California State Teachers Retirement System Trims Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

California State Teachers Retirement System trimmed its stake in Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) by 2.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 267,916 shares of the oil and natural gas company’s stock after selling 5,663 shares during the period. California State Teachers Retirement System owned 0.15% of Diamondback Energy worth $32,273,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of FANG. Atlas Private Wealth Advisors increased its stake in Diamondback Energy by 6.2% in the 2nd quarter. Atlas Private Wealth Advisors now owns 7,229 shares of the oil and natural gas company’s stock worth $876,000 after buying an additional 423 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Diamondback Energy by 2.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 170,474 shares of the oil and natural gas company’s stock worth $20,535,000 after buying an additional 3,877 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in Diamondback Energy by 1.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 14,867 shares of the oil and natural gas company’s stock worth $1,791,000 after buying an additional 201 shares in the last quarter. Symmetry Partners LLC increased its stake in Diamondback Energy by 13.1% in the 3rd quarter. Symmetry Partners LLC now owns 9,456 shares of the oil and natural gas company’s stock worth $1,139,000 after buying an additional 1,098 shares in the last quarter. Finally, First Republic Investment Management Inc. increased its stake in Diamondback Energy by 12.0% in the 2nd quarter. First Republic Investment Management Inc. now owns 702,275 shares of the oil and natural gas company’s stock worth $85,081,000 after buying an additional 75,060 shares in the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FANG has been the subject of a number of analyst reports. KeyCorp cut their price target on Diamondback Energy from $182.00 to $171.00 and set an “overweight” rating for the company in a research note on Thursday, December 8th. Piper Sandler dropped their price objective on shares of Diamondback Energy from $214.00 to $207.00 and set an “overweight” rating for the company in a report on Tuesday, March 7th. Bank of America downgraded shares of Diamondback Energy from a “neutral” rating to an “underperform” rating and set a $143.00 price objective for the company. in a report on Monday, November 28th. They noted that the move was a valuation call. Raymond James increased their price objective on shares of Diamondback Energy from $200.00 to $205.00 and gave the company a “strong-buy” rating in a report on Thursday, January 26th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $182.00 price objective on shares of Diamondback Energy in a report on Wednesday, March 8th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $181.45.

Insiders Place Their Bets

In other Diamondback Energy news, VP Matt Zmigrosky sold 2,012 shares of the firm’s stock in a transaction dated Wednesday, December 21st. The shares were sold at an average price of $136.96, for a total value of $275,563.52. Following the completion of the sale, the vice president now owns 23,623 shares of the company’s stock, valued at $3,235,406.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.42% of the stock is owned by insiders.

Diamondback Energy Stock Down 1.9 %

Shares of NASDAQ FANG opened at $123.12 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.81 and a quick ratio of 0.77. The company has a market cap of $22.60 billion, a P/E ratio of 5.00, a PEG ratio of 0.25 and a beta of 2.03. Diamondback Energy, Inc. has a 1 year low of $103.71 and a 1 year high of $168.95. The firm has a 50-day simple moving average of $141.75 and a two-hundred day simple moving average of $141.35.

Diamondback Energy (NASDAQ:FANG – Get Rating) last announced its quarterly earnings data on Tuesday, February 21st. The oil and natural gas company reported $5.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.20 by $0.09. The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.09 billion. Diamondback Energy had a net margin of 45.48% and a return on equity of 29.29%. The firm’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter last year, the firm earned $3.63 earnings per share. Research analysts anticipate that Diamondback Energy, Inc. will post 22.08 earnings per share for the current year.

Diamondback Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Friday, March 3rd were paid a $2.95 dividend. This represents a $11.80 annualized dividend and a yield of 9.58%. The ex-dividend date of this dividend was Thursday, March 2nd. Diamondback Energy’s payout ratio is currently 12.99%.

Diamondback Energy Company Profile

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Diamondback Energy, Inc is an independent oil and natural gas company, which engages in the acquisition, development, exploration, and exploitation of unconventional, onshore oil, and natural gas reserves. It operates through the Upstream and Midstream Services segments. The Upstream segment focuses on the Permian Basin operations in West Texas.