Diamondback Energy, Inc. (NASDAQ:FANG) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System trimmed its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 1.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 57,863 shares of the oil and natural gas company’s stock after selling 700 shares during the period. State of Michigan Retirement System’s holdings in Diamondback Energy were worth $9,480,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Steward Partners Investment Advisory LLC boosted its position in shares of Diamondback Energy by 7.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 78,876 shares of the oil and natural gas company’s stock worth $12,922,000 after acquiring an additional 5,336 shares during the last quarter. Auxano Advisors LLC raised its stake in Diamondback Energy by 36.5% during the fourth quarter. Auxano Advisors LLC now owns 2,717 shares of the oil and natural gas company’s stock worth $445,000 after purchasing an additional 726 shares during the period. SBI Securities Co. Ltd. acquired a new position in shares of Diamondback Energy in the 4th quarter valued at $324,000. Jones Financial Companies Lllp grew its stake in shares of Diamondback Energy by 24.6% during the 4th quarter. Jones Financial Companies Lllp now owns 6,720 shares of the oil and natural gas company’s stock valued at $1,101,000 after buying an additional 1,327 shares during the period. Finally, SRS Capital Advisors Inc. increased its holdings in shares of Diamondback Energy by 48.2% during the 4th quarter. SRS Capital Advisors Inc. now owns 3,470 shares of the oil and natural gas company’s stock worth $568,000 after buying an additional 1,128 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Stock Down 1.6 %

FANG stock opened at $142.70 on Thursday. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. The firm has a 50 day simple moving average of $164.70 and a 200-day simple moving average of $174.12. The company has a market capitalization of $41.30 billion, a P/E ratio of 8.17, a PEG ratio of 1.24 and a beta of 1.86. Diamondback Energy, Inc. has a twelve month low of $139.57 and a twelve month high of $214.50.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, topping the consensus estimate of $3.57 by $0.07. The company had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.55 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. On average, equities research analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 13th. Shareholders of record on Thursday, March 6th will be paid a dividend of $1.00 per share. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $4.00 annualized dividend and a yield of 2.80%. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.90. Diamondback Energy’s dividend payout ratio is presently 25.32%.

Insiders Place Their Bets

In other news, Director Frank D. Tsuru purchased 2,000 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The shares were acquired at an average cost of $156.51 per share, with a total value of $313,020.00. Following the transaction, the director now owns 5,730 shares in the company, valued at approximately $896,802.30. The trade was a 53.62 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.48% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on FANG shares. Wells Fargo & Company lifted their target price on Diamondback Energy from $218.00 to $219.00 and gave the company an “overweight” rating in a report on Tuesday, December 17th. StockNews.com raised Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, November 13th. Piper Sandler dropped their target price on shares of Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. UBS Group lifted their price target on shares of Diamondback Energy from $212.00 to $216.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Finally, The Goldman Sachs Group assumed coverage on shares of Diamondback Energy in a research report on Monday, December 2nd. They issued a “buy” rating and a $227.00 price objective for the company. Four research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Diamondback Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $216.09.

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.