Resona Asset Management Co. Ltd. Cuts Stake in Diamondback Energy, Inc. $FANG

Resona Asset Management Co. Ltd. lowered its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 6.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,997 shares of the oil and natural gas company’s stock after selling 3,942 shares during the period. Resona Asset Management Co. Ltd.’s holdings in Diamondback Energy were worth $8,447,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Smead Capital Management Inc. bought a new stake in Diamondback Energy in the 2nd quarter valued at $144,775,000. Vanguard Group Inc. grew its position in shares of Diamondback Energy by 1.7% during the second quarter. Vanguard Group Inc. now owns 23,325,287 shares of the oil and natural gas company’s stock valued at $3,204,894,000 after purchasing an additional 388,512 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Diamondback Energy by 9.0% in the second quarter. Bank of New York Mellon Corp now owns 4,642,218 shares of the oil and natural gas company’s stock worth $637,841,000 after purchasing an additional 384,971 shares during the last quarter. American Century Companies Inc. lifted its position in shares of Diamondback Energy by 44.8% in the second quarter. American Century Companies Inc. now owns 985,844 shares of the oil and natural gas company’s stock worth $135,456,000 after buying an additional 305,207 shares in the last quarter. Finally, Apollo Management Holdings L.P. purchased a new stake in shares of Diamondback Energy in the second quarter worth about $31,937,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

FANG has been the subject of several research analyst reports. Piper Sandler reduced their price objective on Diamondback Energy from $219.00 to $215.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 21st. UBS Group raised their target price on shares of Diamondback Energy from $174.00 to $194.00 and gave the company a “buy” rating in a report on Friday, December 12th. Wells Fargo & Company boosted their price target on shares of Diamondback Energy from $160.00 to $169.00 and gave the stock an “overweight” rating in a research report on Monday, November 17th. Wall Street Zen lowered shares of Diamondback Energy from a “hold” rating to a “sell” rating in a research report on Saturday, December 27th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Diamondback Energy in a research note on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Diamondback Energy has a consensus rating of “Moderate Buy” and an average target price of $185.67.

Diamondback Energy Trading Down 0.3%

FANG stock opened at $153.52 on Tuesday. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $175.69. The stock has a market capitalization of $43.97 billion, a price-to-earnings ratio of 10.67 and a beta of 0.59. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 0.35. The firm’s fifty day simple moving average is $151.04 and its two-hundred day simple moving average is $145.79.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Monday, November 3rd. The oil and natural gas company reported $3.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.94 by $0.14. Diamondback Energy had a net margin of 27.32% and a return on equity of 9.57%. The firm had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.48 billion. During the same quarter last year, the business earned $3.19 EPS. The business’s revenue was up 48.4% on a year-over-year basis. As a group, analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Thursday, November 13th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Thursday, November 13th. Diamondback Energy’s payout ratio is 27.80%.

Insider Activity

In other news, Director Charles Alvin Meloy sold 377,911 shares of the company’s stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $138.61, for a total transaction of $52,382,243.71. Following the transaction, the director owned 1,044,864 shares of the company’s stock, valued at approximately $144,828,599.04. This represents a 26.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.48% of the stock is owned by company insiders.

Diamondback Energy Profile

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub?basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.