Renasant Bank Buys New Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Renasant Bank purchased a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) in the 4th quarter, Holdings Channel reports. The firm purchased 1,688 shares of the oil and natural gas company’s stock, valued at approximately $277,000.

Other large investors also recently modified their holdings of the company. Ashton Thomas Securities LLC purchased a new position in Diamondback Energy in the third quarter valued at $52,000. Apollon Wealth Management LLC increased its holdings in shares of Diamondback Energy by 10.3% in the 3rd quarter. Apollon Wealth Management LLC now owns 2,695 shares of the oil and natural gas company’s stock valued at $465,000 after acquiring an additional 251 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Diamondback Energy by 3.9% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 433,607 shares of the oil and natural gas company’s stock worth $74,754,000 after acquiring an additional 16,348 shares in the last quarter. Haverford Trust Co lifted its stake in Diamondback Energy by 4.6% during the third quarter. Haverford Trust Co now owns 1,598 shares of the oil and natural gas company’s stock worth $275,000 after purchasing an additional 71 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. boosted its holdings in Diamondback Energy by 23.3% in the third quarter. Oppenheimer Asset Management Inc. now owns 56,164 shares of the oil and natural gas company’s stock valued at $9,683,000 after purchasing an additional 10,626 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 $145.80 on Friday. Diamondback Energy, Inc. has a 52 week low of $137.09 and a 52 week high of $214.50. The company has a 50-day moving average price of $162.41 and a 200 day moving average price of $172.18. The company has a market cap of $42.20 billion, a P/E ratio of 8.35, a PEG ratio of 1.24 and a beta of 1.84. 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 earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $3.55 billion. Research analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Thursday, March 6th were issued a $1.00 dividend. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $4.00 dividend on an annualized basis and a yield of 2.74%. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.90. Diamondback Energy’s dividend payout ratio (DPR) is 25.32%.

Insiders Place Their Bets

In related news, Director Frank D. Tsuru purchased 2,000 shares of the business’s stock in a transaction dated Friday, February 28th. The stock was acquired at an average price of $156.51 per share, for a total transaction of $313,020.00. Following the acquisition, the director now directly owns 5,730 shares of the company’s stock, valued at $896,802.30. This trade represents a 53.62 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on FANG. The Goldman Sachs Group assumed coverage on shares of Diamondback Energy in a report on Monday, December 2nd. They set a “buy” rating and a $227.00 price objective on the stock. Mizuho boosted their price target on shares of Diamondback Energy from $201.00 to $204.00 and gave the company an “outperform” rating in a research report on Tuesday, February 25th. Citigroup lowered Diamondback Energy from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. UBS Group boosted their target price on Diamondback Energy from $212.00 to $216.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Finally, Raymond James dropped their price target on Diamondback Energy from $245.00 to $214.00 and set a “strong-buy” rating on the stock in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $211.92.

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.