Diversified Enterprises LLC Makes New $268,000 Investment in Diamondback Energy, Inc. (NASDAQ:FANG)

Diversified Enterprises LLC bought a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) during the fourth quarter, HoldingsChannel.com reports. The firm bought 1,636 shares of the oil and natural gas company’s stock, valued at approximately $268,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Copperwynd Financial LLC raised its position in shares of Diamondback Energy by 28.1% during the fourth quarter. Copperwynd Financial LLC now owns 5,015 shares of the oil and natural gas company’s stock valued at $822,000 after buying an additional 1,099 shares during the last quarter. First National Trust Co bought a new stake in shares of Diamondback Energy during the fourth quarter valued at approximately $2,165,000. 12th Street Asset Management Company LLC raised its position in shares of Diamondback Energy by 17.6% during the fourth quarter. 12th Street Asset Management Company LLC now owns 60,195 shares of the oil and natural gas company’s stock valued at $9,862,000 after buying an additional 8,997 shares during the last quarter. Diamond Hill Capital Management Inc. raised its position in shares of Diamondback Energy by 30.5% during the fourth 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. Finally, Renasant Bank bought a new stake in shares of Diamondback Energy during the fourth quarter valued at approximately $277,000. Institutional investors own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FANG. Truist Financial lifted their price objective on shares of Diamondback Energy from $236.00 to $238.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. Morgan Stanley raised their target price on shares of Diamondback Energy from $220.00 to $227.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. UBS Group raised their target price on shares of Diamondback Energy from $212.00 to $216.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Williams Trading set a $190.00 target price on shares of Diamondback Energy in a report on Wednesday, March 5th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $210.00 target price on shares of Diamondback Energy in a report on Thursday, January 23rd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $211.92.

Diamondback Energy Stock Performance

Diamondback Energy stock opened at $150.20 on Friday. The company has a 50 day moving average price of $162.00 and a 200-day moving average price of $171.69. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. Diamondback Energy, Inc. has a fifty-two week low of $137.09 and a fifty-two week high of $214.50. The company has a market capitalization of $43.47 billion, a PE ratio of 8.60, a P/E/G ratio of 1.24 and a beta of 1.84.

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

Diamondback Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Thursday, March 6th were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.66%. The ex-dividend date was Thursday, March 6th. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.90. Diamondback Energy’s payout ratio is currently 25.32%.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, Director Frank D. Tsuru acquired 2,000 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The shares were bought at an average cost of $156.51 per share, with a total value of $313,020.00. Following the completion of the acquisition, the director now directly owns 5,730 shares in the company, valued at $896,802.30. This represents a 53.62 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.48% of the stock is currently owned by corporate insiders.

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.