Jennison Associates LLC Raises Holdings in Diamondback Energy, Inc. $FANG

Jennison Associates LLC boosted its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 34.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 88,557 shares of the oil and natural gas company’s stock after acquiring an additional 22,620 shares during the quarter. Jennison Associates LLC’s holdings in Diamondback Energy were worth $17,516,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Boston Partners increased its stake in Diamondback Energy by 2.9% during the third quarter. Boston Partners now owns 5,733,538 shares of the oil and natural gas company’s stock worth $821,649,000 after acquiring an additional 163,548 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Diamondback Energy by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 5,621,120 shares of the oil and natural gas company’s stock valued at $844,073,000 after purchasing an additional 14,625 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Diamondback Energy by 11.5% during the 4th quarter. Bank of New York Mellon Corp now owns 5,159,365 shares of the oil and natural gas company’s stock worth $775,607,000 after purchasing an additional 532,756 shares during the period. Capital Research Global Investors grew its holdings in shares of Diamondback Energy by 14.1% during the 4th quarter. Capital Research Global Investors now owns 4,332,885 shares of the oil and natural gas company’s stock worth $651,363,000 after purchasing an additional 534,073 shares during the period. Finally, Morgan Stanley increased its position in Diamondback Energy by 3.2% during the 4th quarter. Morgan Stanley now owns 3,828,941 shares of the oil and natural gas company’s stock worth $575,605,000 after purchasing an additional 117,798 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Activity

In related news, CAO Teresa L. Dick sold 7,000 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the completion of the sale, the chief accounting officer directly owned 85,755 shares of the company’s stock, valued at approximately $17,228,179.50. This trade represents a 7.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Matt Zmigrosky sold 5,000 shares of the firm’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $200.54, for a total transaction of $1,002,700.00. Following the sale, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 113,691 shares of company stock worth $21,622,752. Company insiders own 0.64% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on FANG shares. Truist Financial cut their price target on shares of Diamondback Energy from $242.00 to $220.00 and set a “buy” rating on the stock in a report on Thursday, July 16th. KeyCorp boosted their price objective on shares of Diamondback Energy from $196.00 to $225.00 and gave the stock an “overweight” rating in a research note on Thursday, April 2nd. Barclays increased their price objective on shares of Diamondback Energy from $225.00 to $232.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Citigroup cut their target price on shares of Diamondback Energy from $245.00 to $221.00 and set a “buy” rating on the stock in a research note on Monday. Finally, Wall Street Zen upgraded shares of Diamondback Energy from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $218.68.

Diamondback Energy Price Performance

FANG stock opened at $199.80 on Wednesday. The firm has a market cap of $56.21 billion, a P/E ratio of 232.33 and a beta of 0.42. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.55 and a current ratio of 0.56. Diamondback Energy, Inc. has a 1 year low of $134.30 and a 1 year high of $214.51. The stock has a 50-day simple moving average of $191.25 and a 200-day simple moving average of $181.66.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 EPS for the quarter, topping the consensus estimate of $3.74 by $0.49. The firm had revenue of $4.24 billion for the quarter, compared to analyst estimates of $3.83 billion. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.Diamondback Energy’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same period in the previous year, the company posted $4.54 EPS. On average, equities analysts predict that Diamondback Energy, Inc. will post 18.9 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were paid a dividend of $1.10 per share. This is an increase from Diamondback Energy’s previous quarterly dividend of $1.05. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Thursday, May 14th. Diamondback Energy’s payout ratio is 511.63%.

Diamondback Energy 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.