CIBC Asset Management Inc Buys 4,020 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

CIBC Asset Management Inc boosted its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 7.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 56,299 shares of the oil and natural gas company’s stock after purchasing an additional 4,020 shares during the period. CIBC Asset Management Inc’s holdings in Diamondback Energy were worth $9,706,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Quent Capital LLC lifted its holdings in Diamondback Energy by 7.2% during the 2nd quarter. Quent Capital LLC now owns 809 shares of the oil and natural gas company’s stock worth $162,000 after buying an additional 54 shares during the period. Carolinas Wealth Consulting LLC lifted its stake in shares of Diamondback Energy by 67.1% in the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after acquiring an additional 55 shares during the period. Financial Advocates Investment Management lifted its stake in shares of Diamondback Energy by 3.0% in the third quarter. Financial Advocates Investment Management now owns 1,907 shares of the oil and natural gas company’s stock worth $329,000 after acquiring an additional 55 shares during the period. Sugarloaf Wealth Management LLC lifted its stake in shares of Diamondback Energy by 0.3% in the second quarter. Sugarloaf Wealth Management LLC now owns 19,975 shares of the oil and natural gas company’s stock worth $3,999,000 after acquiring an additional 56 shares during the period. Finally, Versant Capital Management Inc lifted its stake in shares of Diamondback Energy by 16.1% in the second quarter. Versant Capital Management Inc now owns 412 shares of the oil and natural gas company’s stock worth $82,000 after acquiring an additional 57 shares during the period. Institutional investors own 90.01% of the company’s stock.

Insider Activity

In related news, Director Mark Lawrence Plaumann sold 1,150 shares of the stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total transaction of $208,150.00. Following the sale, the director now owns 4,712 shares of the company’s stock, valued at approximately $852,872. This represents a 19.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the sale, the insider now directly owns 1,037,819 shares in the company, valued at $181,732,485.09. This trade represents a 92.72 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.48% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on FANG. Morgan Stanley lifted their price objective on Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. Evercore ISI dropped their price target on Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating on the stock in a research note on Monday, September 30th. JPMorgan Chase & Co. initiated coverage on Diamondback Energy in a research note on Wednesday, October 2nd. They issued an “overweight” rating and a $182.00 price target on the stock. Truist Financial boosted their price target on Diamondback Energy from $220.00 to $230.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Finally, Barclays raised Diamondback Energy from an “equal weight” rating to an “overweight” rating and dropped their price target for the company from $216.00 to $210.00 in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $209.64.

Diamondback Energy Stock Down 3.2 %

Shares of NASDAQ FANG opened at $176.60 on Friday. Diamondback Energy, Inc. has a one year low of $145.70 and a one year high of $214.50. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. The business’s fifty day moving average price is $181.16 and its 200-day moving average price is $191.43. The stock has a market capitalization of $51.57 billion, a PE ratio of 10.11, a P/E/G ratio of 1.30 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 EPS for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The firm had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same period in the prior year, the company earned $5.49 EPS. The firm’s quarterly revenue was up 13.0% on a year-over-year basis. On average, equities research analysts anticipate that Diamondback Energy, Inc. will post 16.78 EPS for the current year.

Diamondback Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th will be given a dividend of $0.90 per share. The ex-dividend date is Thursday, November 14th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.04%. Diamondback Energy’s dividend payout ratio is presently 20.61%.

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.