Eagle Asset Management Inc. Has $2.11 Million Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Eagle Asset Management Inc. increased its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 38.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,615 shares of the oil and natural gas company’s stock after purchasing an additional 3,203 shares during the quarter. Eagle Asset Management Inc.’s holdings in Diamondback Energy were worth $2,113,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. First Community Trust NA acquired a new stake in shares of Diamondback Energy during the 2nd quarter valued at $26,000. Carolinas Wealth Consulting LLC boosted its position in Diamondback Energy by 67.1% during the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock valued at $27,000 after purchasing an additional 55 shares during the last quarter. HHM Wealth Advisors LLC purchased a new position in Diamondback Energy in the second quarter valued at about $40,000. Values First Advisors Inc. acquired a new position in Diamondback Energy in the 3rd quarter worth about $42,000. Finally, Founders Capital Management raised its stake in shares of Diamondback Energy by 99.2% during the 2nd quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock worth $50,000 after purchasing an additional 125 shares in the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the transaction, the insider now owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. This represents a 92.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Mark Lawrence Plaumann sold 1,150 shares of Diamondback Energy stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total transaction of $208,150.00. Following the sale, the director now owns 4,712 shares in the company, valued at approximately $852,872. This trade represents a 19.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is owned by company insiders.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $179.55 on Tuesday. The firm’s 50-day moving average is $182.24 and its 200-day moving average is $190.46. The company has a market cap of $52.43 billion, a price-to-earnings ratio of 10.28, a PEG ratio of 1.36 and a beta of 1.89. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. Diamondback Energy, Inc. has a 52-week low of $145.70 and a 52-week high of $214.50.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.62 by ($1.24). Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The firm had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter in the prior year, the firm earned $5.49 earnings per share. The company’s revenue was up 13.0% on a year-over-year basis. Equities research analysts anticipate that Diamondback Energy, Inc. will post 16.35 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 14th were paid a $0.90 dividend. The ex-dividend date was Thursday, November 14th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.01%. Diamondback Energy’s payout ratio is 20.61%.

Analysts Set New Price Targets

FANG has been the topic of a number of research reports. Barclays upgraded Diamondback Energy from an “equal weight” rating to an “overweight” rating and dropped their price objective for the stock from $216.00 to $210.00 in a report on Wednesday, October 2nd. Benchmark restated a “buy” rating and set a $195.00 price target on shares of Diamondback Energy in a research note on Tuesday, October 29th. Piper Sandler lifted their price objective on shares of Diamondback Energy from $240.00 to $252.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. KeyCorp lowered their target price on shares of Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. Finally, UBS Group reduced their price target on Diamondback Energy from $247.00 to $223.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $212.00.

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.