Gabelli Funds LLC increased its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG – Free Report) by 12.4% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 98,430 shares of the oil and natural gas company’s stock after buying an additional 10,865 shares during the quarter. Gabelli Funds LLC’s holdings in Diamondback Energy were worth $14,797,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also recently added to or reduced their stakes in the company. Scotia Capital Inc. grew its stake in Diamondback Energy by 0.3% during the 3rd quarter. Scotia Capital Inc. now owns 19,719 shares of the oil and natural gas company’s stock worth $2,822,000 after buying an additional 68 shares during the last quarter. Equitable Trust Co. grew its stake in Diamondback Energy by 0.7% during the 3rd quarter. Equitable Trust Co. now owns 10,030 shares of the oil and natural gas company’s stock worth $1,435,000 after buying an additional 73 shares during the last quarter. Valeo Financial Advisors LLC grew its stake in Diamondback Energy by 3.0% during the 3rd quarter. Valeo Financial Advisors LLC now owns 2,568 shares of the oil and natural gas company’s stock worth $367,000 after buying an additional 74 shares during the last quarter. Townsend & Associates Inc grew its stake in Diamondback Energy by 0.5% during the 4th quarter. Townsend & Associates Inc now owns 14,330 shares of the oil and natural gas company’s stock worth $2,161,000 after buying an additional 75 shares during the last quarter. Finally, 180 Wealth Advisors LLC grew its stake in Diamondback Energy by 2.9% during the 4th quarter. 180 Wealth Advisors LLC now owns 2,725 shares of the oil and natural gas company’s stock worth $410,000 after buying an additional 78 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.
Wall Street Analyst Weigh In
A number of analysts have weighed in on FANG shares. Scotiabank increased their price objective on Diamondback Energy from $175.00 to $195.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, April 22nd. Susquehanna increased their price objective on Diamondback Energy from $231.00 to $245.00 and gave the stock a “positive” rating in a research report on Wednesday, May 6th. Truist Financial set a $242.00 price objective on Diamondback Energy in a research report on Wednesday, May 6th. Barclays increased their price objective on Diamondback Energy from $190.00 to $225.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 5th. Finally, Piper Sandler increased their price objective on Diamondback Energy from $215.00 to $248.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. Five equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $218.25.
Diamondback Energy Price Performance
Shares of NASDAQ:FANG opened at $207.77 on Wednesday. The company has a market cap of $58.45 billion, a P/E ratio of 241.60 and a beta of 0.46. The company has a quick ratio of 0.55, a current ratio of 0.56 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a 52 week low of $132.20 and a 52 week high of $214.51. The business has a fifty day simple moving average of $192.80 and a 200-day simple moving average of $168.83.
Diamondback Energy (NASDAQ:FANG – Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The oil and natural gas company reported $4.23 EPS for the quarter, beating analysts’ consensus estimates of $3.74 by $0.49. The business had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $3.83 billion. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.The business’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.54 earnings per share. Equities research analysts forecast that Diamondback Energy, Inc. will post 18.93 EPS for the current year.
Diamondback Energy Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th will be given a $1.10 dividend. This is an increase from Diamondback Energy’s previous quarterly dividend of $1.05. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Thursday, May 14th. Diamondback Energy’s dividend payout ratio (DPR) is presently 511.63%.
Insiders Place Their Bets
In other news, Director Charles Alvin Meloy sold 7,857 shares of Diamondback Energy stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $189.20, for a total value of $1,486,544.40. Following the completion of the sale, the director owned 942,721 shares of the company’s stock, valued at $178,362,813.20. The trade was a 0.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Jere W. Thompson III sold 750 shares of Diamondback Energy stock in a transaction on Monday, March 16th. The shares were sold at an average price of $182.47, for a total value of $136,852.50. Following the completion of the sale, the chief financial officer directly owned 19,975 shares of the company’s stock, valued at approximately $3,644,838.25. This represents a 3.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 169,321 shares of company stock valued at $31,055,475. 0.64% of the stock is currently owned by company insiders.
Diamondback Energy Company Profile
Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.
Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.
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