Diamondback Energy, Inc. (NASDAQ:FANG) Shares Sold by Treasurer of the State of North Carolina

Treasurer of the State of North Carolina trimmed its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 25.1% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 82,951 shares of the oil and natural gas company’s stock after selling 27,728 shares during the period. Treasurer of the State of North Carolina’s holdings in Diamondback Energy were worth $13,590,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Raymond James Financial Inc. purchased a new stake in Diamondback Energy during the 4th quarter valued at approximately $298,327,000. Assenagon Asset Management S.A. lifted its holdings in shares of Diamondback Energy by 1,153.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,132,918 shares of the oil and natural gas company’s stock worth $185,606,000 after purchasing an additional 1,042,505 shares during the period. Diamond Hill Capital Management Inc. grew its position in Diamondback Energy by 30.5% in the 4th quarter. Diamond Hill Capital Management Inc. now owns 2,817,554 shares of the oil and natural gas company’s stock valued at $461,600,000 after buying an additional 658,644 shares during the last quarter. Boston Partners increased its stake in Diamondback Energy by 12.4% in the 4th quarter. Boston Partners now owns 5,169,742 shares of the oil and natural gas company’s stock valued at $849,202,000 after buying an additional 571,820 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Diamondback Energy by 13.7% during the 4th quarter. Bank of New York Mellon Corp now owns 4,163,070 shares of the oil and natural gas company’s stock worth $682,036,000 after buying an additional 502,916 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, Director Frank D. Tsuru bought 2,000 shares of the company’s stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average price of $156.51 per share, with a total value of $313,020.00. Following the transaction, the director now owns 5,730 shares in the company, valued at $896,802.30. This trade represents a 53.62 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.48% of the company’s stock.

Diamondback Energy Trading Up 4.7 %

Shares of FANG stock opened at $129.01 on Friday. The firm’s 50-day simple moving average is $150.06 and its 200-day simple moving average is $166.28. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. Diamondback Energy, Inc. has a 1-year low of $114.00 and a 1-year high of $214.50. The firm has a market cap of $37.94 billion, a P/E ratio of 7.38, a PEG ratio of 1.24 and a beta of 1.44.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, beating analysts’ consensus estimates of $3.57 by $0.07. The company had revenue of $3.71 billion for the quarter, compared to analyst estimates of $3.55 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. As a group, equities analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Thursday, March 6th were paid a dividend of $1.00 per share. The ex-dividend date of this dividend was Thursday, March 6th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.90. This represents a $4.00 annualized dividend and a yield of 3.10%. Diamondback Energy’s dividend payout ratio is currently 25.32%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on FANG shares. Royal Bank of Canada reiterated an “outperform” rating and set a $210.00 price target on shares of Diamondback Energy in a research note on Thursday, January 23rd. Piper Sandler dropped their target price on Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Barclays reduced their price target on Diamondback Energy from $210.00 to $200.00 and set an “overweight” rating for the company in a report on Tuesday, March 18th. Wolfe Research upgraded Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price objective for the company in a research report on Friday, January 3rd. Finally, Truist Financial raised their target price on Diamondback Energy from $236.00 to $238.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. Three investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $208.17.

Diamondback Energy Profile

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.