Whittier Trust Co. Increases Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Whittier Trust Co. grew its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 168.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,536 shares of the oil and natural gas company’s stock after purchasing an additional 964 shares during the period. Whittier Trust Co.’s holdings in Diamondback Energy were worth $307,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Founders Capital Management grew its holdings in Diamondback Energy by 404.0% during the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after buying an additional 101 shares in the last quarter. First Community Trust NA purchased a new position in shares of Diamondback Energy in the second quarter valued at $26,000. Logan Capital Management Inc. bought a new stake in Diamondback Energy in the fourth quarter worth $31,000. E Fund Management Hong Kong Co. Ltd. bought a new position in Diamondback Energy during the first quarter valued at $49,000. Finally, First Horizon Advisors Inc. lifted its position in Diamondback Energy by 37.3% during the fourth quarter. First Horizon Advisors Inc. now owns 320 shares of the oil and natural gas company’s stock valued at $50,000 after purchasing an additional 87 shares during the last quarter. 90.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FANG. Piper Sandler decreased their target price on shares of Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. Scotiabank lowered their price objective on Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Benchmark reissued a “buy” rating and set a $154.00 target price on shares of Diamondback Energy in a research report on Tuesday, August 6th. Truist Financial raised their price target on Diamondback Energy from $249.00 to $255.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $220.00 price objective on shares of Diamondback Energy in a research report on Tuesday, August 13th. One research analyst has rated the stock with a sell rating, six have given 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, Diamondback Energy currently has an average rating of “Moderate Buy” and an average target price of $211.85.

Diamondback Energy Stock Up 2.0 %

Shares of NASDAQ FANG traded up $3.80 during trading hours on Thursday, hitting $198.37. 380,686 shares of the stock were exchanged, compared to its average volume of 1,527,689. Diamondback Energy, Inc. has a 12 month low of $143.08 and a 12 month high of $214.50. The firm has a fifty day moving average price of $199.11 and a 200-day moving average price of $195.19. The company has a quick ratio of 0.89, a current ratio of 0.92 and a debt-to-equity ratio of 0.37. The company has a market cap of $35.38 billion, a PE ratio of 10.99, a PEG ratio of 1.06 and a beta of 1.90.

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

Diamondback Energy Increases Dividend

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

About Diamondback Energy

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.