Diamondback Energy, Inc. (NASDAQ:FANG) Position Increased by Legacy Advisors LLC

Legacy Advisors LLC raised its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 7.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,692 shares of the oil and natural gas company’s stock after buying an additional 123 shares during the quarter. Legacy Advisors LLC’s holdings in Diamondback Energy were worth $271,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Barden Capital Management Inc. lifted its stake in Diamondback Energy by 1.5% during the fourth quarter. Barden Capital Management Inc. now owns 4,380 shares of the oil and natural gas company’s stock valued at $718,000 after buying an additional 64 shares in the last quarter. Private Trust Co. NA grew its position in Diamondback Energy by 4.8% during the fourth quarter. Private Trust Co. NA now owns 1,516 shares of the oil and natural gas company’s stock valued at $248,000 after purchasing an additional 69 shares in the last quarter. Grove Bank & Trust increased its stake in Diamondback Energy by 65.0% in the 1st quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company’s stock valued at $32,000 after buying an additional 80 shares during the period. Abbot Financial Management Inc. lifted its position in Diamondback Energy by 2.0% in the 4th quarter. Abbot Financial Management Inc. now owns 4,051 shares of the oil and natural gas company’s stock worth $664,000 after buying an additional 81 shares in the last quarter. Finally, Rehmann Capital Advisory Group lifted its position in Diamondback Energy by 6.0% in the 4th quarter. Rehmann Capital Advisory Group now owns 1,439 shares of the oil and natural gas company’s stock worth $236,000 after buying an additional 82 shares in the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $138.04 on Thursday. The business has a 50 day moving average price of $139.85 and a 200 day moving average price of $151.12. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $214.50. The company has a market cap of $40.33 billion, a price-to-earnings ratio of 8.44 and a beta of 1.06. The company has a quick ratio of 0.83, a current ratio of 0.86 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share for the quarter, beating the consensus estimate of $3.67 by $0.87. Diamondback Energy had a return on equity of 11.22% and a net margin of 30.84%. The firm had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.58 billion. During the same quarter in the prior year, the company earned $4.50 EPS. The firm’s revenue for the quarter was up 81.8% compared to the same quarter last year. Research analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th were given a $1.00 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.90%. Diamondback Energy’s dividend payout ratio is currently 24.46%.

Insiders Place Their Bets

In other Diamondback Energy news, President Hof Matthew Kaes Van’t sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $142.69, for a total value of $1,426,900.00. Following the completion of the sale, the president now owns 120,645 shares in the company, valued at approximately $17,214,835.05. This trade represents a 7.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.70% of the company’s stock.

Analysts Set New Price Targets

FANG has been the topic of a number of research reports. JPMorgan Chase & Co. dropped their price target on shares of Diamondback Energy from $167.00 to $161.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 7th. Scotiabank dropped their target price 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. Susquehanna cut their price target on Diamondback Energy from $219.00 to $194.00 and set a “positive” rating for the company in a research note on Tuesday, April 22nd. KeyCorp lowered their price target on Diamondback Energy from $216.00 to $180.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. Finally, Piper Sandler decreased their price objective on shares of Diamondback Energy from $234.00 to $225.00 and set an “overweight” rating for the company in a report on Tuesday, May 13th. Two analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Diamondback Energy presently has a consensus rating of “Buy” and an average target price of $193.13.

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.