47,450 shares in the last quarter. Eagle Global Advisors LLC purchased a new stake in Diamondback Energy during the fourth quarter valued at about $5,472,000. Finally, QSM Asset Management Ltd lifted its stake in Diamondback Energy by 100.0% during the fourth quarter. QSM Asset Management Ltd now owns 61,000 shares of the oil and natural gas company’s stock worth $9,170,000 after purchasing an additional 30,500 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Diamondback Energy Stock Performance

Diamondback Energy stock opened at $190.13 on Friday. The company has a quick ratio of 0.55, a current ratio of 0.56 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $53.49 billion, a PE ratio of 221.08 and a beta of 0.42. The firm has a fifty day simple moving average of $191.10 and a two-hundred day simple moving average of $180.67. Diamondback Energy, Inc. has a twelve month low of $134.30 and a twelve month high of $214.51.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.74 by $0.49. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.The firm had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $3.83 billion. During the same period last year, the firm earned $4.54 earnings per share. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. Research analysts expect that Diamondback Energy, Inc. will post 19.21 EPS for the current year.

Diamondback Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were paid a $1.10 dividend. This is a boost from Diamondback Energy’s previous quarterly dividend of $1.05. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.3%. Diamondback Energy’s dividend payout ratio is presently 511.63%.

Insider Buying and Selling

In other Diamondback Energy news, EVP Matt Zmigrosky sold 5,000 shares of Diamondback Energy stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $200.54, for a total value of $1,002,700.00. Following the transaction, the executive vice president directly owned 46,392 shares of the company’s stock, valued at $9,303,451.68. The trade was a 9.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Charles Alvin Meloy sold 83,334 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $187.12, for a total value of $15,593,458.08. Following the completion of the transaction, the director directly owned 851,530 shares in the company, valued at $159,338,293.60. This trade represents a 8.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 113,691 shares of company stock valued at $21,622,752. 0.64% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on FANG shares. Scotiabank upped their price objective on Diamondback Energy from $175.00 to $195.00 and gave the stock a “sector outperform” rating in a report on Wednesday, April 22nd. Zacks Research cut Diamondback Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 28th. UBS Group boosted their target price on Diamondback Energy from $240.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, April 10th. Roth Capital set a $212.00 target price on Diamondback Energy and gave the stock a “buy” rating in a research report on Monday, June 22nd. Finally, Wall Street Zen raised Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Four analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $219.53.

About Diamondback Energy

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.