Legacy CG LLC Has $5.74 Million Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Legacy CG LLC lifted its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 22.5% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 35,905 shares of the oil and natural gas company’s stock after acquiring an additional 6,606 shares during the period. Diamondback Energy makes up approximately 1.9% of Legacy CG LLC’s investment portfolio, making the stock its 22nd largest position. Legacy CG LLC’s holdings in Diamondback Energy were worth $5,740,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of FANG. Barden Capital Management Inc. grew its holdings in shares of Diamondback Energy by 1.5% during the 4th quarter. Barden Capital Management Inc. now owns 4,380 shares of the oil and natural gas company’s stock worth $718,000 after purchasing an additional 64 shares in the last quarter. Private Trust Co. NA grew its stake in Diamondback Energy by 4.8% during the fourth quarter. Private Trust Co. NA now owns 1,516 shares of the oil and natural gas company’s stock worth $248,000 after buying an additional 69 shares in the last quarter. Grove Bank & Trust increased its holdings in Diamondback Energy by 65.0% in the 1st quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company’s stock valued at $32,000 after buying an additional 80 shares during the period. Abbot Financial Management Inc. raised its position in shares of Diamondback Energy by 2.0% in the 4th quarter. Abbot Financial Management Inc. now owns 4,051 shares of the oil and natural gas company’s stock valued at $664,000 after buying an additional 81 shares in the last quarter. Finally, Rehmann Capital Advisory Group lifted its holdings in shares of Diamondback Energy by 6.0% during the 4th quarter. Rehmann Capital Advisory Group now owns 1,439 shares of the oil and natural gas company’s stock worth $236,000 after acquiring an additional 82 shares during the period. 90.01% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

FANG has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of Diamondback Energy from $167.00 to $161.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 7th. Williams Trading set a $190.00 price target on Diamondback Energy in a report on Wednesday, March 5th. Piper Sandler reduced their price objective on Diamondback Energy from $234.00 to $225.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 13th. Bank of America lifted their target price on Diamondback Energy from $165.00 to $170.00 and gave the company a “buy” rating in a research report on Friday, May 23rd. Finally, Scotiabank dropped their target price on shares of Diamondback Energy from $215.00 to $175.00 and set a “sector outperform” rating for the company in a report on Friday, April 11th. Two research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $193.13.

Diamondback Energy Price Performance

Shares of FANG opened at $140.87 on Friday. The business has a 50-day moving average of $139.91 and a 200-day moving average of $150.94. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.86 and a quick ratio of 0.83. The company has a market capitalization of $41.16 billion, a price-to-earnings ratio of 8.62 and a beta of 1.06. Diamondback Energy, Inc. has a 1 year low of $114.00 and a 1 year high of $214.50.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.67 by $0.87. The firm had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.58 billion. Diamondback Energy had a net margin of 30.84% and a return on equity of 11.22%. The company’s revenue was up 81.8% compared to the same quarter last year. During the same quarter last year, the business earned $4.50 EPS. As a group, equities research analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Thursday, May 15th were issued a $1.00 dividend. The ex-dividend date was Thursday, May 15th. This represents a $4.00 annualized dividend and a yield of 2.84%. Diamondback Energy’s payout ratio is 24.46%.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, President Hof Matthew Kaes Van’t sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $142.69, for a total value of $1,426,900.00. Following the transaction, the president now directly owns 120,645 shares of the company’s stock, valued at approximately $17,214,835.05. The trade was a 7.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.70% of the company’s stock.

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.