Merewether Investment Management LP Trims Stock Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Merewether Investment Management LP reduced its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 60.5% in the 4th quarter, HoldingsChannel.com reports. The fund owned 219,959 shares of the oil and natural gas company’s stock after selling 336,580 shares during the period. Merewether Investment Management LP’s holdings in Diamondback Energy were worth $36,036,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Diamondback Energy by 81.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 225,395 shares of the oil and natural gas company’s stock valued at $36,926,000 after acquiring an additional 101,211 shares during the period. LRI Investments LLC lifted its stake in Diamondback Energy by 1.8% during the 4th quarter. LRI Investments LLC now owns 17,498 shares of the oil and natural gas company’s stock worth $2,867,000 after acquiring an additional 305 shares in the last quarter. Interval Partners LP acquired a new stake in shares of Diamondback Energy in the 4th quarter valued at $4,568,000. Investment Management Corp of Ontario lifted its stake in Diamondback Energy by 13.4% during the fourth quarter. Investment Management Corp of Ontario now owns 10,030 shares of the oil and natural gas company’s stock worth $1,643,000 after purchasing an additional 1,189 shares during the last quarter. Finally, Investor s Fiduciary Advisor Network LLC purchased a new position in Diamondback Energy during the 4th quarter worth approximately $570,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FANG has been the topic of several research analyst reports. Piper Sandler decreased their target price on shares of Diamondback Energy from $240.00 to $234.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Royal Bank of Canada started coverage on Diamondback Energy in a research note on Friday, May 2nd. They set an “outperform” rating and a $180.00 price objective on the stock. Susquehanna dropped their target price on shares of Diamondback Energy from $219.00 to $194.00 and set a “positive” rating for the company in a research report on Tuesday, April 22nd. Scotiabank dropped their price target on Diamondback Energy from $215.00 to $175.00 and set a “sector outperform” rating on the stock in a research report on Friday, April 11th. Finally, Truist Financial upped their price target on shares of Diamondback Energy from $238.00 to $242.00 and gave the stock a “buy” rating in a research note on Thursday, April 17th. Two equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $195.57.

Diamondback Energy Stock Up 3.6%

Shares of FANG opened at $142.92 on Tuesday. The firm has a market cap of $41.76 billion, a PE ratio of 8.18, a price-to-earnings-growth ratio of 1.24 and a beta of 1.06. Diamondback Energy, Inc. has a fifty-two week low of $114.00 and a fifty-two week high of $214.50. The company’s fifty day moving average is $141.07 and its two-hundred day moving average is $158.80. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.67 by $0.87. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The company had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.58 billion. During the same period last year, the firm earned $4.50 EPS. The firm’s revenue for the quarter was up 81.8% on a year-over-year basis. Analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th will be issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.80%. The ex-dividend date of this dividend is Thursday, May 15th. Diamondback Energy’s payout ratio is presently 24.46%.

Insiders Place Their Bets

In other Diamondback Energy news, Director Frank D. Tsuru acquired 2,000 shares of the business’s stock in a transaction on Friday, February 28th. The shares were acquired at an average price of $156.51 per share, with a total value of $313,020.00. Following the completion of the transaction, the director now owns 5,730 shares in the company, 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 document filed with the SEC, which is accessible through this link. Company insiders own 0.70% 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.