Royal Bank of Canada Raises Holdings in Diamondback Energy, Inc. $FANG

Royal Bank of Canada increased its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 11.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,172,913 shares of the oil and natural gas company’s stock after buying an additional 117,471 shares during the period. Royal Bank of Canada’s holdings in Diamondback Energy were worth $231,992,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Flagship Harbor Advisors LLC purchased a new position in shares of Diamondback Energy in the 4th quarter valued at $25,000. Richardson Financial Services Inc. raised its position in shares of Diamondback Energy by 245.1% in the 4th quarter. Richardson Financial Services Inc. now owns 176 shares of the oil and natural gas company’s stock worth $26,000 after acquiring an additional 125 shares in the last quarter. Laurel Wealth Advisors LLC purchased a new stake in shares of Diamondback Energy during the 4th quarter worth $26,000. Cedar Mountain Advisors LLC purchased a new stake in shares of Diamondback Energy during the 1st quarter worth $26,000. Finally, JPL Wealth Management LLC bought a new stake in Diamondback Energy during the third quarter valued at about $26,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Price Performance

Shares of NASDAQ FANG opened at $199.13 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.55 and a current ratio of 0.56. The company has a market cap of $56.02 billion, a PE ratio of 231.55 and a beta of 0.42. The business has a 50-day simple moving average of $190.77 and a two-hundred day simple moving average of $183.89. Diamondback Energy, Inc. has a fifty-two week low of $134.30 and a fifty-two week high of $214.51.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share for the quarter, topping analysts’ consensus estimates of $3.74 by $0.49. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.The business had revenue of $4.24 billion for the quarter, compared to analyst estimates of $3.83 billion. During the same quarter in the previous year, the firm earned $4.54 earnings per share. The company’s revenue was up 4.7% on a year-over-year basis. As a group, equities analysts expect that Diamondback Energy, Inc. will post 18.9 EPS for the current fiscal year.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, EVP Matt Zmigrosky sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $200.54, for a total transaction of $1,002,700.00. Following the transaction, the executive vice president owned 46,392 shares in the company, valued at approximately $9,303,451.68. This represents a 9.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Teresa L. Dick sold 7,000 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the completion of the transaction, the chief accounting officer directly owned 85,755 shares of the company’s stock, valued at approximately $17,228,179.50. This represents a 7.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 113,691 shares of company stock valued at $21,622,752 over the last 90 days. Company insiders own 0.64% of the company’s stock.

Analyst Upgrades and Downgrades

FANG has been the subject of several analyst reports. Wall Street Zen raised shares of Diamondback Energy from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. Raymond James Financial reiterated a “strong-buy” rating and set a $249.00 price objective on shares of Diamondback Energy in a research note on Wednesday, June 10th. Truist Financial reduced their price objective on shares of Diamondback Energy from $242.00 to $220.00 and set a “buy” rating for the company in a research note on Thursday, July 16th. KeyCorp raised their target price on shares of Diamondback Energy from $196.00 to $225.00 and gave the company an “overweight” rating in a research note on Thursday, April 2nd. Finally, Zacks Research lowered shares of Diamondback Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 28th. Four analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $218.68.

About Diamondback Energy

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.