Diamondback Energy, Inc. (NASDAQ:FANG) Shares Sold by Federated Hermes Inc.

Posted by Defense World Staff on Aug 13th, 2023

Federated Hermes Inc. lowered its holdings in Diamondback Energy, Inc. (NASDAQ:FANG – Free Report) by 36.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 83,237 shares of the oil and natural gas company’s stock after selling 47,849 shares during the quarter. Federated Hermes Inc.’s holdings in Diamondback Energy were worth $11,251,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Disciplined Investments LLC raised its stake in shares of Diamondback Energy by 1,296.3% during the 4th quarter. Disciplined Investments LLC now owns 377 shares of the oil and natural gas company’s stock worth $52,000 after buying an additional 350 shares during the last quarter. Parallel Advisors LLC raised its stake in shares of Diamondback Energy by 43.9% during the 4th quarter. Parallel Advisors LLC now owns 7,827 shares of the oil and natural gas company’s stock worth $1,071,000 after buying an additional 2,387 shares during the last quarter. Checchi Capital Advisers LLC raised its stake in shares of Diamondback Energy by 31.4% during the 4th quarter. Checchi Capital Advisers LLC now owns 2,404 shares of the oil and natural gas company’s stock worth $329,000 after buying an additional 574 shares during the last quarter. Daiwa Securities Group Inc. raised its stake in shares of Diamondback Energy by 23.9% during the 4th quarter. Daiwa Securities Group Inc. now owns 18,419 shares of the oil and natural gas company’s stock worth $2,519,000 after buying an additional 3,552 shares during the last quarter. Finally, CIBC Asset Management Inc increased its position in Diamondback Energy by 79.4% during the 4th quarter. CIBC Asset Management Inc now owns 43,729 shares of the oil and natural gas company’s stock worth $5,981,000 after purchasing an additional 19,355 shares in the last quarter. Institutional investors and hedge funds own 89.21% of the company’s stock.

Diamondback Energy Price Performance

Shares of NASDAQ FANG opened at $149.66 on Friday. Diamondback Energy, Inc. has a twelve month low of $110.97 and a twelve month high of $168.95. The company has a current ratio of 0.43, a quick ratio of 0.40 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $26.76 billion, a price-to-earnings ratio of 7.77, a price-to-earnings-growth ratio of 0.41 and a beta of 2.03. The business has a 50 day simple moving average of $136.57 and a 200-day simple moving average of $137.05.

Diamondback Energy (NASDAQ:FANG – Get Free Report) last issued its quarterly earnings data on Monday, July 31st. The oil and natural gas company reported $3.68 EPS for the quarter, missing analysts’ consensus estimates of $3.92 by ($0.24). Diamondback Energy had a return on equity of 22.43% and a net margin of 41.62%. The company had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.90 billion. During the same quarter in the previous year, the company earned $7.07 earnings per share. Diamondback Energy’s quarterly revenue was down 30.7% compared to the same quarter last year. As a group, equities research analysts expect that Diamondback Energy, Inc. will post 16.72 earnings per share for the current year.

Diamondback Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 17th. Stockholders of record on Thursday, August 10th will be issued a $0.84 dividend. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.80. The ex-dividend date is Wednesday, August 9th. This represents a $3.36 annualized dividend and a dividend yield of 2.25%. Diamondback Energy’s dividend payout ratio is 17.44%.

Insider Activity

In other news, COO Daniel N. Wesson sold 3,000 shares of the company’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $132.51, for a total transaction of $397,530.00. Following the completion of the sale, the chief operating officer now directly owns 65,802 shares of the company’s stock, valued at $8,719,423.02. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, COO Daniel N. Wesson sold 3,000 shares of the company’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $132.51, for a total transaction of $397,530.00. Following the completion of the sale, the chief operating officer now directly owns 65,802 shares of the company’s stock, valued at $8,719,423.02. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Daniel N. Wesson sold 4,000 shares of the company’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $149.68, for a total value of $598,720.00. Following the transaction, the chief operating officer now directly owns 61,802 shares in the company, valued at $9,250,523.36. The disclosure for this sale can be found here. Insiders sold a total of 40,912 shares of company stock worth $5,733,258 over the last 90 days. 0.43% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts recently commented on FANG shares. UBS Group assumed coverage on Diamondback Energy in a research report on Wednesday, April 19th. They set a “buy” rating and a $177.00 price objective for the company. StockNews.com upgraded Diamondback Energy from a “sell” rating to a “hold” rating in a report on Friday, June 16th. Royal Bank of Canada restated an “outperform” rating and issued a $170.00 price target on shares of Diamondback Energy in a report on Thursday. Morgan Stanley reduced their price objective on Diamondback Energy from $158.00 to $154.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 18th. Finally, Stifel Nicolaus lifted their price objective on Diamondback Energy from $176.00 to $178.00 and gave the company a “buy” rating in a research note on Monday, July 24th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $175.04.

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Diamondback Energy Profile

(Free Report)

Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and 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.