PFG Advisors Acquires 1,969 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

PFG Advisors lifted its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 86.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,257 shares of the oil and natural gas company’s stock after acquiring an additional 1,969 shares during the quarter. PFG Advisors’ holdings in Diamondback Energy were worth $697,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Moors & Cabot Inc. raised its holdings in Diamondback Energy by 6.9% in the fourth quarter. Moors & Cabot Inc. now owns 3,821 shares of the oil and natural gas company’s stock worth $626,000 after purchasing an additional 247 shares in the last quarter. Briaud Financial Planning Inc purchased a new stake in shares of Diamondback Energy in the fourth quarter worth $57,000. King Luther Capital Management Corp grew its stake in shares of Diamondback Energy by 6.1% in the fourth quarter. King Luther Capital Management Corp now owns 171,305 shares of the oil and natural gas company’s stock worth $28,065,000 after acquiring an additional 9,893 shares during the last quarter. Citizens Financial Group Inc. RI grew its stake in shares of Diamondback Energy by 4.8% in the fourth quarter. Citizens Financial Group Inc. RI now owns 2,928 shares of the oil and natural gas company’s stock worth $480,000 after acquiring an additional 133 shares during the last quarter. Finally, Independent Advisor Alliance boosted its position in shares of Diamondback Energy by 14.7% during the fourth quarter. Independent Advisor Alliance now owns 2,817 shares of the oil and natural gas company’s stock valued at $461,000 after buying an additional 362 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

FANG has been the topic of several recent analyst reports. Wolfe Research raised Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price objective on the stock in a research report on Friday, January 3rd. Royal Bank of Canada reissued an “outperform” rating and issued a $210.00 target price on shares of Diamondback Energy in a research report on Thursday, January 23rd. Citigroup cut Diamondback Energy from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. Raymond James decreased their price objective on Diamondback Energy from $245.00 to $214.00 and set a “strong-buy” rating on the stock in a research note on Wednesday. Finally, Truist Financial raised their price objective on Diamondback Energy from $236.00 to $238.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $211.92.

Diamondback Energy Price Performance

Shares of Diamondback Energy stock opened at $150.20 on Friday. The stock has a market cap of $43.47 billion, a price-to-earnings ratio of 8.60, a price-to-earnings-growth ratio of 1.24 and a beta of 1.84. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. The stock has a 50 day moving average price of $162.00 and a 200-day moving average price of $171.85. Diamondback Energy, Inc. has a one year low of $137.09 and a one year high of $214.50.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $3.55 billion. Equities analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current 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 of this dividend was Thursday, March 6th. This represents a $4.00 dividend on an annualized basis and a yield of 2.66%. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.90. Diamondback Energy’s payout ratio is presently 25.32%.

Insider Activity at Diamondback Energy

In other news, Director Frank D. Tsuru bought 2,000 shares of the firm’s stock in a transaction on 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 transaction, the director now directly owns 5,730 shares in the company, valued at approximately $896,802.30. This trade represents a 53.62 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.48% of the stock is owned by company insiders.

Diamondback Energy Company 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.