Oak Harvest Investment Services Trims Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Oak Harvest Investment Services decreased its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 23.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 38,903 shares of the oil and natural gas company’s stock after selling 12,158 shares during the quarter. Oak Harvest Investment Services’ holdings in Diamondback Energy were worth $6,373,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. State Street Corp boosted its holdings in shares of Diamondback Energy by 1.3% in the 3rd quarter. State Street Corp now owns 11,858,555 shares of the oil and natural gas company’s stock valued at $2,044,415,000 after acquiring an additional 149,871 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Diamondback Energy by 6.1% during the 3rd quarter. Geode Capital Management LLC now owns 4,618,560 shares of the oil and natural gas company’s stock valued at $793,611,000 after buying an additional 266,299 shares during the period. Pacer Advisors Inc. grew its position in Diamondback Energy by 9.3% in the 3rd quarter. Pacer Advisors Inc. now owns 2,704,520 shares of the oil and natural gas company’s stock valued at $466,259,000 after acquiring an additional 230,689 shares in the last quarter. Diamond Hill Capital Management Inc. grew its holdings in Diamondback Energy by 25.6% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 2,158,910 shares of the oil and natural gas company’s stock worth $372,196,000 after acquiring an additional 439,579 shares in the last quarter. Finally, Raymond James & Associates boosted its holdings in Diamondback Energy by 4.2% in the third quarter. Raymond James & Associates now owns 1,135,230 shares of the oil and natural gas company’s stock valued at $195,714,000 after purchasing an additional 46,109 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

FANG has been the subject of several recent research reports. Raymond James increased their target price on shares of Diamondback Energy from $237.00 to $256.00 and gave the stock a “strong-buy” rating in a research note on Thursday, January 23rd. The Goldman Sachs Group assumed coverage on Diamondback Energy in a research note on Monday, December 2nd. They set a “buy” rating and a $227.00 price objective for the company. Truist Financial increased their price target on Diamondback Energy from $230.00 to $236.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. UBS Group cut their price objective on Diamondback Energy from $235.00 to $212.00 and set a “buy” rating for the company in a report on Monday, December 9th. Finally, BMO Capital Markets upgraded shares of Diamondback Energy from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $205.00 to $215.00 in a report on Friday, October 4th. Four analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Diamondback Energy currently has an average rating of “Moderate Buy” and an average price target of $215.00.

Insider Activity at Diamondback Energy

In other news, Director Mark Lawrence Plaumann sold 1,150 shares of the firm’s 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 sale, the director now owns 4,712 shares in the company, valued at approximately $852,872. This trade represents a 19.62 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.48% of the stock is owned by company insiders.

Diamondback Energy Price Performance

FANG stock opened at $170.41 on Friday. The company’s fifty day simple moving average is $169.65 and its 200 day simple moving average is $181.40. Diamondback Energy, Inc. has a 12-month low of $147.93 and a 12-month high of $214.50. 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 has a market cap of $49.76 billion, a price-to-earnings ratio of 9.75, a PEG ratio of 1.33 and a beta of 1.88.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results 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). The firm had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.43 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The business’s quarterly revenue was up 13.0% on a year-over-year basis. During the same period in the previous year, the firm earned $5.49 earnings per share. On average, analysts expect that Diamondback Energy, Inc. will post 15.55 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 14th were given a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date was Thursday, November 14th. Diamondback Energy’s payout ratio is currently 20.61%.

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.