Meeder Asset Management Inc. Increases Stock Position in Diamondback Energy, Inc. $FANG

Meeder Asset Management Inc. increased its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 355.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,296 shares of the oil and natural gas company’s stock after acquiring an additional 22,862 shares during the quarter. Meeder Asset Management Inc.’s holdings in Diamondback Energy were worth $5,794,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Boston Partners boosted its stake in Diamondback Energy by 2.9% during the 3rd quarter. Boston Partners now owns 5,733,538 shares of the oil and natural gas company’s stock worth $821,649,000 after purchasing an additional 163,548 shares during the period. Geode Capital Management LLC increased its stake in Diamondback Energy by 0.3% in the fourth 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 during the period. Bank of New York Mellon Corp increased its stake in Diamondback Energy by 11.5% in the fourth quarter. Bank of New York Mellon Corp now owns 5,159,365 shares of the oil and natural gas company’s stock valued at $775,607,000 after purchasing an additional 532,756 shares during the period. Capital Research Global Investors raised its holdings in shares of Diamondback Energy by 14.1% in the fourth quarter. Capital Research Global Investors now owns 4,332,885 shares of the oil and natural gas company’s stock valued at $651,363,000 after buying an additional 534,073 shares during the last quarter. Finally, Morgan Stanley raised its holdings in shares of Diamondback Energy by 3.2% in the fourth quarter. Morgan Stanley now owns 3,828,941 shares of the oil and natural gas company’s stock valued at $575,605,000 after buying an additional 117,798 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. KeyCorp raised their price target on Diamondback Energy from $196.00 to $225.00 and gave the stock an “overweight” rating in a report on Thursday, April 2nd. Susquehanna upped their price objective on Diamondback Energy from $231.00 to $245.00 and gave the company a “positive” rating in a research note on Wednesday, May 6th. Weiss Ratings cut Diamondback Energy from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday. Raymond James Financial reiterated a “strong-buy” rating and issued a $249.00 target price on shares of Diamondback Energy in a research note on Wednesday, June 10th. Finally, Truist Financial lowered their target price on Diamondback Energy from $242.00 to $220.00 and set a “buy” rating on the stock in a research note on Thursday. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $219.53.

Insiders Place Their Bets

In other news, CAO Teresa L. Dick sold 7,000 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the completion of the transaction, the chief accounting officer directly owned 85,755 shares of the company’s stock, valued at approximately $17,228,179.50. This represents a 7.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Matt Zmigrosky sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $200.54, for a total value of $1,002,700.00. Following the completion of the sale, the executive vice president directly owned 46,392 shares of the company’s stock, valued at $9,303,451.68. This represents a 9.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 113,691 shares of company stock worth $21,622,752. Company insiders own 0.64% of the company’s stock.

Diamondback Energy Price Performance

FANG stock opened at $195.54 on Monday. Diamondback Energy, Inc. has a one year low of $134.30 and a one year high of $214.51. The stock has a market capitalization of $55.01 billion, a PE ratio of 227.37 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. The company has a fifty day moving average of $191.24 and a 200-day moving average of $181.01.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.74 by $0.49. The business had revenue of $4.24 billion for the quarter, compared to analyst estimates of $3.83 billion. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The business’s revenue was up 4.7% compared to the same quarter last year. During the same period in the previous year, the business posted $4.54 earnings per share. As a group, analysts expect that Diamondback Energy, Inc. will post 19.14 EPS for the current year.

Diamondback Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 14th were given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 2.3%. The ex-dividend date was Thursday, May 14th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $1.05. Diamondback Energy’s payout ratio is presently 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.