Park Place Capital Corp Grows Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Park Place Capital Corp increased its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 49.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,581 shares of the oil and natural gas company’s stock after buying an additional 2,164 shares during the period. Park Place Capital Corp’s holdings in Diamondback Energy were worth $1,078,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Federated Hermes Inc. increased its stake in Diamondback Energy by 218.3% in the second quarter. Federated Hermes Inc. now owns 2,432 shares of the oil and natural gas company’s stock valued at $487,000 after purchasing an additional 1,668 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its stake in Diamondback Energy by 27.0% in the second quarter. Mercer Global Advisors Inc. ADV now owns 10,480 shares of the oil and natural gas company’s stock valued at $2,085,000 after purchasing an additional 2,227 shares during the last quarter. XTX Topco Ltd acquired a new stake in shares of Diamondback Energy in the second quarter valued at approximately $577,000. Benjamin F. Edwards & Company Inc. boosted its holdings in shares of Diamondback Energy by 21.3% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 6,172 shares of the oil and natural gas company’s stock valued at $1,236,000 after acquiring an additional 1,082 shares during the period. Finally, Thrivent Financial for Lutherans lifted its holdings in shares of Diamondback Energy by 2.8% during the second quarter. Thrivent Financial for Lutherans now owns 26,441 shares of the oil and natural gas company’s stock worth $5,294,000 after purchasing an additional 728 shares during the period. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. BMO Capital Markets upgraded Diamondback Energy from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $205.00 to $215.00 in a research report on Friday, October 4th. Truist Financial raised their target price on shares of Diamondback Energy from $230.00 to $236.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Citigroup began coverage on Diamondback Energy in a research note on Monday, October 14th. They set a “neutral” rating and a $195.00 price target on the stock. Mizuho reduced their price target on Diamondback Energy from $219.00 to $207.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Finally, Wells Fargo & Company upped their price objective on Diamondback Energy from $218.00 to $219.00 and gave the stock an “overweight” rating in a report on Tuesday, December 17th. Four equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $214.17.

Insiders Place Their Bets

In other Diamondback Energy news, Director Mark Lawrence Plaumann sold 1,150 shares of Diamondback Energy stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total transaction of $208,150.00. Following the completion of the sale, the director now owns 4,712 shares of the company’s stock, valued at $852,872. This trade represents a 19.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.48% of the stock is currently owned by company insiders.

Diamondback Energy Stock Performance

Shares of NASDAQ FANG opened at $175.85 on Wednesday. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The firm’s 50-day moving average price is $170.56 and its two-hundred day moving average price is $182.54. Diamondback Energy, Inc. has a 52-week low of $147.93 and a 52-week high of $214.50. The stock has a market capitalization of $51.35 billion, a P/E ratio of 10.06, a P/E/G ratio of 1.48 and a beta of 1.88.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, November 4th. The oil and natural gas company reported $3.38 EPS for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The company had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the prior year, the business earned $5.49 EPS. Diamondback Energy’s revenue was up 13.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Diamondback Energy, Inc. will post 15.59 earnings per share for the current year.

Diamondback Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th were given a $0.90 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $3.60 annualized dividend and a yield of 2.05%. Diamondback Energy’s dividend payout ratio (DPR) is 20.61%.

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.