Citizens Business Bank Trims Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Citizens Business Bank lessened its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 0.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,722 shares of the oil and natural gas company’s stock after selling 356 shares during the period. Diamondback Energy comprises approximately 1.6% of Citizens Business Bank’s investment portfolio, making the stock its 15th biggest position. Citizens Business Bank’s holdings in Diamondback Energy were worth $7,710,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Sequoia Financial Advisors LLC increased its position in shares of Diamondback Energy by 17.4% during the second quarter. Sequoia Financial Advisors LLC now owns 5,630 shares of the oil and natural gas company’s stock worth $1,127,000 after acquiring an additional 835 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in Diamondback Energy by 178.1% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 30,532 shares of the oil and natural gas company’s stock valued at $6,112,000 after purchasing an additional 19,552 shares in the last quarter. ORG Partners LLC lifted its holdings in shares of Diamondback Energy by 2,768.9% in the 2nd quarter. ORG Partners LLC now owns 4,332 shares of the oil and natural gas company’s stock worth $883,000 after buying an additional 4,181 shares during the period. SteelPeak Wealth LLC bought a new position in shares of Diamondback Energy during the 2nd quarter worth $268,000. Finally, Wedge Capital Management L L P NC increased its stake in shares of Diamondback Energy by 27.2% during the second quarter. Wedge Capital Management L L P NC now owns 38,298 shares of the oil and natural gas company’s stock valued at $7,667,000 after buying an additional 8,199 shares during the period. Institutional investors own 90.01% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on FANG. The Goldman Sachs Group assumed coverage on shares of Diamondback Energy in a research note on Monday, December 2nd. They issued a “buy” rating and a $227.00 price objective for the company. Wells Fargo & Company reiterated a “sector outperform” rating on shares of Diamondback Energy in a research note on Friday, October 18th. Evercore ISI lowered their target price on Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating for the company in a report on Monday, September 30th. BMO Capital Markets upgraded Diamondback Energy from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $205.00 to $215.00 in a report on Friday, October 4th. Finally, Scotiabank dropped their price objective on Diamondback Energy from $245.00 to $225.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Diamondback Energy has a consensus rating of “Moderate Buy” and an average price target of $212.17.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $163.15 on Wednesday. The company’s 50 day moving average is $181.27 and its 200 day moving average is $188.82. The company has a market cap of $47.64 billion, a PE ratio of 9.34, a price-to-earnings-growth ratio of 1.23 and a beta of 1.88. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a twelve month low of $146.82 and a twelve month high of $214.50.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 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 analysts’ expectations of $2.43 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. Diamondback Energy’s revenue for the quarter was up 13.0% compared to the same quarter last year. During the same period in the previous year, the company posted $5.49 earnings per share. On average, sell-side analysts forecast that Diamondback Energy, Inc. will post 16.26 EPS for the current year.

Diamondback Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th were issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date was Thursday, November 14th. Diamondback Energy’s payout ratio is presently 20.61%.

Insiders Place Their Bets

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the transaction, the insider now owns 1,037,819 shares in the company, valued at $181,732,485.09. The trade was a 92.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 value of $208,150.00. Following the transaction, 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. Insiders own 0.48% of the company’s stock.

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.