Diversified Trust Co has reduced its position in Diamondback Energy, Inc. (NASDAQ: FANG) by 10% during the second quarter of 2023. The company disclosed this information in its latest Form 13F filing with the Securities and Exchange Commission (SEC). After selling 3,153 shares, Diversified Trust Co now holds 28,471 shares of the oil and natural gas company, valued at approximately $3.91 million.
This adjustment comes amid a broader trend where institutional investors and hedge funds are actively modifying their stakes in Diamondback Energy. Notably, Nuveen LLC entered a new position in the firm during the first quarter, investing about $230 million. Another significant move was made by GAMMA Investing LLC, which increased its stake by an astonishing 16,197.8%, acquiring 605,625 shares worth around $96.83 million after purchasing an additional 601,909 shares in the last quarter.
In addition, Adage Capital Partners GP L.L.C. acquired a new position valued at $77.62 million, while Wellington Management Group LLP raised its stake by 27.3%, now owning 1,950,160 shares worth $311.79 million. Victory Capital Management Inc. also increased its holdings by 50.6%, owning 1,135,759 shares valued at $181.59 million. Overall, institutional investors and hedge funds hold 90.01% of Diamondback Energy’s stock.
Analyst Ratings and Market Performance
Analysts have been closely monitoring Diamondback Energy, and several recent reports have influenced market sentiment. KeyCorp adjusted its price objective from $180.00 to $176.00, maintaining an “overweight” rating. Similarly, Wells Fargo & Company raised its target from $210.00 to $211.00, also giving the stock an “overweight” rating.
On the other hand, Bank of America increased its target from $165.00 to $170.00 with a “buy” recommendation. Piper Sandler revised its price objective downward from $228.00 to $222.00, yet maintained an “overweight” rating. Currently, two analysts rate the stock as a Strong Buy, while twenty-one have assigned it a Buy rating, resulting in a consensus rating of “Buy” with an average target price of $193.39.
Insider Transactions and Current Trading Status
In recent insider trading, Chairman Travis D. Stice sold 20,400 shares on August 7, 2023, at an average price of $142.80, amounting to a total of $2.91 million. This transaction resulted in a 16.65% reduction in his holdings, leaving him with 102,145 shares valued at about $14.59 million. Currently, corporate insiders own 0.70% of the company’s stock.
As of the latest trading session on NASDAQ, Diamondback Energy’s stock opened at $139.67. The company’s shares have fluctuated between a low of $114.00 and a high of $200.47 over the past twelve months. Its fifty-day moving average stands at $142.33, while the two-hundred-day moving average is $141.76. Diamondback Energy’s market capitalization is approximately $40.43 billion, with a price-to-earnings (P/E) ratio of 9.93 and a beta of 1.14.
Recently, Diamondback Energy reported its quarterly earnings on August 4, 2023, revealing earnings per share (EPS) of $2.67, which fell short of analysts’ expectations of $2.72. The company’s revenue for the quarter totaled $3.68 billion, surpassing the anticipated $3.35 billion. Year-on-year, revenue increased by 48.1%, despite a decline in EPS from $4.52 reported in the same quarter last year.
Additionally, the company declared a quarterly dividend of $1.00 per share, paid to investors on August 21, 2023. This dividend translates to an annualized rate of $4.00 and a yield of 2.9%. The ex-dividend date was set for August 14, 2023, and Diamondback Energy maintains a dividend payout ratio of 28.43%.
Founded as an independent oil and natural gas company, Diamondback Energy focuses on acquiring, developing, and exploring unconventional, onshore oil and natural gas reserves primarily in the Permian Basin located in West Texas.
