DnB Asset Management AS Has $35.97 Million Stock Position in Diamondback Energy, Inc. $FANG

DnB Asset Management AS boosted its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 1.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 224,968 shares of the oil and natural gas company’s stock after purchasing an additional 2,588 shares during the quarter. DnB Asset Management AS owned about 0.08% of Diamondback Energy worth $35,968,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Robeco Institutional Asset Management B.V. boosted its stake in Diamondback Energy by 4.0% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 36,177 shares of the oil and natural gas company’s stock worth $5,784,000 after acquiring an additional 1,384 shares during the last quarter. Oppenheimer Asset Management Inc. raised its holdings in Diamondback Energy by 6.3% in the first quarter. Oppenheimer Asset Management Inc. now owns 58,853 shares of the oil and natural gas company’s stock worth $9,409,000 after purchasing an additional 3,467 shares during the period. China Universal Asset Management Co. Ltd. boosted its position in shares of Diamondback Energy by 50.4% during the first quarter. China Universal Asset Management Co. Ltd. now owns 7,149 shares of the oil and natural gas company’s stock worth $1,143,000 after purchasing an additional 2,397 shares in the last quarter. True North Advisors LLC acquired a new position in shares of Diamondback Energy in the 1st quarter valued at $327,000. Finally, Wealth Advisory Solutions LLC acquired a new position in shares of Diamondback Energy in the 1st quarter valued at $2,631,000. Institutional investors own 90.01% of the company’s stock.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $142.29 on Thursday. The firm has a market cap of $41.19 billion, a PE ratio of 10.11 and a beta of 1.14. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $200.47. The company’s fifty day simple moving average is $142.91 and its 200-day simple moving average is $143.11. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 EPS for the quarter, missing the consensus estimate of $2.72 by ($0.05). Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.35 billion. During the same period last year, the company posted $4.52 earnings per share. The business’s revenue for the quarter was up 48.1% on a year-over-year basis. Equities research analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Thursday, August 14th. Diamondback Energy’s dividend payout ratio is presently 28.43%.

Analyst Ratings Changes

Several brokerages recently commented on FANG. Piper Sandler dropped their price objective on Diamondback Energy from $228.00 to $222.00 and set an “overweight” rating on the stock in a research note on Thursday, August 14th. Scotiabank reaffirmed an “outperform” rating on shares of Diamondback Energy in a research report on Friday, July 11th. Susquehanna cut their price objective on Diamondback Energy from $192.00 to $188.00 and set a “positive” rating on the stock in a report on Wednesday, July 23rd. Melius Research began coverage on Diamondback Energy in a research note on Wednesday, August 20th. They set a “buy” rating and a $213.00 target price for the company. Finally, William Blair assumed coverage on shares of Diamondback Energy in a report on Monday, August 25th. They set an “outperform” rating on the stock. Two analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $193.17.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the company’s stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total value of $2,913,120.00. Following the sale, the chairman owned 102,145 shares in the company, valued at $14,586,306. This represents a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.48% of the company’s stock.

Diamondback Energy 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.