DNB Asset Management AS Boosts Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

DNB Asset Management AS raised its holdings in Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) by 11.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 447,618 shares of the oil and natural gas company’s stock after purchasing an additional 47,356 shares during the quarter. DNB Asset Management AS owned 0.25% of Diamondback Energy worth $61,225,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of FANG. Yacktman Asset Management LP purchased a new stake in shares of Diamondback Energy during the 3rd quarter worth about $152,022,000. Pacer Advisors Inc. boosted its stake in shares of Diamondback Energy by 33,853.6% during the 3rd quarter. Pacer Advisors Inc. now owns 787,383 shares of the oil and natural gas company’s stock worth $94,848,000 after acquiring an additional 785,064 shares in the last quarter. FMR LLC boosted its stake in shares of Diamondback Energy by 9.8% during the 2nd quarter. FMR LLC now owns 8,686,863 shares of the oil and natural gas company’s stock worth $1,052,413,000 after acquiring an additional 775,843 shares in the last quarter. State Street Corp boosted its stake in shares of Diamondback Energy by 7.0% during the 3rd quarter. State Street Corp now owns 11,524,297 shares of the oil and natural gas company’s stock worth $1,388,217,000 after acquiring an additional 755,625 shares in the last quarter. Finally, Ninepoint Partners LP boosted its stake in shares of Diamondback Energy by 636.7% during the 3rd quarter. Ninepoint Partners LP now owns 725,000 shares of the oil and natural gas company’s stock worth $87,334,000 after acquiring an additional 626,594 shares in the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

Diamondback Energy Trading Down 1.9 %

Shares of NASDAQ FANG traded down $2.41 during midday trading on Friday, reaching $123.12. 6,217,687 shares of the stock were exchanged, compared to its average volume of 2,814,092. The company has a 50 day simple moving average of $141.75 and a 200 day simple moving average of $141.35. The stock has a market capitalization of $22.60 billion, a P/E ratio of 5.00, a PEG ratio of 0.26 and a beta of 2.03. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.77 and a current ratio of 0.81. Diamondback Energy, Inc. has a twelve month low of $103.71 and a twelve month high of $168.95.

Diamondback Energy (NASDAQ:FANG – Get Rating) last announced its quarterly earnings results on Tuesday, February 21st. The oil and natural gas company reported $5.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.20 by $0.09. The business had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.09 billion. Diamondback Energy had a net margin of 45.48% and a return on equity of 29.29%. The business’s revenue was up .4% compared to the same quarter last year. During the same quarter last year, the firm earned $3.63 EPS. As a group, equities analysts expect that Diamondback Energy, Inc. will post 22.08 earnings per share for the current year.

Diamondback Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Friday, March 3rd were issued a dividend of $2.95 per share. The ex-dividend date of this dividend was Thursday, March 2nd. This represents a $11.80 dividend on an annualized basis and a dividend yield of 9.58%. Diamondback Energy’s dividend payout ratio is currently 12.99%.

Analysts Set New Price Targets

Several research firms have recently issued reports on FANG. Bank of America lowered shares of Diamondback Energy from a “neutral” rating to an “underperform” rating and set a $143.00 target price on the stock. in a research note on Monday, November 28th. They noted that the move was a valuation call. StockNews.com initiated coverage on shares of Diamondback Energy in a research note on Thursday. They issued a “hold” rating on the stock. Piper Sandler decreased their price target on shares of Diamondback Energy from $214.00 to $207.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 7th. Raymond James raised their price target on shares of Diamondback Energy from $200.00 to $205.00 and gave the company a “strong-buy” rating in a research note on Thursday, January 26th. Finally, Wells Fargo & Company decreased their price target on shares of Diamondback Energy from $181.00 to $174.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 1st. One analyst has rated the stock with a sell rating, two have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $181.45.

Insider Transactions at Diamondback Energy

In related news, VP Matt Zmigrosky sold 2,012 shares of the stock in a transaction that occurred on Wednesday, December 21st. The shares were sold at an average price of $136.96, for a total transaction of $275,563.52. Following the completion of the transaction, the vice president now owns 23,623 shares of the company’s stock, valued at approximately $3,235,406.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.42% of the company’s stock.

Diamondback Energy Profile

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Diamondback Energy, Inc is an independent oil and natural gas company, which engages in the acquisition, development, exploration, and exploitation of unconventional, onshore oil, and natural gas reserves. It operates through the Upstream and Midstream Services segments. The Upstream segment focuses on the Permian Basin operations in West Texas.