CANADA LIFE ASSURANCE Co Sells 6,979 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

CANADA LIFE ASSURANCE Co trimmed its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 6.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 102,912 shares of the oil and natural gas company’s stock after selling 6,979 shares during the quarter. CANADA LIFE ASSURANCE Co owned 0.06% of Diamondback Energy worth $20,410,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Founders Capital Management raised its holdings in Diamondback Energy by 404.0% in the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock worth $25,000 after purchasing an additional 101 shares during the period. BKM Wealth Management LLC bought a new position in Diamondback Energy in the 4th quarter worth $27,000. Logan Capital Management Inc. bought a new position in Diamondback Energy in the 4th quarter worth $31,000. Turtle Creek Wealth Advisors LLC bought a new position in Diamondback Energy in the 4th quarter worth $34,000. Finally, CVA Family Office LLC bought a new position in Diamondback Energy in the 4th quarter worth $35,000. 90.01% of the stock is owned by institutional investors.

Diamondback Energy Trading Up 0.5 %

FANG opened at $199.80 on Friday. The firm has a market cap of $35.63 billion, a P/E ratio of 11.26, a P/E/G ratio of 1.07 and a beta of 1.90. Diamondback Energy, Inc. has a 12 month low of $142.71 and a 12 month high of $214.50. The company has a current ratio of 0.92, a quick ratio of 0.89 and a debt-to-equity ratio of 0.37. The stock has a 50-day moving average of $197.91 and a 200 day moving average of $187.80.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 EPS for the quarter, topping the consensus estimate of $4.29 by $0.21. The company had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.10 billion. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The firm’s revenue was up 15.7% on a year-over-year basis. During the same quarter last year, the business posted $4.10 earnings per share. As a group, research analysts forecast that Diamondback Energy, Inc. will post 18.63 EPS for the current year.

Diamondback Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 22nd. Shareholders of record on Wednesday, May 15th were paid a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 1.80%. The ex-dividend date of this dividend was Tuesday, May 14th. Diamondback Energy’s payout ratio is currently 20.29%.

Analysts Set New Price Targets

FANG has been the topic of a number of recent research reports. Truist Financial raised their target price on Diamondback Energy from $248.00 to $250.00 and gave the stock a “buy” rating in a report on Monday, April 22nd. StockNews.com cut Diamondback Energy from a “buy” rating to a “hold” rating in a report on Saturday, July 6th. Scotiabank cut their price target on Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Bank of America increased their price target on Diamondback Energy from $201.00 to $215.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, Benchmark reiterated a “buy” rating and issued a $154.00 price target on shares of Diamondback Energy in a research note on Thursday, June 20th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $209.65.

Insiders Place Their Bets

In other Diamondback Energy news, VP Jere W. Thompson III sold 900 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $199.90, for a total value of $179,910.00. Following the completion of the sale, the vice president now owns 7,585 shares of the company’s stock, valued at $1,516,241.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total value of $1,182,840.00. Following the completion of the sale, the chief operating officer now owns 69,677 shares of the company’s stock, valued at $13,736,123.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Jere W. Thompson III sold 900 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $199.90, for a total transaction of $179,910.00. Following the completion of the sale, the vice president now directly owns 7,585 shares of the company’s stock, valued at approximately $1,516,241.50. The disclosure for this sale can be found here. 0.48% of the stock is 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.