Patten Group Inc. Sells 638 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Patten Group Inc. lessened its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 6.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 8,648 shares of the oil and natural gas company’s stock after selling 638 shares during the period. Patten Group Inc.’s holdings in Diamondback Energy were worth $1,491,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in FANG. Elo Mutual Pension Insurance Co grew its holdings in Diamondback Energy by 3.4% in the 4th quarter. Elo Mutual Pension Insurance Co now owns 14,880 shares of the oil and natural gas company’s stock worth $2,308,000 after acquiring an additional 488 shares during the last quarter. State of Tennessee Treasury Department boosted its stake in shares of Diamondback Energy by 107.1% during the 4th quarter. State of Tennessee Treasury Department now owns 98,248 shares of the oil and natural gas company’s stock valued at $15,236,000 after purchasing an additional 50,799 shares in the last quarter. First Financial Bankshares Inc bought a new stake in shares of Diamondback Energy during the 4th quarter valued at about $245,000. RMB Capital Management LLC boosted its stake in shares of Diamondback Energy by 164.8% during the 4th quarter. RMB Capital Management LLC now owns 47,550 shares of the oil and natural gas company’s stock valued at $7,374,000 after purchasing an additional 29,590 shares in the last quarter. Finally, Redwood Investment Management LLC boosted its stake in shares of Diamondback Energy by 543.3% during the 4th quarter. Redwood Investment Management LLC now owns 13,741 shares of the oil and natural gas company’s stock valued at $2,131,000 after purchasing an additional 11,605 shares in the last quarter. Institutional investors own 90.01% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on FANG shares. Truist Financial cut their target price on shares of Diamondback Energy from $255.00 to $220.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. KeyCorp initiated coverage on shares of Diamondback Energy in a research note on Thursday, June 27th. They set an “overweight” rating and a $225.00 price objective on the stock. Scotiabank dropped their price objective on shares of Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Wells Fargo & Company dropped their price objective on shares of Diamondback Energy from $230.00 to $219.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 1st. Finally, Benchmark boosted their price objective on shares of Diamondback Energy from $154.00 to $195.00 and gave the stock a “buy” rating in a research note on Thursday, October 3rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $209.50.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the completion of the sale, the insider now directly owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.48% of the stock is owned by corporate insiders.

Diamondback Energy Stock Down 0.0 %

FANG opened at $193.75 on Thursday. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. The firm has a 50 day moving average price of $187.34 and a 200-day moving average price of $195.30. Diamondback Energy, Inc. has a twelve month low of $145.70 and a twelve month high of $214.50. The stock has a market capitalization of $34.55 billion, a price-to-earnings ratio of 10.92, a PEG ratio of 1.17 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, beating analysts’ consensus estimates of $4.51 by $0.01. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The business had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the prior year, the company earned $3.68 earnings per share. The firm’s revenue was up 29.4% on a year-over-year basis. Equities research analysts forecast that Diamondback Energy, Inc. will post 18.97 earnings per share for the current year.

Diamondback Energy Increases Dividend

The firm also recently announced a None dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 15th were issued a dividend of $2.34 per share. This is a boost from Diamondback Energy’s previous None dividend of $2.26. This represents a yield of 1.9%. The ex-dividend date was Thursday, August 15th. Diamondback Energy’s dividend payout ratio is currently 20.29%.

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.