Wesbanco Bank Inc. cut its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) by 10.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 52,022 shares of the oil and natural gas company's stock after selling 5,895 shares during the quarter. Wesbanco Bank Inc.'s holdings in Diamondback Energy were worth $6,302,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of the stock. Carolinas Wealth Consulting LLC boosted its stake in shares of Diamondback Energy by 366.7% during the first quarter. Carolinas Wealth Consulting LLC now owns 224 shares of the oil and natural gas company's stock valued at $31,000 after purchasing an additional 176 shares in the last quarter. Cambridge Trust Co. boosted its stake in shares of Diamondback Energy by 1,991.7% during the first quarter. Cambridge Trust Co. now owns 251 shares of the oil and natural gas company's stock valued at $34,000 after purchasing an additional 239 shares in the last quarter. MCF Advisors LLC bought a new position in shares of Diamondback Energy during the first quarter valued at approximately $35,000. Global Retirement Partners LLC boosted its stake in shares of Diamondback Energy by 51.8% during the second quarter. Global Retirement Partners LLC now owns 334 shares of the oil and natural gas company's stock valued at $40,000 after purchasing an additional 114 shares in the last quarter. Finally, Mark Sheptoff Financial Planning LLC bought a new position in shares of Diamondback Energy during the first quarter valued at approximately $41,000. 92.45% of the stock is owned by hedge funds and other institutional investors.
Get Diamondback Energy alerts:Diamondback Energy Stock Performance
Shares of Diamondback Energy stock traded down $11.34 during trading on Friday, hitting $115.20. 3,556,567 shares of the company's stock were exchanged, compared to its average volume of 2,270,563. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.69 and a current ratio of 0.73. The business has a 50-day simple moving average of $128.10 and a 200-day simple moving average of $131.94. Diamondback Energy, Inc. has a 52-week low of $86.75 and a 52-week high of $162.24. The stock has a market capitalization of $19.98 billion, a price-to-earnings ratio of 5.39, a PEG ratio of 0.20 and a beta of 2.06.
Diamondback Energy (NASDAQ:FANG – Get Rating) last issued its earnings results on Monday, August 1st. The oil and natural gas company reported $7.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.66 by $0.41. Diamondback Energy had a net margin of 42.23% and a return on equity of 25.12%. The firm had revenue of $2.77 billion during the quarter, compared to analysts' expectations of $2.44 billion. During the same quarter last year, the company posted $2.40 earnings per share. The firm's revenue was up 64.7% compared to the same quarter last year. On average, research analysts forecast that Diamondback Energy, Inc. will post 26.1 EPS for the current year.Diamondback Energy declared that its board has authorized a share repurchase plan on Monday, August 1st that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the oil and natural gas company to buy up to 17.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's board believes its shares are undervalued.
Diamondback Energy Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 23rd. Shareholders of record on Tuesday, August 16th were issued a $3.05 dividend. This is a boost from Diamondback Energy's previous quarterly dividend of $0.70. The ex-dividend date was Monday, August 15th. This represents a $12.20 dividend on an annualized basis and a yield of 10.59%. Diamondback Energy's payout ratio is presently 14.03%.
Analysts Set New Price Targets
A number of research firms have recently issued reports on FANG. StockNews.com downgraded shares of Diamondback Energy from a "buy" rating to a "hold" rating in a research note on Friday, August 12th. MKM Partners restated a "buy" rating and issued a $155.00 target price on shares of Diamondback Energy in a research note on Wednesday, July 20th. Piper Sandler lowered their target price on shares of Diamondback Energy from $196.00 to $191.00 and set an "overweight" rating for the company in a research note on Friday, July 22nd. The Goldman Sachs Group lowered their target price on shares of Diamondback Energy from $180.00 to $160.00 and set a "buy" rating for the company in a research note on Tuesday, July 5th. Finally, KeyCorp started coverage on shares of Diamondback Energy in a research note on Monday, September 19th. They issued an "overweight" rating and a $163.00 target price for the company. Three equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Diamondback Energy presently has a consensus rating of "Moderate Buy" and an average target price of $168.89.
Diamondback Energy Company Profile
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Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and 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.
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