Elo Mutual Pension Insurance Co Grows Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Elo Mutual Pension Insurance Co grew its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 23.5% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 19,447 shares of the oil and natural gas company’s stock after buying an additional 3,706 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Diamondback Energy were worth $3,186,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Independent Advisor Alliance boosted its holdings in shares of Diamondback Energy by 10.9% in the 3rd quarter. Independent Advisor Alliance now owns 2,455 shares of the oil and natural gas company’s stock worth $423,000 after purchasing an additional 241 shares in the last quarter. Brown Brothers Harriman & Co. boosted its stake in Diamondback Energy by 27.7% in the third quarter. Brown Brothers Harriman & Co. now owns 443 shares of the oil and natural gas company’s stock worth $76,000 after buying an additional 96 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Diamondback Energy by 17.5% during the third quarter. The Manufacturers Life Insurance Company now owns 171,737 shares of the oil and natural gas company’s stock valued at $29,607,000 after acquiring an additional 25,603 shares during the last quarter. D.A. Davidson & CO. raised its stake in shares of Diamondback Energy by 8.3% during the third quarter. D.A. Davidson & CO. now owns 14,185 shares of the oil and natural gas company’s stock worth $2,446,000 after acquiring an additional 1,092 shares in the last quarter. Finally, Townsquare Capital LLC lifted its holdings in shares of Diamondback Energy by 344.7% in the 3rd quarter. Townsquare Capital LLC now owns 27,608 shares of the oil and natural gas company’s stock worth $4,760,000 after acquiring an additional 21,400 shares during the last quarter. 90.01% of the stock is owned by institutional investors.

Insider Transactions at Diamondback Energy

In other news, Director Frank D. Tsuru acquired 2,000 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was bought at an average cost of $156.51 per share, for a total transaction of $313,020.00. Following the acquisition, the director now directly owns 5,730 shares in the company, valued at approximately $896,802.30. The trade was a 53.62 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.48% of the company’s stock.

Diamondback Energy Price Performance

Shares of FANG opened at $157.54 on Friday. The firm’s 50-day simple moving average is $158.66 and its two-hundred day simple moving average is $169.73. Diamondback Energy, Inc. has a fifty-two week low of $137.09 and a fifty-two week high of $214.50. The stock has a market cap of $45.60 billion, a PE ratio of 9.02, a price-to-earnings-growth ratio of 1.24 and a beta of 1.85. 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 (NASDAQ:FANG) last announced its quarterly earnings data on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.57 by $0.07. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The business had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.55 billion. Analysts anticipate 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. Shareholders of record on Thursday, March 6th were issued a $1.00 dividend. The ex-dividend date was Thursday, March 6th. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.90. This represents a $4.00 annualized dividend and a yield of 2.54%. Diamondback Energy’s payout ratio is 25.32%.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Raymond James reduced their target price on shares of Diamondback Energy from $245.00 to $214.00 and set a “strong-buy” rating on the stock in a report on Wednesday, March 12th. Morgan Stanley decreased their price objective on Diamondback Energy from $227.00 to $206.00 and set an “overweight” rating on the stock in a report on Thursday. Truist Financial raised their price target on Diamondback Energy from $236.00 to $238.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Mizuho boosted their price objective on Diamondback Energy from $201.00 to $204.00 and gave the company an “outperform” rating in a research report on Tuesday, February 25th. Finally, Piper Sandler dropped their price objective on 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 research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $209.33.

About Diamondback Energy

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.