Citizens Business Bank Sells 1,452 Shares of Diamondback Energy, Inc. $FANG

Citizens Business Bank trimmed its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 3.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 41,558 shares of the oil and natural gas company’s stock after selling 1,452 shares during the period. Diamondback Energy makes up about 1.1% of Citizens Business Bank’s portfolio, making the stock its 27th biggest position. Citizens Business Bank’s holdings in Diamondback Energy were worth $5,710,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Boston Partners lifted its stake 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 during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Diamondback Energy by 2.3% in the 1st quarter. Bank of New York Mellon Corp now owns 4,257,247 shares of the oil and natural gas company’s stock valued at $680,649,000 after purchasing an additional 94,177 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its stake in shares of Diamondback Energy by 4.1% in the 1st quarter. Diamond Hill Capital Management Inc. now owns 2,932,484 shares of the oil and natural gas company’s stock valued at $468,846,000 after purchasing an additional 114,930 shares during the last quarter. Wellington Management Group LLP lifted its stake 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 during the last quarter. Finally, Nuveen LLC bought a new stake in shares of Diamondback Energy in the 1st quarter valued at approximately $230,039,000. 90.01% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on FANG. Wells Fargo & Company reduced their price target on Diamondback Energy from $211.00 to $160.00 and set an “overweight” rating on the stock in a report on Friday. Barclays reduced their price target on Diamondback Energy from $185.00 to $178.00 and set an “overweight” rating on the stock in a report on Tuesday, October 7th. Susquehanna reduced their price target on Diamondback Energy from $192.00 to $188.00 and set a “positive” rating on the stock in a report on Wednesday, July 23rd. Melius Research began coverage on Diamondback Energy in a report on Wednesday, August 20th. They issued a “buy” rating and a $213.00 price target on the stock. Finally, Mizuho reduced their price target on Diamondback Energy from $183.00 to $176.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $189.91.

Diamondback Energy Trading Down 0.3%

Shares of NASDAQ FANG opened at $139.09 on Friday. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35. The business has a fifty day simple moving average of $142.18 and a two-hundred day simple moving average of $140.51. The firm has a market cap of $40.26 billion, a PE ratio of 9.89 and a beta of 1.04. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $186.74.

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

Diamondback Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were given a $1.00 dividend. 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 payout ratio is presently 28.43%.

Insider Activity at Diamondback Energy

In other news, Chairman Travis D. Stice sold 20,400 shares of the business’s stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total value of $2,913,120.00. Following the completion of the transaction, the chairman directly owned 102,145 shares of the company’s stock, valued at approximately $14,586,306. The trade was a 16.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.70% of the company’s stock.

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.