CIBC Asset Management Inc Increases Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

CIBC Asset Management Inc grew its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 7.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 56,299 shares of the oil and natural gas company's stock after purchasing an additional 4,020 shares during the period. CIBC Asset Management Inc's holdings in Diamondback Energy were worth $9,706,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD boosted its position in Diamondback Energy by 38.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company's stock valued at $1,706,076,000 after acquiring an additional 2,381,488 shares in the last quarter. Boston Partners boosted its position in shares of Diamondback Energy by 235.6% during the first quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company's stock valued at $541,844,000 after purchasing an additional 1,916,900 shares in the last quarter. Diamond Hill Capital Management Inc. grew its stake in Diamondback Energy by 25.6% in the third quarter. Diamond Hill Capital Management Inc. now owns 2,158,910 shares of the oil and natural gas company's stock worth $372,196,000 after purchasing an additional 439,579 shares during the period. Bank of New York Mellon Corp raised its holdings in Diamondback Energy by 16.0% in the second quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company's stock worth $603,038,000 after purchasing an additional 415,902 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its position in Diamondback Energy by 280.8% during the second quarter. Canada Pension Plan Investment Board now owns 545,202 shares of the oil and natural gas company's stock valued at $109,144,000 after buying an additional 402,026 shares during the period. Hedge funds and other institutional investors own 90.01% of the company's stock.

Diamondback Energy Stock Performance

Shares of FANG traded down $5.82 during trading hours on Friday, hitting $176.60. The stock had a trading volume of 2,123,445 shares, compared to its average volume of 1,888,264. The firm has a market capitalization of $51.57 billion, a PE ratio of 10.11, a PEG ratio of 1.26 and a beta of 1.89. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. Diamondback Energy, Inc. has a 12 month low of $145.70 and a 12 month high of $214.50. The stock has a fifty day moving average price of $181.16 and a 200 day moving average price of $191.36.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings results 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 for the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same period in the previous year, the company earned $5.49 EPS. Analysts anticipate that Diamondback Energy, Inc. will post 16.78 EPS for the current year.

Diamondback Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th will be given a $0.90 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.60 annualized dividend and a yield of 2.04%. Diamondback Energy's payout ratio is presently 20.61%.

Analyst Ratings Changes

A number of analysts have recently weighed in on FANG shares. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $210.00 target price on shares of Diamondback Energy in a research report on Wednesday, November 6th. KeyCorp cut their price objective on shares of Diamondback Energy from $225.00 to $216.00 and set an "overweight" rating on the stock in a report on Wednesday, October 16th. Truist Financial lifted their target price on shares of Diamondback Energy from $220.00 to $230.00 and gave the company a "buy" rating in a report on Wednesday, October 16th. UBS Group cut their price target on Diamondback Energy from $247.00 to $223.00 and set a "buy" rating on the stock in a research note on Wednesday, September 18th. Finally, BMO Capital Markets upgraded Diamondback Energy from a "market perform" rating to an "outperform" rating and lifted their price objective for the company from $205.00 to $215.00 in a research note on Friday, October 4th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $209.64.

Insider Transactions at Diamondback Energy

In related news, Director Mark Lawrence Plaumann sold 1,150 shares of the stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total value of $208,150.00. Following the completion of the sale, the director now directly owns 4,712 shares of the company's stock, valued at approximately $852,872. This represents a 19.62 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, major shareholder Lyndal Greth sold 13,212,830 shares of the firm's stock in a transaction that occurred on 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 sale, the insider now owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. The trade was a 92.72 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.48% 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.