State of Alaska Department of Revenue Trims Position in Diamondback Energy, Inc. (NASDAQ:FANG)

State of Alaska Department of Revenue lessened its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 14.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 38,123 shares of the oil and natural gas company’s stock after selling 6,325 shares during the period. State of Alaska Department of Revenue’s holdings in Diamondback Energy were worth $7,554,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of FANG. Founders Capital Management increased its position in shares of 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 worth $25,000 after purchasing an additional 101 shares during the last quarter. BKM Wealth Management LLC acquired a new stake in shares of Diamondback Energy during the 4th quarter worth about $27,000. Logan Capital Management Inc. acquired a new stake in shares of Diamondback Energy during the 4th quarter worth about $31,000. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Diamondback Energy during the 4th quarter worth about $34,000. Finally, CVA Family Office LLC acquired a new stake in shares of Diamondback Energy during the 4th quarter worth about $35,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Stock Performance

Shares of NASDAQ:FANG traded up $2.03 during trading on Wednesday, reaching $206.93. The company had a trading volume of 741,138 shares, compared to its average volume of 1,634,729. The firm has a market capitalization of $36.90 billion, a price-to-earnings ratio of 11.66, a price-to-earnings-growth ratio of 1.09 and a beta of 1.90. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.89. The stock’s fifty day moving average price is $196.80 and its 200 day moving average price is $182.45. Diamondback Energy, Inc. has a fifty-two week low of $125.73 and a fifty-two week high of $211.96.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.29 by $0.21. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The business had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.10 billion. During the same quarter in the previous year, the company posted $4.10 earnings per share. The company’s revenue for the quarter was up 15.7% compared to the same quarter last year. As a group, equities research analysts predict that Diamondback Energy, Inc. will post 19.06 EPS for the current year.

Diamondback Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 22nd. Investors of record on Wednesday, May 15th were issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.74%. The ex-dividend date was Tuesday, May 14th. Diamondback Energy’s dividend payout ratio is presently 20.29%.

Insider Buying and Selling

In related news, COO Daniel N. Wesson sold 6,000 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $197.14, for a total transaction of $1,182,840.00. Following the transaction, the chief operating officer now owns 69,677 shares of the company’s stock, valued at $13,736,123.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of the company’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $197.14, for a total value of $1,182,840.00. Following the sale, the chief operating officer now owns 69,677 shares of the company’s stock, valued at $13,736,123.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jere W. Thompson III sold 900 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $199.90, for a total value of $179,910.00. Following the completion of the sale, the vice president now directly owns 7,585 shares in the company, valued at approximately $1,516,241.50. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Barclays assumed coverage on Diamondback Energy in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $214.00 target price for the company. Piper Sandler lifted their target price on Diamondback Energy from $227.00 to $247.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Wells Fargo & Company dropped their target price on Diamondback Energy from $227.00 to $224.00 and set an “overweight” rating for the company in a research report on Thursday, May 2nd. Sanford C. Bernstein assumed coverage on Diamondback Energy in a research report on Thursday, June 6th. They issued an “outperform” rating and a $243.00 target price for the company. Finally, Bank of America reiterated a “neutral” rating and issued a $201.00 price objective on shares of Diamondback Energy in a research note on Friday, June 14th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $209.35.

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.