Diamondback Energy, Inc. (NASDAQ:FANG) Stake Lifted by Shorepoint Capital Partners LLC

Shorepoint Capital Partners LLC boosted its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 3.0% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 21,024 shares of the oil and natural gas company’s stock after purchasing an additional 620 shares during the period. Shorepoint Capital Partners LLC’s holdings in Diamondback Energy were worth $3,444,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its stake in shares of Diamondback Energy by 11.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company’s stock valued at $1,496,859,000 after purchasing an additional 928,429 shares during the period. Boston Partners increased its position in Diamondback Energy by 12.4% in the 4th quarter. Boston Partners now owns 5,169,742 shares of the oil and natural gas company’s stock valued at $849,202,000 after acquiring an additional 571,820 shares during the period. Geode Capital Management LLC raised its stake in Diamondback Energy by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 4,710,165 shares of the oil and natural gas company’s stock valued at $769,706,000 after acquiring an additional 91,605 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Diamondback Energy by 13.7% during the 4th quarter. Bank of New York Mellon Corp now owns 4,163,070 shares of the oil and natural gas company’s stock valued at $682,036,000 after acquiring an additional 502,916 shares in the last quarter. Finally, Demars Financial Group LLC acquired a new position in Diamondback Energy during the 4th quarter worth $638,050,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Mizuho increased their target price on shares of Diamondback Energy from $201.00 to $204.00 and gave the company an “outperform” rating in a research report on Tuesday, February 25th. Truist Financial raised their price objective on shares of Diamondback Energy from $238.00 to $242.00 and gave the company a “buy” rating in a research note on Thursday, April 17th. Williams Trading set a $190.00 target price on Diamondback Energy in a research report on Wednesday, March 5th. Wolfe Research upgraded Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price target on the stock in a research report on Friday, January 3rd. Finally, Piper Sandler cut their price objective on Diamondback Energy from $240.00 to $234.00 and set an “overweight” rating for the company in a report on Tuesday, April 22nd. Three equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Diamondback Energy presently has a consensus rating of “Moderate Buy” and an average target price of $200.96.

Diamondback Energy Price Performance

Shares of NASDAQ FANG opened at $136.76 on Friday. The firm has a market cap of $40.22 billion, a price-to-earnings ratio of 7.83, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. The stock has a fifty day simple moving average of $145.04 and a two-hundred day simple moving average of $162.78. 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 1-year low of $114.00 and a 1-year high of $214.50.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.57 by $0.07. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The business had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Thursday, March 6th were issued a $1.00 dividend. The ex-dividend date was Thursday, March 6th. This represents a $4.00 annualized dividend and a dividend yield of 2.92%. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.90. Diamondback Energy’s dividend payout ratio (DPR) is presently 25.32%.

Insider Activity

In related news, Director Frank D. Tsuru acquired 2,000 shares of the company’s stock in a transaction dated 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 acquisition, the director now owns 5,730 shares of the company’s stock, valued at approximately $896,802.30. The trade was a 53.62 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.48% of the company’s stock.

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.