Citizens Business Bank Cuts Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Citizens Business Bank lowered its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 1.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 45,216 shares of the oil and natural gas company’s stock after selling 644 shares during the quarter. Diamondback Energy makes up about 1.6% of Citizens Business Bank’s holdings, making the stock its 17th biggest holding. Citizens Business Bank’s holdings in Diamondback Energy were worth $7,012,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BKM Wealth Management LLC acquired a new stake in shares of Diamondback Energy in the 4th quarter valued at $27,000. BluePath Capital Management LLC acquired a new stake in Diamondback Energy in the third quarter valued at $28,000. Turtle Creek Wealth Advisors LLC purchased a new stake in Diamondback Energy during the 4th quarter worth about $34,000. CVA Family Office LLC acquired a new position in shares of Diamondback Energy during the 4th quarter worth about $35,000. Finally, Cary Street Partners Investment Advisory LLC increased its holdings in shares of Diamondback Energy by 559.0% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 257 shares of the oil and natural gas company’s stock valued at $40,000 after acquiring an additional 218 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on FANG shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $195.00 price target on shares of Diamondback Energy in a report on Monday, March 4th. Evercore ISI upped their target price on shares of Diamondback Energy from $185.00 to $215.00 and gave the company an “outperform” rating in a report on Monday, March 25th. Susquehanna increased their target price on shares of Diamondback Energy from $212.00 to $245.00 and gave the company a “positive” rating in a research report on Monday, April 22nd. Stifel Nicolaus boosted their price target on shares of Diamondback Energy from $224.00 to $229.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Finally, Piper Sandler raised their price objective on Diamondback Energy from $227.00 to $247.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Diamondback Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $202.53.

Diamondback Energy Stock Performance

NASDAQ:FANG traded down $4.73 during midday trading on Tuesday, reaching $201.13. The stock had a trading volume of 2,042,402 shares, compared to its average volume of 1,728,141. The stock has a market cap of $35.87 billion, a P/E ratio of 11.87 and a beta of 1.93. The company has a quick ratio of 0.74, a current ratio of 0.77 and a debt-to-equity ratio of 0.38. Diamondback Energy, Inc. has a 12-month low of $123.41 and a 12-month high of $211.96. The firm has a fifty day simple moving average of $193.78 and a two-hundred day simple moving average of $169.96.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share for the quarter, beating the consensus estimate of $4.23 by $0.27. Diamondback Energy had a net margin of 37.36% and a return on equity of 19.56%. The business had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.10 billion. The business’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.10 earnings per share. On average, equities analysts expect that Diamondback Energy, Inc. will post 18.83 EPS for the current year.

Diamondback Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 22nd. Shareholders of record on Wednesday, May 15th will be given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 1.79%. Diamondback Energy’s payout ratio is 20.76%.

Insider Transactions at Diamondback Energy

In related news, CFO Hof Matthew Kaes Van’t sold 12,000 shares of Diamondback Energy stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $190.82, for a total value of $2,289,840.00. Following the sale, the chief financial officer now directly owns 185,882 shares in the company, valued at $35,470,003.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Diamondback Energy news, CEO Travis D. Stice sold 30,000 shares of the company’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the transaction, the chief executive officer now directly owns 446,610 shares in the company, valued at $89,322,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Hof Matthew Kaes Van’t sold 12,000 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $190.82, for a total transaction of $2,289,840.00. Following the completion of the transaction, the chief financial officer now directly owns 185,882 shares of the company’s stock, valued at $35,470,003.24. The disclosure for this sale can be found here. In the last three months, insiders sold 57,675 shares of company stock valued at $11,311,096. Corporate insiders own 0.43% of the company’s stock.

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.