Sumitomo Mitsui Trust Holdings Inc. Sells 6,398 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Sumitomo Mitsui Trust Holdings Inc. reduced its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 1.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 425,582 shares of the oil and natural gas company’s stock after selling 6,398 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Diamondback Energy were worth $65,999,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Center for Financial Planning Inc. bought a new stake in Diamondback Energy in the 4th quarter valued at about $207,000. Louisiana State Employees Retirement System purchased a new position in Diamondback Energy during the 4th quarter valued at about $3,877,000. Simplicity Solutions LLC grew its holdings in Diamondback Energy by 2.5% during the 4th quarter. Simplicity Solutions LLC now owns 3,115 shares of the oil and natural gas company’s stock valued at $483,000 after buying an additional 75 shares in the last quarter. Graypoint LLC purchased a new position in Diamondback Energy during the 4th quarter valued at about $240,000. Finally, Koshinski Asset Management Inc. purchased a new position in Diamondback Energy during the 4th quarter valued at about $386,000. 90.01% of the stock is currently owned by institutional investors.

Diamondback Energy Stock Down 0.8 %

Shares of FANG opened at $199.60 on Friday. The firm has a market cap of $35.60 billion, a P/E ratio of 11.51 and a beta of 1.93. The stock has a 50 day simple moving average of $188.92 and a two-hundred day simple moving average of $167.21. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.77 and a quick ratio of 0.74. Diamondback Energy, Inc. has a 1 year low of $123.41 and a 1 year high of $211.96.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Tuesday, February 20th. The oil and natural gas company reported $4.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.61 by $0.13. Diamondback Energy had a return on equity of 19.56% and a net margin of 37.36%. The business had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.16 billion. During the same quarter in the prior year, the firm earned $5.29 earnings per share. Diamondback Energy’s revenue for the quarter was up 9.8% on a year-over-year basis. On average, analysts forecast that Diamondback Energy, Inc. will post 18.52 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Tuesday, March 5th were given a $3.08 dividend. The ex-dividend date of this dividend was Monday, March 4th. This represents a $12.32 annualized dividend and a yield of 6.17%. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.84. Diamondback Energy’s payout ratio is presently 20.76%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Truist Financial reduced their target price on Diamondback Energy from $250.00 to $248.00 and set a “buy” rating for the company in a report on Friday, April 5th. BMO Capital Markets lifted their target price on Diamondback Energy from $167.00 to $175.00 and gave the company a “market perform” rating in a report on Tuesday, February 13th. UBS Group lifted their target price on Diamondback Energy from $183.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, February 14th. Evercore ISI lifted their target price on Diamondback Energy from $185.00 to $215.00 and gave the company an “outperform” rating in a report on Monday, March 25th. Finally, Scotiabank boosted their price objective on Diamondback Energy from $210.00 to $255.00 and gave the stock a “sector outperform” rating in a report on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Diamondback Energy presently has an average rating of “Moderate Buy” and an average target price of $195.95.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, CAO Teresa L. Dick sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $192.00, for a total value of $384,000.00. Following the completion of the sale, the chief accounting officer now owns 96,523 shares in the company, valued at $18,532,416. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Travis D. Stice sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the completion of the transaction, the chief executive officer now owns 446,610 shares in the company, valued at $89,322,000. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Teresa L. Dick sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $192.00, for a total value of $384,000.00. Following the transaction, the chief accounting officer now owns 96,523 shares of the company’s stock, valued at approximately $18,532,416. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 57,675 shares of company stock worth $11,311,096. 0.43% of the stock is currently owned by insiders.

Diamondback Energy Company 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.