Chevy Chase Trust Holdings LLC Increases Position in Diamondback Energy, Inc. $FANG

Chevy Chase Trust Holdings LLC increased its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 0.8% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 98,905 shares of the oil and natural gas company’s stock after purchasing an additional 760 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Diamondback Energy were worth $13,590,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in FANG. Nuveen LLC purchased a new position in shares of Diamondback Energy in the 1st quarter valued at about $230,039,000. Adage Capital Partners GP L.L.C. purchased a new position in shares of Diamondback Energy in the 1st quarter valued at about $77,622,000. Wellington Management Group LLP increased its holdings in shares of Diamondback Energy by 27.3% in the 1st quarter. Wellington Management Group LLP now owns 1,950,160 shares of the oil and natural gas company’s stock valued at $311,792,000 after purchasing an additional 418,431 shares in the last quarter. Victory Capital Management Inc. increased its holdings in shares of Diamondback Energy by 50.6% in the 1st quarter. Victory Capital Management Inc. now owns 1,135,759 shares of the oil and natural gas company’s stock valued at $181,585,000 after purchasing an additional 381,542 shares in the last quarter. Finally, Boston Partners increased its holdings in shares of Diamondback Energy by 4.8% in the 1st quarter. Boston Partners now owns 5,418,840 shares of the oil and natural gas company’s stock valued at $861,961,000 after purchasing an additional 249,098 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Price Performance

Diamondback Energy stock opened at $139.09 on Monday. Diamondback Energy, Inc. has a 12-month low of $114.00 and a 12-month high of $186.74. The stock has a market capitalization of $40.27 billion, a P/E ratio of 9.89 and a beta of 1.04. The firm’s 50-day moving average is $142.18 and its two-hundred day moving average is $140.36. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.55 and a quick ratio of 0.52.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.72 by ($0.05). Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.35 billion. During the same period in the prior year, the business earned $4.52 earnings per share. Diamondback Energy’s revenue for the quarter was up 48.1% on a year-over-year basis. Equities analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Thursday, August 14th. Diamondback Energy’s dividend payout ratio (DPR) is currently 28.43%.

Insider Activity

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the firm’s stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the sale, the chairman directly owned 102,145 shares of the company’s stock, valued at $14,586,306. This trade represents a 16.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.48% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on FANG shares. William Blair started coverage on shares of Diamondback Energy in a report on Monday, August 25th. They set an “outperform” rating for the company. Morgan Stanley dropped their target price on shares of Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating for the company in a report on Tuesday, October 14th. Melius started coverage on shares of Diamondback Energy in a report on Wednesday, August 20th. They set a “buy” rating and a $213.00 target price for the company. Royal Bank Of Canada restated an “outperform” rating and set a $173.00 target price on shares of Diamondback Energy in a report on Friday, October 10th. Finally, Piper Sandler dropped their target price on shares of Diamondback Energy from $228.00 to $222.00 and set an “overweight” rating for the company in a report on Thursday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $189.91.

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.