Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG – Free Report) in the second quarter, HoldingsChannel reports. The institutional investor bought 495,974 shares of the oil and natural gas company’s stock, valued at approximately $87,182,000.
Other large investors also recently modified their holdings of the company. Crown Advisors Management Inc. acquired a new position in Diamondback Energy in the second quarter valued at about $4,394,000. OneDigital Investment Advisors LLC acquired a new stake in Diamondback Energy during the second quarter worth about $931,000. Insight Wealth Partners LLC acquired a new stake in Diamondback Energy during the second quarter worth about $1,665,000. Uniting Wealth Partners LLC bought a new position in Diamondback Energy in the 2nd quarter valued at about $223,000. Finally, Trivium Point Advisory LLC bought a new position in Diamondback Energy in the 2nd quarter valued at about $4,814,000. 90.01% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
FANG has been the subject of a number of recent analyst reports. Scotiabank upped their price target on shares of Diamondback Energy from $175.00 to $195.00 and gave the stock a “sector outperform” rating in a report on Wednesday, April 22nd. 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. Roth Capital set a $212.00 price objective on shares of Diamondback Energy and gave the company a “buy” rating in a research report on Monday, June 22nd. Wall Street Zen upgraded Diamondback Energy from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and issued a $205.00 target price on shares of Diamondback Energy in a report on Sunday, August 9th. Four equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Diamondback Energy has a consensus rating of “Buy” and an average price target of $221.75.
Insider Transactions at Diamondback Energy
In related news, Director Mark Lawrence Plaumann sold 500 shares of the business’s stock in a transaction on Tuesday, June 9th. The stock was 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 $2,640,370.50. The trade was a 3.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Matt Zmigrosky sold 5,000 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $200.54, for a total value of $1,002,700.00. Following the completion of the transaction, the executive vice president directly owned 46,392 shares of the company’s stock, valued at approximately $9,303,451.68. The trade was a 9.73% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 129,167 shares of company stock worth $24,714,309. Insiders own 0.64% of the company’s stock.
Diamondback Energy Price Performance
FANG stock opened at $210.02 on Wednesday. The stock has a market cap of $58.81 billion, a price-to-earnings ratio of 40.94 and a beta of 0.43. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.47 and a quick ratio of 0.45. The company has a 50 day simple moving average of $190.79 and a 200 day simple moving average of $188.42. Diamondback Energy, Inc. has a 1 year low of $134.30 and a 1 year high of $214.51.
Diamondback Energy (NASDAQ:FANG – Get Free Report) last issued its earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share for the quarter, beating analysts’ consensus estimates of $6.08 by $0.40. The firm had revenue of $5.56 billion for the quarter, compared to analyst estimates of $4.89 billion. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The company’s quarterly revenue was up 51.2% on a year-over-year basis. During the same quarter last year, the business posted $2.38 earnings per share. Research analysts anticipate that Diamondback Energy, Inc. will post 19.5 EPS for the current fiscal year.
Diamondback Energy Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Investors of record on Thursday, August 13th will be issued a dividend of $1.10 per share. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $4.40 annualized dividend and a dividend yield of 2.1%. Diamondback Energy’s dividend payout ratio (DPR) is 85.77%.
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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