Diamondback Energy, Inc. $FANG Shares Purchased by Oak Harvest Investment Services

Oak Harvest Investment Services raised its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 4.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 42,967 shares of the oil and natural gas company’s stock after purchasing an additional 1,847 shares during the quarter. Oak Harvest Investment Services’ holdings in Diamondback Energy were worth $5,904,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in FANG. SouthState Corp lifted its holdings in Diamondback Energy by 596.4% in the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock valued at $31,000 after acquiring an additional 167 shares during the last quarter. Creekmur Asset Management LLC acquired a new position in shares of Diamondback Energy in the 2nd quarter valued at $28,000. Eastern Bank grew its holdings in shares of Diamondback Energy by 119.8% during the 1st quarter. Eastern Bank now owns 233 shares of the oil and natural gas company’s stock worth $37,000 after purchasing an additional 127 shares during the period. Zions Bancorporation National Association UT acquired a new stake in shares of Diamondback Energy during the 1st quarter worth about $43,000. Finally, Cape Investment Advisory Inc. increased its position in shares of Diamondback Energy by 148.6% during the 1st quarter. Cape Investment Advisory Inc. now owns 343 shares of the oil and natural gas company’s stock worth $55,000 after purchasing an additional 205 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Diamondback Energy in a research note on Wednesday, October 8th. Melius assumed coverage on shares of Diamondback Energy in a report on Wednesday, August 20th. They issued a “buy” rating and a $213.00 price objective on the stock. Roth Capital set a $162.00 target price on shares of Diamondback Energy and gave the company a “buy” rating in a report on Tuesday, November 4th. Raymond James Financial decreased their price target on Diamondback Energy from $221.00 to $212.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, August 20th. Finally, Melius Research began coverage on Diamondback Energy in a research note on Wednesday, August 20th. They issued a “buy” rating and a $213.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Diamondback Energy currently has a consensus rating of “Buy” and an average price target of $188.55.

Diamondback Energy Stock Performance

Shares of FANG opened at $144.38 on Friday. The stock has a 50-day simple moving average of $142.31 and a 200-day simple moving average of $141.97. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.60 and a current ratio of 0.62. Diamondback Energy, Inc. has a 1 year low of $114.00 and a 1 year high of $186.07. The stock has a market capitalization of $41.37 billion, a PE ratio of 10.03 and a beta of 0.99.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Monday, November 3rd. The oil and natural gas company reported $3.08 EPS for the quarter, beating analysts’ consensus estimates of $2.94 by $0.14. The company had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.48 billion. Diamondback Energy had a net margin of 27.32% and a return on equity of 9.57%. The company’s quarterly revenue was up 48.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.19 EPS. On average, analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Thursday, November 13th will be issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Thursday, November 13th. Diamondback Energy’s payout ratio is 27.80%.

About Diamondback Energy

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.