Summit Financial LLC Increases Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Summit Financial LLC increased its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 1.9% in the 4th quarter, Holdings Channel reports. The firm owned 67,783 shares of the oil and natural gas company’s stock after buying an additional 1,258 shares during the period. Summit Financial LLC’s holdings in Diamondback Energy were worth $11,105,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Lakewood Asset Management LLC raised its stake in Diamondback Energy by 0.5% during the 4th quarter. Lakewood Asset Management LLC now owns 11,340 shares of the oil and natural gas company’s stock valued at $1,858,000 after buying an additional 60 shares during the last quarter. Magnolia Capital Advisors LLC grew its holdings in shares of Diamondback Energy by 2.0% in the fourth quarter. Magnolia Capital Advisors LLC now owns 3,247 shares of the oil and natural gas company’s stock worth $532,000 after acquiring an additional 64 shares during the period. Barden Capital Management Inc. increased its position 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 acquiring an additional 64 shares during the last quarter. Greenleaf Trust lifted its holdings in Diamondback Energy by 1.0% in the fourth quarter. Greenleaf Trust now owns 6,892 shares of the oil and natural gas company’s stock valued at $1,129,000 after acquiring an additional 66 shares during the period. Finally, Buckhead Capital Management LLC boosted its position in Diamondback Energy by 0.3% in the fourth quarter. Buckhead Capital Management LLC now owns 19,830 shares of the oil and natural gas company’s stock worth $3,249,000 after purchasing an additional 67 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on FANG. Wells Fargo & Company lowered their price objective on shares of Diamondback Energy from $219.00 to $215.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 12th. The Goldman Sachs Group started coverage on shares of Diamondback Energy in a research report on Monday, December 2nd. They issued a “buy” rating and a $227.00 price target on the stock. UBS Group boosted their price objective on shares of Diamondback Energy from $212.00 to $216.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Raymond James decreased their target price on Diamondback Energy from $245.00 to $214.00 and set a “strong-buy” rating on the stock in a report on Wednesday, March 12th. Finally, Wolfe Research raised Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price target for the company in a report on Friday, January 3rd. Four investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $209.33.

Insider Buying and Selling at Diamondback Energy

In related news, Director Frank D. Tsuru bought 2,000 shares of the stock in a transaction dated Friday, February 28th. The stock was purchased 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 trade represents a 53.62 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.48% of the stock is currently owned by corporate insiders.

Diamondback Energy Stock Down 1.7 %

Shares of NASDAQ FANG opened at $157.54 on Monday. The stock has a market capitalization of $45.60 billion, a price-to-earnings ratio of 9.02, a P/E/G ratio of 1.24 and a beta of 1.85. Diamondback Energy, Inc. has a 12-month low of $137.09 and a 12-month high of $214.50. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. The firm’s 50-day moving average price is $158.66 and its 200-day moving average price is $169.73.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 EPS 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 company had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.55 billion. On average, equities research analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Thursday, March 6th were issued a dividend of $1.00 per share. The ex-dividend date was Thursday, March 6th. This represents a $4.00 dividend on an annualized basis and a yield of 2.54%. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.90. Diamondback Energy’s payout ratio is presently 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.