State of Alaska Department of Revenue Sells 6,325 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

State of Alaska Department of Revenue cut its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 14.2% in the first quarter, HoldingsChannel reports. The fund owned 38,123 shares of the oil and natural gas company’s stock after selling 6,325 shares during the period. State of Alaska Department of Revenue’s holdings in Diamondback Energy were worth $7,554,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of FANG. Acadian Asset Management LLC acquired a new stake in Diamondback Energy in the third quarter worth about $103,000. Glenmede Trust Co. NA raised its stake in shares of Diamondback Energy by 2.4% during the third quarter. Glenmede Trust Co. NA now owns 9,328 shares of the oil and natural gas company’s stock worth $1,445,000 after buying an additional 219 shares during the last quarter. Earnest Partners LLC raised its stake in shares of Diamondback Energy by 11.2% during the third quarter. Earnest Partners LLC now owns 313,744 shares of the oil and natural gas company’s stock worth $48,593,000 after buying an additional 31,695 shares during the last quarter. Seven Eight Capital LP lifted its holdings in Diamondback Energy by 74.7% in the third quarter. Seven Eight Capital LP now owns 3,620 shares of the oil and natural gas company’s stock valued at $561,000 after buying an additional 1,548 shares during the period. Finally, Scotia Capital Inc. bought a new position in Diamondback Energy in the third quarter valued at approximately $1,841,000. 90.01% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Royal Bank of Canada upped their target price on shares of Diamondback Energy from $195.00 to $220.00 and gave the company an “outperform” rating in a research report on Monday, May 6th. Evercore ISI boosted their target price on Diamondback Energy from $185.00 to $215.00 and gave the stock an “outperform” rating in a research report on Monday, March 25th. Sanford C. Bernstein assumed coverage on shares of Diamondback Energy in a research report on Thursday, June 6th. They issued an “outperform” rating and a $243.00 price target on the stock. Stifel Nicolaus boosted their price objective on shares of Diamondback Energy from $224.00 to $229.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Finally, Truist Financial upped their target price on shares of Diamondback Energy from $248.00 to $250.00 and gave the company a “buy” rating in a research note on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $209.35.

Insiders Place Their Bets

In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of the business’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total transaction of $1,182,840.00. Following the sale, the chief operating officer now directly owns 69,677 shares of the company’s stock, valued at approximately $13,736,123.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, VP Jere W. Thompson III sold 900 shares of the business’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $199.90, for a total transaction of $179,910.00. Following the transaction, the vice president now directly owns 7,585 shares in the company, valued at approximately $1,516,241.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Daniel N. Wesson sold 6,000 shares of the business’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $197.14, for a total transaction of $1,182,840.00. Following the transaction, the chief operating officer now owns 69,677 shares in the company, valued at $13,736,123.78. The disclosure for this sale can be found here. Insiders own 0.48% of the company’s stock.

Diamondback Energy Stock Up 1.0 %

FANG traded up $2.03 during trading on Wednesday, hitting $206.93. The company had a trading volume of 741,138 shares, compared to its average volume of 1,634,729. The company has a market capitalization of $36.90 billion, a PE ratio of 11.66, a PEG ratio of 1.09 and a beta of 1.90. Diamondback Energy, Inc. has a one year low of $125.73 and a one year high of $211.96. The firm’s 50-day moving average price is $196.80 and its 200 day moving average price is $182.45. The company has a quick ratio of 0.89, a current ratio of 0.92 and a debt-to-equity ratio of 0.37.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Tuesday, April 30th. The oil and natural gas company reported $4.50 EPS for the quarter, beating the consensus estimate of $4.29 by $0.21. The business had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.10 billion. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. The firm’s revenue was up 15.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.10 EPS. As a group, equities analysts expect that Diamondback Energy, Inc. will post 19.06 earnings per share for the current year.

Diamondback Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 22nd. Shareholders of record on Wednesday, May 15th were given a dividend of $0.90 per share. The ex-dividend date was Tuesday, May 14th. This represents a $3.60 annualized dividend and a yield of 1.74%. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.29%.

Diamondback Energy Company Profile

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.