Cibc World Markets Corp Acquires 6,644 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Cibc World Markets Corp lifted its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 22.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,116 shares of the oil and natural gas company’s stock after purchasing an additional 6,644 shares during the period. Cibc World Markets Corp’s holdings in Diamondback Energy were worth $5,917,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in FANG. State Street Corp raised its stake in 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 period. Geode Capital Management LLC raised its stake in Diamondback Energy by 6.1% in 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 acquiring an additional 266,299 shares during the period. Bank of New York Mellon Corp grew its holdings in Diamondback Energy by 13.7% during the 4th quarter. Bank of New York Mellon Corp now owns 4,163,070 shares of the oil and natural gas company’s stock valued at $682,036,000 after buying an additional 502,916 shares in the last quarter. Diamond Hill Capital Management Inc. grew its holdings in Diamondback Energy by 30.5% during the 4th 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 in the last quarter. Finally, Pacer Advisors Inc. grew its holdings in Diamondback Energy by 9.3% during 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 buying an additional 230,689 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $157.60 on Thursday. 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 stock has a 50 day moving average price of $161.05 and a two-hundred day moving average price of $170.85. The company has a market capitalization of $45.62 billion, a P/E ratio of 9.02, a PEG ratio of 1.24 and a beta of 1.85.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data 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 return on equity of 13.68% and a net margin of 33.64%. The firm had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.55 billion. Analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Increases Dividend

The firm also recently announced 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. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.54%. 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 is currently 25.32%.

Analyst Upgrades and Downgrades

FANG has been the subject of a number of recent analyst reports. Truist Financial lifted their target price on Diamondback Energy from $236.00 to $238.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. The Goldman Sachs Group initiated coverage on Diamondback Energy in a report on Monday, December 2nd. They set a “buy” rating and a $227.00 target price for the company. Barclays reduced their target price on Diamondback Energy from $210.00 to $200.00 and set an “overweight” rating for the company in a report on Tuesday. UBS Group boosted their price objective on Diamondback Energy from $212.00 to $216.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Finally, Raymond James cut their price objective on Diamondback Energy from $245.00 to $214.00 and set a “strong-buy” rating for the company in a report on Wednesday, March 12th. Four investment 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.com, the company has an average rating of “Moderate Buy” and a consensus price target of $209.92.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, Director Frank D. Tsuru bought 2,000 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was bought at an average price of $156.51 per share, for a total transaction 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. The trade was a 53.62 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.48% of the stock is owned by corporate insiders.

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.