Bank of New York Mellon Corp Purchases 502,916 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Bank of New York Mellon Corp grew its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 13.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,163,070 shares of the oil and natural gas company’s stock after buying an additional 502,916 shares during the period. Bank of New York Mellon Corp’s holdings in Diamondback Energy were worth $682,036,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Assenagon Asset Management S.A. boosted its stake in Diamondback Energy by 1,153.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,132,918 shares of the oil and natural gas company’s stock valued at $185,606,000 after acquiring an additional 1,042,505 shares in the last quarter. Zimmer Partners LP purchased a new stake in shares of Diamondback Energy during the 3rd quarter valued at $87,924,000. Holocene Advisors LP lifted its holdings in shares of Diamondback Energy by 95.3% during the 3rd quarter. Holocene Advisors LP now owns 938,474 shares of the oil and natural gas company’s stock valued at $161,793,000 after purchasing an additional 457,896 shares during the last quarter. Diamond Hill Capital Management Inc. boosted its position in shares of Diamondback Energy by 25.6% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 2,158,910 shares of the oil and natural gas company’s stock worth $372,196,000 after purchasing an additional 439,579 shares in the last quarter. Finally, Yaupon Capital Management LP purchased a new position in Diamondback Energy during the 3rd quarter worth $47,410,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Trading Down 2.1 %

Shares of NASDAQ:FANG opened at $151.92 on Wednesday. The company has a market capitalization of $44.36 billion, a PE ratio of 8.70, a PEG ratio of 1.24 and a beta of 1.86. Diamondback Energy, Inc. has a 12-month low of $151.69 and a 12-month high of $214.50. The business has a 50 day moving average of $165.36 and a two-hundred day moving average of $175.93. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.57 by $0.07. The firm had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.55 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. As a group, analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 13th. Stockholders of record on Thursday, March 6th will be paid a dividend of $1.00 per share. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.90. This represents a $4.00 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend is Thursday, March 6th. Diamondback Energy’s dividend payout ratio is presently 20.61%.

Wall Street Analyst Weigh In

A number of research firms have commented on FANG. Wolfe Research upgraded Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price target for the company in a research note on Friday, January 3rd. StockNews.com raised shares of Diamondback Energy from a “sell” rating to a “hold” rating in a research report on Wednesday, November 13th. UBS Group boosted their target price on shares of Diamondback Energy from $212.00 to $216.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. The Goldman Sachs Group started coverage on shares of Diamondback Energy in a report on Monday, December 2nd. They issued a “buy” rating and a $227.00 price target for the company. Finally, Piper Sandler lowered their price objective on shares of Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Four equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $216.09.

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.