Camden National Bank Purchases New Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Camden National Bank purchased a new stake in Diamondback Energy, Inc. (NASDAQ:FANG) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,873 shares of the oil and natural gas company’s stock, valued at approximately $323,000.

Several other hedge funds have also recently bought and sold shares of FANG. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Diamondback Energy during the first quarter valued at approximately $971,000. Natixis purchased a new stake in shares of Diamondback Energy during the first quarter valued at approximately $195,000. Axxcess Wealth Management LLC purchased a new stake in shares of Diamondback Energy during the first quarter valued at approximately $219,000. Canada Pension Plan Investment Board raised its stake in shares of Diamondback Energy by 2,268.5% during the first quarter. Canada Pension Plan Investment Board now owns 143,176 shares of the oil and natural gas company’s stock valued at $28,373,000 after purchasing an additional 137,131 shares during the period. Finally, Gamco Investors INC. ET AL raised its stake in shares of Diamondback Energy by 19.6% during the first quarter. Gamco Investors INC. ET AL now owns 6,100 shares of the oil and natural gas company’s stock valued at $1,209,000 after purchasing an additional 1,000 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Activity

In related news, Director Mark Lawrence Plaumann sold 1,150 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total value of $208,150.00. Following the transaction, the director now owns 4,712 shares in the company, valued at approximately $852,872. This represents a 19.62 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the transaction, the insider now owns 1,037,819 shares in the company, valued at $181,732,485.09. This represents a 92.72 % decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is owned by corporate insiders.

Diamondback Energy Price Performance

Shares of NASDAQ FANG opened at $185.29 on Friday. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a twelve month low of $145.70 and a twelve month high of $214.50. The company has a market capitalization of $54.10 billion, a price-to-earnings ratio of 10.61, a PEG ratio of 1.34 and a beta of 1.89. The firm has a 50-day moving average of $182.15 and a two-hundred day moving average of $190.81.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). The business had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.43 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. Diamondback Energy’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.49 EPS. As a group, analysts expect that Diamondback Energy, Inc. will post 16.35 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th were issued a $0.90 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.94%. Diamondback Energy’s dividend payout ratio is 20.61%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. assumed coverage on shares of Diamondback Energy in a research note on Wednesday, October 2nd. They set an “overweight” rating and a $182.00 price objective on the stock. Citigroup started coverage on shares of Diamondback Energy in a research report on Monday, October 14th. They set a “neutral” rating and a $195.00 price target for the company. KeyCorp decreased their price target on shares of Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Barclays raised shares of Diamondback Energy from an “equal weight” rating to an “overweight” rating and decreased their price target for the stock from $216.00 to $210.00 in a research report on Wednesday, October 2nd. Finally, Wells Fargo & Company reissued a “sector outperform” rating on shares of Diamondback Energy in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $212.00.

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.