Sterling Capital Management LLC cut its stake in Diamondback Energy, Inc. (NASDAQ:FANG – Free Report) by 27.2% during the 1st quarter, HoldingsChannel reports. The firm owned 22,343 shares of the oil and natural gas company’s stock after selling 8,342 shares during the quarter. Sterling Capital Management LLC’s holdings in Diamondback Energy were worth $4,419,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Welch Group LLC boosted its position in shares of Diamondback Energy by 28.5% in the first quarter. Welch Group LLC now owns 5,577 shares of the oil and natural gas company’s stock worth $1,103,000 after buying an additional 1,236 shares during the period. Balance Wealth LLC acquired a new stake in shares of Diamondback Energy in the first quarter valued at about $208,000. Louisiana State Employees Retirement System purchased a new stake in shares of Diamondback Energy during the 1st quarter valued at about $5,617,000. Triangle Securities Wealth Management lifted its position in Diamondback Energy by 9.3% during the 1st quarter. Triangle Securities Wealth Management now owns 4,196 shares of the oil and natural gas company’s stock worth $830,000 after acquiring an additional 358 shares in the last quarter. Finally, Fairvoy Private Wealth LLC acquired a new position in Diamondback Energy during the 1st quarter worth approximately $202,000. Institutional investors and hedge funds own 90.01% of the company’s stock.
Diamondback Energy Stock Performance
Diamondback Energy stock opened at $179.91 on Friday. Diamondback Energy, Inc. has a fifty-two week low of $134.30 and a fifty-two week high of $214.51. The firm’s 50 day simple moving average is $194.75 and its 200-day simple moving average is $177.59. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.56 and a quick ratio of 0.55. The company has a market cap of $50.61 billion, a P/E ratio of 209.20 and a beta of 0.42.
Diamondback Energy Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were issued a $1.10 dividend. The ex-dividend date was Thursday, May 14th. This is an increase from Diamondback Energy’s previous quarterly dividend of $1.05. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.4%. Diamondback Energy’s dividend payout ratio is currently 511.63%.
Insiders Place Their Bets
In related news, CAO Teresa L. Dick sold 7,000 shares of the company’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the transaction, the chief accounting officer directly owned 85,755 shares of the company’s stock, valued at approximately $17,228,179.50. The trade was a 7.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Matt Zmigrosky sold 5,000 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $200.54, for a total value of $1,002,700.00. Following the completion of the sale, the executive vice president directly owned 46,392 shares of the company’s stock, valued at approximately $9,303,451.68. This represents a 9.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 121,548 shares of company stock worth $23,146,460 over the last three months. Company insiders own 0.64% of the company’s stock.
Analyst Ratings Changes
Several analysts have issued reports on FANG shares. Susquehanna increased their price objective on shares of Diamondback Energy from $231.00 to $245.00 and gave the company a “positive” rating in a research report on Wednesday, May 6th. Benchmark cut shares of Diamondback Energy from a “buy” rating to a “hold” rating in a research report on Thursday, March 5th. The Goldman Sachs Group upped their target price on shares of Diamondback Energy from $187.00 to $212.00 and gave the company a “buy” rating in a research note on Wednesday, March 11th. Citigroup raised their price target on shares of Diamondback Energy from $225.00 to $245.00 and gave the company a “buy” rating in a report on Wednesday, May 20th. Finally, KeyCorp boosted their price objective on shares of Diamondback Energy from $196.00 to $225.00 and gave the stock an “overweight” rating in a report on Thursday, April 2nd. Five equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Diamondback Energy has an average rating of “Buy” and an average target price of $221.37.
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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.
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