Chevy Chase Trust Holdings LLC Acquires 3,054 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Chevy Chase Trust Holdings LLC boosted its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 3.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 100,726 shares of the oil and natural gas company’s stock after purchasing an additional 3,054 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Diamondback Energy were worth $17,365,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Concentric Capital Strategies LP bought a new position in Diamondback Energy during the third quarter worth $4,939,000. Benjamin Edwards Inc. boosted its position in shares of Diamondback Energy by 368.1% during the 3rd quarter. Benjamin Edwards Inc. now owns 9,784 shares of the oil and natural gas company’s stock worth $1,687,000 after purchasing an additional 7,694 shares in the last quarter. Paloma Partners Management Co bought a new position in shares of Diamondback Energy during the 3rd quarter worth about $19,163,000. B&L Asset Management LLC bought a new stake in Diamondback Energy in the 3rd quarter valued at about $2,520,000. Finally, Erste Asset Management GmbH acquired a new position in Diamondback Energy during the 3rd quarter worth approximately $1,066,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FANG. Johnson Rice downgraded Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, September 24th. Citigroup began coverage on shares of Diamondback Energy in a research note on Monday, October 14th. They set a “neutral” rating and a $195.00 price target for the company. Truist Financial raised their price objective on shares of Diamondback Energy from $220.00 to $230.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. started coverage on shares of Diamondback Energy in a research report on Wednesday, October 2nd. They set an “overweight” rating and a $182.00 target price for the company. Finally, Evercore ISI dropped their price target on shares of Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating on the stock in a research report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $212.65.

Insider Buying and Selling at Diamondback Energy

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

Diamondback Energy Price Performance

NASDAQ FANG opened at $175.76 on Wednesday. The company has a market cap of $51.32 billion, a PE ratio of 10.06, a price-to-earnings-growth ratio of 1.30 and a beta of 1.88. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The firm’s 50-day simple moving average is $181.57 and its two-hundred day simple moving average is $189.53. Diamondback Energy, Inc. has a 52 week low of $145.70 and a 52 week high of $214.50.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Monday, November 4th. The oil and natural gas company reported $3.38 EPS for the quarter, missing the consensus estimate of $4.62 by ($1.24). The business had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.43 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The firm’s quarterly revenue was up 13.0% on a year-over-year basis. During the same period last year, the business posted $5.49 earnings per share. Research analysts predict that Diamondback Energy, Inc. will post 16.26 earnings per share for the current year.

Diamondback Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th were paid a $0.90 dividend. The ex-dividend date was Thursday, November 14th. This represents a $3.60 annualized dividend and a yield of 2.05%. Diamondback Energy’s dividend payout ratio is currently 20.61%.

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.