Russell Investments Group Ltd. grew its holdings in Diamondback Energy, Inc. (NASDAQ:FANG – Free Report) by 15.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 189,287 shares of the oil and natural gas company’s stock after purchasing an additional 25,001 shares during the period. Russell Investments Group Ltd. owned about 0.11% of Diamondback Energy worth $24,863,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in the business. State Street Corp lifted its position in Diamondback Energy by 1.0% during the 1st quarter. State Street Corp now owns 11,656,848 shares of the oil and natural gas company’s stock worth $1,575,653,000 after buying an additional 112,297 shares in the last quarter. Wellington Management Group LLP raised its holdings in Diamondback Energy by 149.7% during the first quarter. Wellington Management Group LLP now owns 11,257,540 shares of the oil and natural gas company’s stock worth $1,521,682,000 after acquiring an additional 6,748,670 shares in the last quarter. Geode Capital Management LLC boosted its position in Diamondback Energy by 4.8% during the first quarter. Geode Capital Management LLC now owns 3,919,925 shares of the oil and natural gas company’s stock valued at $528,736,000 after purchasing an additional 179,405 shares during the last quarter. Morgan Stanley grew its stake in Diamondback Energy by 2.5% in the fourth quarter. Morgan Stanley now owns 3,572,083 shares of the oil and natural gas company’s stock valued at $488,590,000 after purchasing an additional 85,618 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Diamondback Energy by 20.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,056,732 shares of the oil and natural gas company’s stock worth $277,983,000 after purchasing an additional 347,833 shares during the last quarter. Institutional investors own 87.84% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research firms recently weighed in on FANG. Royal Bank of Canada reissued an “outperform” rating and issued a $170.00 target price on shares of Diamondback Energy in a research note on Thursday, August 10th. Citigroup cut shares of Diamondback Energy from a “buy” rating to a “neutral” rating and upped their target price for the company from $160.00 to $170.00 in a report on Monday, October 23rd. Morgan Stanley reduced their price target on Diamondback Energy from $171.00 to $169.00 and set an “overweight” rating for the company in a report on Tuesday, October 17th. KeyCorp upped their price objective on Diamondback Energy from $171.00 to $183.00 and gave the company an “overweight” rating in a research note on Tuesday, October 17th. Finally, Truist Financial lifted their target price on Diamondback Energy from $215.00 to $225.00 and gave the stock a “buy” rating in a research note on Wednesday, November 8th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $184.41.
Insiders Place Their Bets
In other news, EVP Matt Zmigrosky sold 2,706 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $157.17, for a total value of $425,302.02. Following the completion of the transaction, the executive vice president now directly owns 27,480 shares in the company, valued at approximately $4,319,031.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Matt Zmigrosky sold 2,706 shares of Diamondback Energy stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $157.17, for a total value of $425,302.02. Following the transaction, the executive vice president now owns 27,480 shares in the company, valued at approximately $4,319,031.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director David L. Houston sold 8,000 shares of Diamondback Energy stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $156.54, for a total value of $1,252,320.00. Following the completion of the transaction, the director now owns 11,565 shares in the company, valued at approximately $1,810,385.10. The disclosure for this sale can be found here. Corporate insiders own 0.43% of the company’s stock.
Diamondback Energy Price Performance
NASDAQ:FANG opened at $156.15 on Tuesday. Diamondback Energy, Inc. has a 52 week low of $119.01 and a 52 week high of $171.40. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.86 and a current ratio of 0.89. The firm’s 50-day simple moving average is $157.93 and its 200 day simple moving average is $145.28. The firm has a market cap of $27.95 billion, a price-to-earnings ratio of 8.86, a P/E/G ratio of 0.39 and a beta of 1.98.
Diamondback Energy (NASDAQ:FANG – Get Free Report) last issued its quarterly earnings results on Monday, November 6th. The oil and natural gas company reported $5.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.90 by $0.59. The business had revenue of $2.34 billion during the quarter, compared to analysts’ expectations of $2.21 billion. Diamondback Energy had a return on equity of 20.66% and a net margin of 38.84%. The firm’s revenue for the quarter was down 4.0% compared to the same quarter last year. During the same period in the previous year, the company posted $6.48 earnings per share. As a group, sell-side analysts predict that Diamondback Energy, Inc. will post 18.23 earnings per share for the current year.
Diamondback Energy Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 24th. Investors of record on Thursday, November 16th will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $3.36 annualized dividend and a yield of 2.15%. Diamondback Energy’s dividend payout ratio is 19.07%.
About Diamondback Energy
Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and 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.
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