Balboa Wealth Partners Takes $260,000 Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Balboa Wealth Partners acquired a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) during the fourth quarter, Holdings Channel.com reports. The institutional investor acquired 1,584 shares of the oil and natural gas company’s stock, valued at approximately $260,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Ashton Thomas Securities LLC acquired a new position in shares of Diamondback Energy in the third quarter valued at approximately $52,000. Apollon Wealth Management LLC grew its holdings in Diamondback Energy by 10.3% during the 3rd quarter. Apollon Wealth Management LLC now owns 2,695 shares of the oil and natural gas company’s stock worth $465,000 after acquiring an additional 251 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Diamondback Energy by 3.9% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 433,607 shares of the oil and natural gas company’s stock valued at $74,754,000 after acquiring an additional 16,348 shares during the period. Haverford Trust Co raised its stake in shares of Diamondback Energy by 4.6% during the third quarter. Haverford Trust Co now owns 1,598 shares of the oil and natural gas company’s stock valued at $275,000 after acquiring an additional 71 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its holdings in shares of Diamondback Energy by 23.3% during the third quarter. Oppenheimer Asset Management Inc. now owns 56,164 shares of the oil and natural gas company’s stock worth $9,683,000 after purchasing an additional 10,626 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on FANG. The Goldman Sachs Group began coverage on Diamondback Energy in a report on Monday, December 2nd. They issued a “buy” rating and a $227.00 price objective for the company. Wolfe Research raised Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price target for the company in a research note on Friday, January 3rd. Raymond James lowered their price objective on Diamondback Energy from $245.00 to $214.00 and set a “strong-buy” rating for the company in a research report on Wednesday. JPMorgan Chase & Co. decreased their target price on shares of Diamondback Energy from $212.00 to $167.00 and set an “overweight” rating for the company in a research report on Thursday. Finally, Mizuho boosted their price target on shares of Diamondback Energy from $201.00 to $204.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 25th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $211.92.

Diamondback Energy Stock Performance

NASDAQ FANG opened at $145.80 on Friday. The company has a market cap of $42.20 billion, a P/E ratio of 8.35, a PEG ratio of 1.24 and a beta of 1.84. The company has a fifty day simple moving average of $162.41 and a 200 day simple moving average of $172.18. 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, Inc. has a 12-month low of $137.09 and a 12-month high of $214.50.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 EPS for the quarter, topping the consensus estimate of $3.57 by $0.07. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The company had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.55 billion. Sell-side 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 declared a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Thursday, March 6th were given a dividend of $1.00 per share. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.90. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date was Thursday, March 6th. Diamondback Energy’s dividend payout ratio (DPR) is presently 25.32%.

Insider Buying and Selling

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

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.