Diamondback Energy, Inc. $FANG Stock Holdings Raised by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 2.7% in the 3rd quarter, Holdings Channel.com reports. The fund owned 466,136 shares of the oil and natural gas company’s stock after buying an additional 12,264 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Diamondback Energy were worth $85,680,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Diamondback Energy in the 2nd quarter valued at approximately $3,303,362,000. Wellington Management Group LLP boosted its stake in Diamondback Energy by 31.3% during the 2nd quarter. Wellington Management Group LLP now owns 16,420,247 shares of the oil and natural gas company’s stock valued at $2,886,351,000 after purchasing an additional 3,918,943 shares during the last quarter. State Street Corp boosted its stake in Diamondback Energy by 4.2% during the 2nd quarter. State Street Corp now owns 12,562,224 shares of the oil and natural gas company’s stock valued at $2,208,188,000 after purchasing an additional 510,281 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in Diamondback Energy during the 2nd quarter valued at $852,791,000. Finally, Diamond Hill Capital Management LLC Investment Advisor bought a new stake in shares of Diamondback Energy in the 2nd quarter worth $268,855,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on FANG. BMO Capital Markets lifted their target price on Diamondback Energy from $215.00 to $224.00 and gave the stock an “outperform” rating in a report on Friday, October 2nd. Morgan Stanley upped their price target on Diamondback Energy from $216.00 to $222.00 and gave the company an “equal weight” rating in a report on Thursday, October 15th. Wall Street Zen raised Diamondback Energy from a “hold” rating to a “buy” rating in a research report on Sunday, September 13th. Truist Financial lifted their price objective on Diamondback Energy from $220.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, August 5th. Finally, Jefferies Financial Group reiterated a “hold” rating and issued a $215.00 price objective (up from $205.00) on shares of Diamondback Energy in a report on Sunday, October 11th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, Diamondback Energy currently has an average rating of “Moderate Buy” and an average price target of $228.43.

Diamondback Energy Stock Down 5.8%

Shares of Diamondback Energy stock opened at $199.74 on Tuesday. The company has a market cap of $55.93 billion, a price-to-earnings ratio of 13.28 and a beta of 0.55. The company’s 50 day moving average is $197.16 and its 200 day moving average is $189.30. Diamondback Energy, Inc. has a twelve month low of $137.03 and a twelve month high of $216.90. The company has a quick ratio of 0.45, a current ratio of 0.47 and a debt-to-equity ratio of 0.25.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, November 2nd. The oil and natural gas company reported $5.86 EPS for the quarter, topping analysts’ consensus estimates of $5.72 by $0.14. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The business had revenue of $5.43 billion during the quarter, compared to the consensus estimate of $4.60 billion. During the same quarter in the previous year, the firm posted $3.08 EPS. The firm’s revenue was up 38.4% on a year-over-year basis. Research analysts anticipate that Diamondback Energy, Inc. will post 21.49 EPS for the current year.

Key Diamondback Energy News

Here are the key news stories impacting Diamondback Energy this week:

• Positive Sentiment: Third-quarter results exceeded expectations. Adjusted earnings were $5.86 per share, above the $5.72 FactSet consensus and the $4.92 Zacks estimate. Revenue rose 38.4% year over year to $5.43 billion, well ahead of the $4.60 billion analyst estimate. Diamondback Energy Beats Q3 Earnings and Revenue Estimates
• Positive Sentiment: Profitability and production momentum improved. Quarterly profit increased to $1.6 billion from $1.02 billion a year earlier, supported by higher output and elevated oil prices amid Middle East-related supply disruptions. Diamondback also raised its production targets again. Diamondback Energy Beats Third-Quarter Profit Estimates
• Positive Sentiment: Capital returns and cash generation were substantial. Diamondback generated $2.1 billion of free cash flow, increased its annual base dividend 7.3% to $4.72 per share, repurchased approximately $251 million of stock, and bought back a portion of its long-term debt. Diamondback Energy Announces Third-Quarter Results and Increases Base Dividend
• Neutral Sentiment: Viper Energy, a Diamondback subsidiary, also reported strong third-quarter results, including $300 million of net income and $596 million of adjusted EBITDA, supporting the value of Diamondback’s broader asset portfolio. Viper Energy Reports Third-Quarter Results
• Negative Sentiment: The stock decreased despite the earnings beat. The reported results may have been largely anticipated, while investors could be weighing commodity-price volatility, elevated valuation, and the sustainability of earnings that benefited from unusually strong oil prices. The available reports did not identify a specific operational disappointment.

Insider Buying and Selling at Diamondback Energy

In other news, Director Charles Meloy sold 33,333 shares of the stock in a transaction on Monday, October 5th. The stock was sold at an average price of $183.74, for a total transaction of $6,124,605.42. Following the transaction, the director directly owned 759,864 shares of the company’s stock, valued at $139,617,411.36. This represents a 4.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Travis Stice sold 75,000 shares of the firm’s stock in a transaction on Friday, September 11th. The stock was sold at an average price of $204.31, for a total value of $15,323,250.00. Following the completion of the transaction, the director owned 49,727 shares in the company, valued at approximately $10,159,723.37. This trade represents a 60.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.64% of the stock is owned by corporate insiders.

About Diamondback Energy

Diamondback Energy, Inc is an independent oil and natural gas company engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves. The company’s operations are concentrated in the Permian Basin of West Texas and southeastern New Mexico, particularly the Midland and Delaware Basins.

Diamondback produces crude oil, natural gas and natural gas liquids from horizontal wells and related infrastructure. Its activities include drilling and completing wells, operating gathering and processing assets, and managing midstream services that support production.