TCW Group Inc. Sells 6,987 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

TCW Group Inc. decreased its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 16.0% during the third quarter, according to its most recent filing with the SEC. The firm owned 36,610 shares of the oil and natural gas company's stock after selling 6,987 shares during the period. TCW Group Inc.'s holdings in Diamondback Energy were worth $6,312,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of FANG. Carolinas Wealth Consulting LLC raised its holdings in Diamondback Energy by 67.1% in the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company's stock worth $27,000 after purchasing an additional 55 shares in the last quarter. HHM Wealth Advisors LLC bought a new position in shares of Diamondback Energy during the 2nd quarter worth approximately $40,000. Values First Advisors Inc. purchased a new stake in Diamondback Energy during the third quarter valued at approximately $42,000. CVA Family Office LLC lifted its position in Diamondback Energy by 28.1% during the third quarter. CVA Family Office LLC now owns 296 shares of the oil and natural gas company's stock valued at $51,000 after acquiring an additional 65 shares during the last quarter. Finally, Oliver Lagore Vanvalin Investment Group grew its holdings in Diamondback Energy by 109.7% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 260 shares of the oil and natural gas company's stock worth $52,000 after purchasing an additional 136 shares during the last quarter. Institutional investors own 90.01% of the company's stock.

Insider Transactions at Diamondback Energy

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the transaction, the insider now owns 1,037,819 shares in the company, valued at $181,732,485.09. This trade represents a 92.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mark Lawrence Plaumann sold 1,150 shares of the company's 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 transaction, the director now directly owns 4,712 shares of the company's stock, valued at $852,872. The trade was a 19.62 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.48% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FANG. Barclays upgraded Diamondback Energy from an "equal weight" rating to an "overweight" rating and decreased their price objective for the company from $216.00 to $210.00 in a report on Wednesday, October 2nd. Evercore ISI lowered their price target on Diamondback Energy from $235.00 to $209.00 and set an "outperform" rating for the company in a report on Monday, September 30th. Scotiabank cut their price objective on shares of Diamondback Energy from $245.00 to $225.00 and set a "sector outperform" rating on the stock in a report on Thursday, October 10th. JPMorgan Chase & Co. assumed coverage on shares of Diamondback Energy in a research note on Wednesday, October 2nd. They issued an "overweight" rating and a $182.00 target price for the company. Finally, Truist Financial upped their price target 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. One analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $212.17.

Diamondback Energy Price Performance

Shares of FANG stock traded down $1.67 during trading hours on Thursday, reaching $162.23. The company's stock had a trading volume of 1,626,122 shares, compared to its average volume of 1,775,313. The company has a market capitalization of $47.37 billion, a price-to-earnings ratio of 9.29, a PEG ratio of 1.23 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 $180.64 and its 200-day simple moving average is $188.43. Diamondback Energy, Inc. has a fifty-two week low of $147.36 and a fifty-two week high of $214.50.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its quarterly earnings results 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). 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%. The company's revenue was up 13.0% compared to the same quarter last year. During the same quarter last year, the company posted $5.49 earnings per share. Sell-side analysts forecast that Diamondback Energy, Inc. will post 16.26 earnings per share for the current year.

Diamondback Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 14th were given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date of this dividend was Thursday, November 14th. Diamondback Energy's payout ratio is currently 20.61%.

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.