Cornercap Investment Counsel Inc. Has $1.25 Million Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Cornercap Investment Counsel Inc. cut its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 42.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,248 shares of the oil and natural gas company's stock after selling 5,257 shares during the period. Cornercap Investment Counsel Inc.'s holdings in Diamondback Energy were worth $1,250,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Avantax Advisory Services Inc. grew its holdings in shares of Diamondback Energy by 2.3% in the first quarter. Avantax Advisory Services Inc. now owns 5,118 shares of the oil and natural gas company's stock worth $1,014,000 after purchasing an additional 114 shares during the last quarter. Bleakley Financial Group LLC lifted its position in shares of Diamondback Energy by 28.2% during the first quarter. Bleakley Financial Group LLC now owns 3,994 shares of the oil and natural gas company's stock valued at $791,000 after buying an additional 879 shares during the last quarter. Blair William & Co. IL lifted its position in Diamondback Energy by 13.6% during the first quarter. Blair William & Co. IL now owns 5,330 shares of the oil and natural gas company's stock valued at $1,056,000 after acquiring an additional 640 shares during the last quarter. Homestead Advisers Corp purchased a new stake in shares of Diamondback Energy during the 1st quarter valued at $87,940,000. Finally, Pinnacle Wealth Planning Services Inc. grew its stake in shares of Diamondback Energy by 9.4% during the first quarter. Pinnacle Wealth Planning Services Inc. now owns 1,953 shares of the oil and natural gas company's stock worth $387,000 after acquiring an additional 168 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.

Diamondback Energy Stock Performance

FANG traded down $5.82 during trading on Friday, reaching $176.60. 2,094,472 shares of the company's stock were exchanged, compared to its average volume of 1,752,906. The company has a market capitalization of $51.57 billion, a P/E ratio of 10.49, a PEG ratio of 1.30 and a beta of 1.89. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a fifty-two week low of $145.70 and a fifty-two week high of $214.50. The business has a 50 day moving average price of $181.23 and a 200 day moving average price of $191.63.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.62 by ($1.24). Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The business had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the previous year, the firm posted $5.49 EPS. The company's revenue for the quarter was up 13.0% compared to the same quarter last year. As a group, analysts predict that Diamondback Energy, Inc. will post 16.78 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th will be issued a $0.90 dividend. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.04%. Diamondback Energy's dividend payout ratio (DPR) is 20.61%.

Insider Buying and Selling

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the company's stock in a transaction dated Monday, September 23rd. The shares were 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 of the company's stock, valued at $181,732,485.09. This represents a 92.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 transaction of $208,150.00. Following the sale, the director now owns 4,712 shares in the company, valued at $852,872. This represents a 19.62 % decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on FANG shares. Susquehanna reduced their target price on shares of Diamondback Energy from $237.00 to $233.00 and set a "positive" rating for the company in a report on Friday, October 18th. Truist Financial lifted their price target on Diamondback Energy from $220.00 to $230.00 and gave the company a "buy" rating in a research note on Wednesday, October 16th. Royal Bank of Canada reissued an "outperform" rating and set a $210.00 target price on shares of Diamondback Energy in a research note on Wednesday, November 6th. StockNews.com upgraded Diamondback Energy from a "sell" rating to a "hold" rating in a research note on Wednesday. Finally, Wells Fargo & Company restated a "sector outperform" rating on shares of Diamondback Energy in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Diamondback Energy presently has an average rating of "Moderate Buy" and an average price target of $209.64.

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.