PFG Advisors Buys 10,154 Shares of Diamondback Energy, Inc. $FANG

PFG Advisors lifted its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 170.0% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,126 shares of the oil and natural gas company’s stock after purchasing an additional 10,154 shares during the quarter. PFG Advisors’ holdings in Diamondback Energy were worth $2,216,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. BankPlus Trust Department purchased a new stake in shares of Diamondback Energy in the 1st quarter worth $27,000. Creekmur Asset Management LLC bought a new position in shares of Diamondback Energy during the 2nd quarter valued at approximately $28,000. SouthState Corp grew its stake in shares of Diamondback Energy by 596.4% in the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock worth $31,000 after buying an additional 167 shares in the last quarter. Eastern Bank raised its position in Diamondback Energy by 119.8% during the first quarter. Eastern Bank now owns 233 shares of the oil and natural gas company’s stock valued at $37,000 after purchasing an additional 127 shares during the period. Finally, Zions Bancorporation National Association UT purchased a new stake in Diamondback Energy during the 1st quarter valued at $43,000. Institutional investors own 90.01% of the company’s stock.

Diamondback Energy Stock Performance

Diamondback Energy stock opened at $143.65 on Monday. The stock has a market cap of $41.16 billion, a price-to-earnings ratio of 9.98 and a beta of 0.99. Diamondback Energy, Inc. has a 1-year low of $114.00 and a 1-year high of $186.07. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.62 and a quick ratio of 0.60. The firm has a 50 day simple moving average of $142.31 and a 200-day simple moving average of $141.78.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, November 3rd. The oil and natural gas company reported $3.08 earnings per share for the quarter, beating the consensus estimate of $2.94 by $0.14. The firm had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.48 billion. Diamondback Energy had a net margin of 27.32% and a return on equity of 9.57%. The firm’s revenue for the quarter was up 48.4% on a year-over-year basis. During the same quarter last year, the firm earned $3.19 EPS. On average, analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FANG. William Blair began coverage on Diamondback Energy in a research note on Monday, August 25th. They issued an “outperform” rating on the stock. Melius Research started coverage on Diamondback Energy in a research report on Wednesday, August 20th. They set a “buy” rating and a $213.00 price objective on the stock. Scotiabank reiterated an “outperform” rating on shares of Diamondback Energy in a report on Thursday, October 9th. Morgan Stanley dropped their target price on shares of Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 14th. Finally, Mizuho decreased their target price on Diamondback Energy from $183.00 to $176.00 and set an “outperform” rating for the company in a report on Monday, September 15th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $188.41.

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.