Concord Asset Management LLC VA Has $591,000 Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Concord Asset Management LLC VA increased its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 22.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,606 shares of the oil and natural gas company’s stock after purchasing an additional 661 shares during the period. Concord Asset Management LLC VA’s holdings in Diamondback Energy were worth $591,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the business. Cetera Investment Advisers lifted its position in shares of Diamondback Energy by 3.1% during the 2nd quarter. Cetera Investment Advisers now owns 47,919 shares of the oil and natural gas company’s stock valued at $9,593,000 after acquiring an additional 1,431 shares during the period. Sanctuary Advisors LLC bought a new stake in Diamondback Energy in the second quarter valued at $10,229,000. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Diamondback Energy by 1,320.0% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 69,578 shares of the oil and natural gas company’s stock valued at $13,929,000 after purchasing an additional 64,678 shares during the period. Centaurus Financial Inc. boosted its position in shares of Diamondback Energy by 52.2% during the 2nd quarter. Centaurus Financial Inc. now owns 1,513 shares of the oil and natural gas company’s stock worth $303,000 after purchasing an additional 519 shares in the last quarter. Finally, Mattson Financial Services LLC bought a new stake in Diamondback Energy in the 2nd quarter valued at about $74,000. 90.01% of the stock is currently owned by institutional investors.

Insider Activity at Diamondback Energy

In other news, Director Mark Lawrence Plaumann sold 1,150 shares of Diamondback Energy stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total transaction of $208,150.00. Following the completion of the sale, the director now owns 4,712 shares in the company, valued at approximately $852,872. This trade represents a 19.62 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.48% of the stock is owned by corporate insiders.

Diamondback Energy Stock Down 3.6 %

Diamondback Energy stock opened at $164.36 on Friday. The firm has a market capitalization of $47.99 billion, a price-to-earnings ratio of 9.41, a P/E/G ratio of 1.33 and a beta of 1.88. The firm has a 50 day simple moving average of $169.40 and a 200 day simple moving average of $181.33. Diamondback Energy, Inc. has a 1-year low of $147.93 and a 1-year high of $214.50. 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 (NASDAQ:FANG) last released its quarterly earnings data on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The company had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the previous year, the firm posted $5.49 earnings per share. The business’s revenue for the quarter was up 13.0% compared to the same quarter last year. On average, analysts predict that Diamondback Energy, Inc. will post 15.55 earnings per share for the current year.

Diamondback Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th were given a $0.90 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.19%. Diamondback Energy’s dividend payout ratio (DPR) is currently 20.61%.

Analyst Ratings Changes

A number of brokerages have commented on FANG. Piper Sandler reduced their price objective on Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Truist Financial raised their price objective on shares of Diamondback Energy from $230.00 to $236.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Wells Fargo & Company lifted their price target on Diamondback Energy from $218.00 to $219.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Mizuho lowered their price objective on Diamondback Energy from $219.00 to $207.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Finally, The Goldman Sachs Group started coverage on Diamondback Energy in a research report on Monday, December 2nd. They set a “buy” rating and a $227.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $215.00.

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.