Chevy Chase Trust Holdings LLC Has $19.55 Million Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Chevy Chase Trust Holdings LLC decreased its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 1.7% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 97,672 shares of the oil and natural gas company’s stock after selling 1,657 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 0.05% of Diamondback Energy worth $19,553,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. CWM LLC grew its holdings in shares of Diamondback Energy by 1.8% during the fourth quarter. CWM LLC now owns 19,717 shares of the oil and natural gas company’s stock worth $3,058,000 after buying an additional 354 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of Diamondback Energy by 14.1% in the fourth quarter. Franklin Resources Inc. now owns 50,633 shares of the oil and natural gas company’s stock valued at $7,852,000 after purchasing an additional 6,240 shares during the last quarter. Larson Financial Group LLC lifted its position in shares of Diamondback Energy by 748.0% in the fourth quarter. Larson Financial Group LLC now owns 15,221 shares of the oil and natural gas company’s stock worth $2,361,000 after purchasing an additional 13,426 shares in the last quarter. abrdn plc grew its position in Diamondback Energy by 70.9% in the fourth quarter. abrdn plc now owns 75,333 shares of the oil and natural gas company’s stock valued at $11,683,000 after purchasing an additional 31,241 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Diamondback Energy by 178.1% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 30,532 shares of the oil and natural gas company’s stock valued at $6,112,000 after buying an additional 19,552 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

FANG has been the subject of several analyst reports. Susquehanna raised their price objective on Diamondback Energy from $212.00 to $245.00 and gave the company a “positive” rating in a report on Monday, April 22nd. KeyCorp assumed coverage on Diamondback Energy in a research note on Thursday, June 27th. They issued an “overweight” rating and a $225.00 price target for the company. Piper Sandler dropped their price objective on Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. Wolfe Research started coverage on shares of Diamondback Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, UBS Group lifted their price objective on shares of Diamondback Energy from $245.00 to $247.00 and gave the company a “buy” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $211.85.

Diamondback Energy Stock Performance

NASDAQ:FANG traded down $6.09 during mid-day trading on Tuesday, reaching $189.75. 1,114,021 shares of the company’s stock were exchanged, compared to its average volume of 1,558,037. Diamondback Energy, Inc. has a one year low of $143.08 and a one year high of $214.50. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.92. The business’s fifty day simple moving average is $198.60 and its two-hundred day simple moving average is $193.43. The firm has a market capitalization of $33.84 billion, a PE ratio of 10.70, a price-to-earnings-growth ratio of 1.06 and a beta of 1.90.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, beating analysts’ consensus estimates of $4.51 by $0.01. The company had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.19 billion. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. The firm’s quarterly revenue was up 29.4% on a year-over-year basis. During the same period in the previous year, the business earned $3.68 earnings per share. Analysts anticipate that Diamondback Energy, Inc. will post 18.63 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently announced a None dividend, which will be paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th will be issued a dividend of $2.34 per share. This is a positive change from Diamondback Energy’s previous None dividend of $2.26. This represents a dividend yield of 1.9%. The ex-dividend date of this dividend is Thursday, August 15th. Diamondback Energy’s dividend payout ratio is 20.29%.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total value of $1,182,840.00. Following the transaction, the chief operating officer now directly owns 69,677 shares of the company’s stock, valued at approximately $13,736,123.78. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.48% of the stock is owned by insiders.

Diamondback Energy 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.