Advent Capital Management DE Acquires 9,000 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Advent Capital Management DE grew its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 90.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,000 shares of the oil and natural gas company’s stock after buying an additional 9,000 shares during the quarter. Advent Capital Management DE’s holdings in Diamondback Energy were worth $3,113,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in FANG. Wintrust Investments LLC acquired a new position in Diamondback Energy during the fourth quarter worth $28,000. R Squared Ltd bought a new position in shares of Diamondback Energy in the 4th quarter valued at about $29,000. UMB Bank n.a. increased its position in shares of Diamondback Energy by 247.3% in the fourth quarter. UMB Bank n.a. now owns 191 shares of the oil and natural gas company’s stock valued at $31,000 after acquiring an additional 136 shares during the last quarter. Key Financial Inc raised its holdings in Diamondback Energy by 940.0% during the fourth quarter. Key Financial Inc now owns 208 shares of the oil and natural gas company’s stock worth $34,000 after acquiring an additional 188 shares in the last quarter. Finally, Rakuten Securities Inc. boosted its position in Diamondback Energy by 62.4% during the fourth quarter. Rakuten Securities Inc. now owns 276 shares of the oil and natural gas company’s stock valued at $45,000 after purchasing an additional 106 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Diamondback Energy Trading Down 0.4 %

NASDAQ:FANG opened at $127.14 on Wednesday. The firm has a market capitalization of $37.39 billion, a P/E ratio of 7.28, a P/E/G ratio of 1.24 and a beta of 1.44. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The company has a fifty day moving average of $148.66 and a 200 day moving average of $165.69. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week high of $214.50.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, topping the consensus estimate 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. On average, research analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Thursday, March 6th were given a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 3.15%. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend was Thursday, March 6th. Diamondback Energy’s dividend payout ratio (DPR) is currently 25.32%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on FANG shares. Wells Fargo & Company decreased their price objective on shares of Diamondback Energy from $219.00 to $215.00 and set an “overweight” rating for the company in a research report on Wednesday, March 12th. Barclays decreased their price objective on Diamondback Energy from $210.00 to $200.00 and set an “overweight” rating on the stock in a report on Tuesday, March 18th. Wolfe Research raised shares of Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 target price on the stock in a report on Friday, January 3rd. Citigroup raised shares of Diamondback Energy from a “reduce” rating to a “buy” rating and upped their price objective for the stock from $157.00 to $180.00 in a research report on Monday, April 7th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $210.00 target price on shares of Diamondback Energy in a research note on Thursday, January 23rd. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Diamondback Energy has a consensus rating of “Moderate Buy” and an average target price of $208.17.

Insider Activity

In related news, Director Frank D. Tsuru bought 2,000 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were purchased at an average cost of $156.51 per share, with a total value of $313,020.00. Following the completion of the purchase, the director now owns 5,730 shares in the company, valued at approximately $896,802.30. The trade was a 53.62 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.48% of the company’s stock.

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.