DNB Asset Management AS lifted its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) by 11.8% during the fourth quarter, HoldingsChannel reports. The fund owned 447,618 shares of the oil and natural gas company’s stock after acquiring an additional 47,356 shares during the quarter. DNB Asset Management AS’s holdings in Diamondback Energy were worth $61,225,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also made changes to their positions in FANG. Yacktman Asset Management LP acquired a new position in shares of Diamondback Energy during the third quarter worth about $152,022,000. Pacer Advisors Inc. increased its stake in shares of Diamondback Energy by 33,853.6% during the third quarter. Pacer Advisors Inc. now owns 787,383 shares of the oil and natural gas company’s stock worth $94,848,000 after acquiring an additional 785,064 shares during the period. FMR LLC increased its stake in shares of Diamondback Energy by 9.8% during the second quarter. FMR LLC now owns 8,686,863 shares of the oil and natural gas company’s stock worth $1,052,413,000 after acquiring an additional 775,843 shares during the period. State Street Corp increased its stake in shares of Diamondback Energy by 7.0% during the third quarter. State Street Corp now owns 11,524,297 shares of the oil and natural gas company’s stock worth $1,388,217,000 after acquiring an additional 755,625 shares during the period. Finally, Ninepoint Partners LP boosted its holdings in Diamondback Energy by 636.7% during the third quarter. Ninepoint Partners LP now owns 725,000 shares of the oil and natural gas company’s stock worth $87,334,000 after buying an additional 626,594 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.
In related news, VP Matt Zmigrosky sold 2,012 shares of the company’s stock in a transaction that occurred on Wednesday, December 21st. The shares were sold at an average price of $136.96, for a total transaction of $275,563.52. Following the completion of the transaction, the vice president now owns 23,623 shares of the company’s stock, valued at $3,235,406.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.42% of the company’s stock.
Diamondback Energy Trading Down 1.9 %
Diamondback Energy (NASDAQ:FANG – Get Rating) last posted its quarterly earnings data on Tuesday, February 21st. The oil and natural gas company reported $5.29 earnings per share for the quarter, beating analysts’ consensus estimates of $5.20 by $0.09. The business had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.09 billion. Diamondback Energy had a net margin of 45.48% and a return on equity of 29.29%. The company’s revenue was up .4% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.63 earnings per share. As a group, analysts anticipate that Diamondback Energy, Inc. will post 22.08 earnings per share for the current fiscal year.
Diamondback Energy Cuts Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Friday, March 3rd were given a $2.95 dividend. This represents a $11.80 dividend on an annualized basis and a dividend yield of 9.58%. The ex-dividend date of this dividend was Thursday, March 2nd. Diamondback Energy’s dividend payout ratio is presently 12.99%.
Analysts Set New Price Targets
A number of analysts recently commented on the stock. Piper Sandler decreased their price objective on shares of Diamondback Energy from $214.00 to $207.00 and set an “overweight” rating on the stock in a report on Tuesday, March 7th. StockNews.com assumed coverage on shares of Diamondback Energy in a report on Thursday. They set a “hold” rating on the stock. Barclays boosted their price objective on shares of Diamondback Energy from $166.00 to $182.00 in a report on Thursday. KeyCorp decreased their price objective on shares of Diamondback Energy from $182.00 to $171.00 and set an “overweight” rating on the stock in a report on Thursday, December 8th. Finally, Roth Capital reissued a “buy” rating on shares of Diamondback Energy in a report on Wednesday, February 22nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $181.45.
About Diamondback Energy
Diamondback Energy, Inc is an independent oil and natural gas company, which engages in the acquisition, development, exploration, and exploitation of unconventional, onshore oil, and natural gas reserves. It operates through the Upstream and Midstream Services segments. The Upstream segment focuses on the Permian Basin operations in West Texas.
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