Swiss National Bank grew its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG – Free Report) by 6.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 546,599 shares of the oil and natural gas company’s stock after purchasing an additional 31,000 shares during the quarter. Swiss National Bank owned approximately 0.19% of Diamondback Energy worth $108,112,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the business. Flagship Harbor Advisors LLC bought a new stake in shares of Diamondback Energy in the fourth quarter valued at $25,000. Richardson Financial Services Inc. grew its stake in shares of Diamondback Energy by 245.1% during the 4th quarter. Richardson Financial Services Inc. now owns 176 shares of the oil and natural gas company’s stock worth $26,000 after acquiring an additional 125 shares during the period. Laurel Wealth Advisors LLC purchased a new stake in Diamondback Energy in the 4th quarter worth about $26,000. Cedar Mountain Advisors LLC purchased a new stake in Diamondback Energy in the 1st quarter worth about $26,000. Finally, JPL Wealth Management LLC bought a new stake in Diamondback Energy in the 3rd quarter valued at about $26,000. 90.01% of the stock is currently owned by institutional investors.
Diamondback Energy Stock Down 0.1%
Shares of FANG opened at $195.38 on Tuesday. Diamondback Energy, Inc. has a 1 year low of $134.30 and a 1 year high of $214.51. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.56 and a quick ratio of 0.55. The stock has a 50 day simple moving average of $191.22 and a two-hundred day simple moving average of $181.32. The firm has a market cap of $54.96 billion, a P/E ratio of 227.19 and a beta of 0.42.
Diamondback Energy Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were given a $1.10 dividend. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $4.40 annualized dividend and a dividend yield of 2.3%. This is an increase from Diamondback Energy’s previous quarterly dividend of $1.05. Diamondback Energy’s dividend payout ratio is currently 511.63%.
Insider Transactions at Diamondback Energy
In related news, EVP Matt Zmigrosky sold 5,000 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $200.54, for a total value of $1,002,700.00. Following the transaction, the executive vice president owned 46,392 shares in the company, valued at $9,303,451.68. The trade was a 9.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mark Lawrence Plaumann sold 500 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $196.50, for a total transaction of $98,250.00. Following the sale, the director owned 13,437 shares in the company, valued at approximately $2,640,370.50. The trade was a 3.59% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 113,691 shares of company stock worth $21,622,752 in the last ninety days. 0.64% of the stock is owned by company insiders.
Analysts Set New Price Targets
Several analysts have recently issued reports on the stock. Weiss Ratings lowered shares of Diamondback Energy from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday. Mizuho lifted their price objective on shares of Diamondback Energy from $220.00 to $240.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Truist Financial lowered their target price on shares of Diamondback Energy from $242.00 to $220.00 and set a “buy” rating on the stock in a report on Thursday. Citigroup dropped their target price on Diamondback Energy from $245.00 to $221.00 and set a “buy” rating on the stock in a research report on Monday. Finally, Wells Fargo & Company set a $212.00 price target on Diamondback Energy in a report on Monday, June 22nd. Four 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 stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $218.26.
Read Our Latest Research Report on Diamondback Energy
About Diamondback Energy
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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