CIBC Private Wealth Group LLC Reduces Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

CIBC Private Wealth Group LLC lessened its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 12.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 244,608 shares of the oil and natural gas company’s stock after selling 35,738 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Diamondback Energy were worth $41,825,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Glenmede Trust Co. NA lifted its stake in shares of Diamondback Energy by 9.0% in the 3rd quarter. Glenmede Trust Co. NA now owns 9,898 shares of the oil and natural gas company’s stock worth $1,706,000 after purchasing an additional 817 shares during the period. Public Sector Pension Investment Board raised its position in Diamondback Energy by 5.3% in the third quarter. Public Sector Pension Investment Board now owns 32,617 shares of the oil and natural gas company’s stock worth $5,623,000 after acquiring an additional 1,650 shares during the period. Hantz Financial Services Inc. boosted its stake in shares of Diamondback Energy by 6.5% during the 3rd quarter. Hantz Financial Services Inc. now owns 21,431 shares of the oil and natural gas company’s stock worth $3,695,000 after acquiring an additional 1,317 shares during the last quarter. Erste Asset Management GmbH bought a new stake in shares of Diamondback Energy during the 3rd quarter valued at $1,066,000. Finally, B&L Asset Management LLC purchased a new stake in shares of Diamondback Energy in the 3rd quarter worth $2,520,000. Institutional investors own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Citigroup cut their price target on Diamondback Energy from $195.00 to $157.00 and set a “neutral” rating for the company in a report on Monday, March 17th. Royal Bank of Canada reiterated an “outperform” rating and set a $210.00 price objective on shares of Diamondback Energy in a research note on Thursday, January 23rd. JPMorgan Chase & Co. decreased their target price on shares of Diamondback Energy from $212.00 to $167.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Morgan Stanley dropped their price target on shares of Diamondback Energy from $227.00 to $206.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, Raymond James decreased their price objective on shares of Diamondback Energy from $245.00 to $214.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, March 12th. Four equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Diamondback Energy currently has an average rating of “Moderate Buy” and a consensus target price of $209.33.

Insider Transactions at Diamondback Energy

In other news, Director Frank D. Tsuru bought 2,000 shares of the stock in a transaction dated Friday, February 28th. The stock was purchased at an average price of $156.51 per share, for a total transaction of $313,020.00. Following the acquisition, the director now owns 5,730 shares of the company’s stock, valued at $896,802.30. The trade was a 53.62 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.48% of the company’s stock.

Diamondback Energy Trading Down 1.7 %

Shares of FANG opened at $157.54 on Monday. The stock has a market capitalization of $45.60 billion, a PE ratio of 9.02, a P/E/G ratio of 1.24 and a beta of 1.85. The company’s fifty day moving average is $158.66 and its 200 day moving average is $169.73. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. Diamondback Energy, Inc. has a fifty-two week low of $137.09 and a fifty-two week high of $214.50.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, topping analysts’ consensus estimates of $3.57 by $0.07. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The firm had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.55 billion. Sell-side analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Thursday, March 6th were paid a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.54%. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend was Thursday, March 6th. Diamondback Energy’s dividend payout ratio (DPR) is presently 25.32%.

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.