PFG Advisors Buys 1,969 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

PFG Advisors boosted its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 86.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,257 shares of the oil and natural gas company’s stock after buying an additional 1,969 shares during the period. PFG Advisors’ holdings in Diamondback Energy were worth $697,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. State Street Corp grew its stake in Diamondback Energy by 1.3% during the 3rd quarter. State Street Corp now owns 11,858,555 shares of the oil and natural gas company’s stock valued at $2,044,415,000 after purchasing an additional 149,871 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Diamondback Energy by 6.1% in the third quarter. Geode Capital Management LLC now owns 4,618,560 shares of the oil and natural gas company’s stock worth $793,611,000 after buying an additional 266,299 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Diamondback Energy by 13.7% in the fourth quarter. Bank of New York Mellon Corp now owns 4,163,070 shares of the oil and natural gas company’s stock worth $682,036,000 after buying an additional 502,916 shares during the last quarter. Pacer Advisors Inc. boosted its stake in shares of Diamondback Energy by 9.3% in the third quarter. Pacer Advisors Inc. now owns 2,704,520 shares of the oil and natural gas company’s stock worth $466,259,000 after buying an additional 230,689 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Diamondback Energy in the 4th quarter worth about $298,327,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Diamondback Energy Trading Up 3.0 %

FANG opened at $150.20 on Friday. The stock has a market capitalization of $43.47 billion, a price-to-earnings ratio of 8.60, a PEG ratio of 1.24 and a beta of 1.84. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. The business has a fifty day moving average price of $162.00 and a 200 day moving average price of $171.85. Diamondback Energy, Inc. has a 12 month low of $137.09 and a 12 month high of $214.50.

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

Diamondback Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Thursday, March 6th were issued a $1.00 dividend. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.90. This represents a $4.00 annualized dividend and a dividend yield of 2.66%. The ex-dividend date of this dividend was Thursday, March 6th. Diamondback Energy’s payout ratio is presently 25.32%.

Wall Street Analysts Forecast Growth

FANG has been the subject of a number of analyst reports. Piper Sandler reduced their price target on Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Mizuho increased their target price on Diamondback Energy from $201.00 to $204.00 and gave the company an “outperform” rating in a report on Tuesday, February 25th. Truist Financial lifted their price objective on Diamondback Energy from $236.00 to $238.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Williams Trading set a $190.00 price objective on Diamondback Energy in a research report on Wednesday, March 5th. Finally, JPMorgan Chase & Co. reduced their target price on Diamondback Energy from $212.00 to $167.00 and set an “overweight” rating on the stock in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, Diamondback Energy currently has an average rating of “Moderate Buy” and a consensus target price of $211.92.

Insider Activity

In other news, Director Frank D. Tsuru bought 2,000 shares of Diamondback Energy stock in a transaction dated Friday, February 28th. The stock was acquired at an average cost of $156.51 per share, with a total value of $313,020.00. Following the acquisition, the director now owns 5,730 shares of the company’s stock, valued at approximately $896,802.30. This trade represents a 53.62 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.48% of the company’s stock.

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.