Adams Natural Resources Fund Inc. Sells 13,500 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Adams Natural Resources Fund Inc. lessened its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 14.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 79,400 shares of the oil and natural gas company’s stock after selling 13,500 shares during the period. Diamondback Energy comprises about 2.1% of Adams Natural Resources Fund Inc.’s holdings, making the stock its 14th biggest position. Adams Natural Resources Fund Inc.’s holdings in Diamondback Energy were worth $13,008,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of FANG. Wintrust Investments LLC bought a new position in shares of Diamondback Energy during the fourth quarter valued at about $28,000. R Squared Ltd bought a new position in Diamondback Energy in the fourth quarter worth about $29,000. UMB Bank n.a. raised its holdings in Diamondback Energy by 247.3% in the fourth quarter. UMB Bank n.a. now owns 191 shares of the oil and natural gas company’s stock worth $31,000 after purchasing an additional 136 shares in the last quarter. Key Financial Inc increased its stake in shares of Diamondback Energy by 940.0% during the fourth quarter. Key Financial Inc now owns 208 shares of the oil and natural gas company’s stock valued at $34,000 after purchasing an additional 188 shares in the last quarter. Finally, Rakuten Securities Inc. raised its stake in Diamondback Energy by 62.4% during the fourth quarter. Rakuten Securities Inc. now owns 276 shares of the oil and natural gas company’s stock valued at $45,000 after buying an additional 106 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Insider Buying and Selling at Diamondback Energy

In other news, Director Frank D. Tsuru acquired 2,000 shares of the company’s stock in a transaction dated Friday, February 28th. The stock was acquired at an average cost of $156.51 per share, with a total value of $313,020.00. Following the completion of the purchase, the director now owns 5,730 shares of the company’s stock, valued at $896,802.30. This represents a 53.62 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 0.48% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

FANG has been the topic of a number of recent analyst reports. Wells Fargo & Company cut their price target on shares of Diamondback Energy from $219.00 to $215.00 and set an “overweight” rating on the stock in a report on Wednesday, March 12th. Piper Sandler decreased their price target on shares of Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Mizuho boosted their price objective on Diamondback Energy from $201.00 to $204.00 and gave the company an “outperform” rating in a research note on Tuesday, February 25th. UBS Group increased their price target on Diamondback Energy from $212.00 to $216.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Finally, Morgan Stanley upped their target price on shares of Diamondback Energy from $220.00 to $227.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Four equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $209.92.

Diamondback Energy Stock Performance

Diamondback Energy stock opened at $158.50 on Friday. The firm has a 50 day simple moving average of $160.47 and a 200-day simple moving average of $170.51. The stock has a market cap of $45.88 billion, a price-to-earnings ratio of 9.07, a price-to-earnings-growth ratio of 1.24 and a beta of 1.85. 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 $137.09 and a 1-year high of $214.50.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, topping the consensus estimate of $3.57 by $0.07. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The company had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.55 billion. On average, analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Thursday, March 6th were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.52%. 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 dividend payout ratio (DPR) is 25.32%.

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.