Spring Capital Management LLC Takes Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Spring Capital Management LLC acquired a new position in Diamondback Energy, Inc. (NASDAQ:FANG) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,160 shares of the oil and natural gas company’s stock, valued at approximately $665,000.

Several other large investors have also added to or reduced their stakes in FANG. Demars Financial Group LLC bought a new position in shares of Diamondback Energy in the 4th quarter valued at about $638,050,000. Raymond James Financial Inc. acquired a new stake in shares of Diamondback Energy in the fourth quarter valued at about $298,327,000. Alyeska Investment Group L.P. bought a new stake in Diamondback Energy during the fourth quarter worth about $185,193,000. Price T Rowe Associates Inc. MD boosted its position in Diamondback Energy by 11.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company’s stock valued at $1,496,859,000 after purchasing an additional 928,429 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. grew its stake in Diamondback Energy by 30.5% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 2,817,554 shares of the oil and natural gas company’s stock valued at $461,600,000 after purchasing an additional 658,644 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Diamondback Energy Price Performance

Shares of Diamondback Energy stock opened at $137.59 on Tuesday. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $40.20 billion, a price-to-earnings ratio of 7.88, a price-to-earnings-growth ratio of 1.24 and a beta of 1.06. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $214.50. The company has a 50-day simple moving average of $137.15 and a two-hundred day simple moving average of $154.56.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, May 5th. The oil and natural gas company reported $4.54 EPS for the quarter, topping analysts’ consensus estimates of $3.67 by $0.87. The firm had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.58 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The company’s revenue was up 81.8% on a year-over-year basis. During the same quarter last year, the company earned $4.50 EPS. Analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Thursday, May 15th were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date of this dividend was Thursday, May 15th. Diamondback Energy’s dividend payout ratio (DPR) is presently 24.46%.

Insider Buying and Selling

In related news, President Hof Matthew Kaes Van’t sold 10,000 shares of Diamondback Energy stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $142.69, for a total value of $1,426,900.00. Following the transaction, the president now directly owns 120,645 shares of the company’s stock, valued at $17,214,835.05. This trade represents a 7.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FANG. Royal Bank of Canada began coverage on Diamondback Energy in a report on Friday, May 2nd. They issued an “outperform” rating and a $180.00 price objective for the company. UBS Group cut their price target on shares of Diamondback Energy from $175.00 to $163.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. KeyCorp decreased their price objective on shares of Diamondback Energy from $216.00 to $180.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. JPMorgan Chase & Co. dropped their target price on shares of Diamondback Energy from $167.00 to $161.00 and set an “overweight” rating on the stock in a report on Wednesday, May 7th. Finally, Wells Fargo & Company cut their target price on shares of Diamondback Energy from $215.00 to $207.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. Two analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Diamondback Energy currently has a consensus rating of “Buy” and a consensus price target of $193.09.

Diamondback Energy Company Profile

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.