Oak Harvest Investment Services Raises Stock Position in Diamondback Energy, Inc. $FANG

Oak Harvest Investment Services grew its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 4.5% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 42,967 shares of the oil and natural gas company’s stock after purchasing an additional 1,847 shares during the period. Oak Harvest Investment Services’ holdings in Diamondback Energy were worth $5,904,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Brogan Financial Inc. boosted its stake in Diamondback Energy by 92.2% in the second quarter. Brogan Financial Inc. now owns 2,422 shares of the oil and natural gas company’s stock valued at $333,000 after acquiring an additional 1,162 shares in the last quarter. Police & Firemen s Retirement System of New Jersey lifted its holdings in shares of Diamondback Energy by 4.9% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 28,748 shares of the oil and natural gas company’s stock valued at $3,950,000 after purchasing an additional 1,332 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Diamondback Energy by 2.7% in the 2nd quarter. Geode Capital Management LLC now owns 5,441,649 shares of the oil and natural gas company’s stock valued at $746,526,000 after purchasing an additional 142,649 shares during the last quarter. ABC Arbitrage SA acquired a new stake in shares of Diamondback Energy in the 2nd quarter valued at about $317,000. Finally, PNC Financial Services Group Inc. increased its position in Diamondback Energy by 13.6% during the second quarter. PNC Financial Services Group Inc. now owns 53,795 shares of the oil and natural gas company’s stock worth $7,391,000 after buying an additional 6,420 shares during the period. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Diamondback Energy Trading Down 1.2%

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

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, November 3rd. The oil and natural gas company reported $3.08 EPS for the quarter, topping the consensus estimate of $2.94 by $0.14. Diamondback Energy had a net margin of 27.32% and a return on equity of 9.57%. The company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.48 billion. During the same period in the previous year, the firm earned $3.19 EPS. The business’s revenue was up 48.4% on a year-over-year basis. As a group, sell-side analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on FANG shares. Wall Street Zen raised Diamondback Energy from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $173.00 target price on shares of Diamondback Energy in a report on Friday, October 10th. Raymond James Financial dropped their target price on Diamondback Energy from $221.00 to $212.00 and set a “strong-buy” rating on the stock in a report on Wednesday, August 20th. Piper Sandler decreased their price target on Diamondback Energy from $228.00 to $222.00 and set an “overweight” rating for the company in a report on Thursday, August 14th. Finally, UBS Group boosted their price objective on shares of Diamondback Energy from $171.00 to $174.00 and gave the company a “buy” rating in a research note on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $188.55.

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.