Adell Harriman & Carpenter Inc. Has $1.07 Million Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Adell Harriman & Carpenter Inc. lifted its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 29.1% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,207 shares of the oil and natural gas company’s stock after purchasing an additional 1,400 shares during the quarter. Adell Harriman & Carpenter Inc.’s holdings in Diamondback Energy were worth $1,070,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its holdings in shares of Diamondback Energy by 38.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock worth $1,706,076,000 after acquiring an additional 2,381,488 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Diamondback Energy by 16.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock worth $603,038,000 after buying an additional 415,902 shares during the period. Boston Partners lifted its stake in Diamondback Energy by 235.6% in the first quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock valued at $541,844,000 after buying an additional 1,916,900 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Diamondback Energy by 10.1% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,690,181 shares of the oil and natural gas company’s stock valued at $538,547,000 after buying an additional 247,065 shares during the period. Finally, Pacer Advisors Inc. raised its holdings in shares of Diamondback Energy by 7.1% during the second quarter. Pacer Advisors Inc. now owns 2,473,831 shares of the oil and natural gas company’s stock worth $495,236,000 after acquiring an additional 164,732 shares during the period. Institutional investors own 90.01% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FANG. UBS Group reduced their target price on shares of Diamondback Energy from $247.00 to $223.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Piper Sandler increased their price objective on shares of Diamondback Energy from $240.00 to $252.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 15th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $220.00 price target on shares of Diamondback Energy in a research report on Tuesday, September 17th. Wolfe Research started coverage on shares of Diamondback Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, Sanford C. Bernstein cut their price target on shares of Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating for the company in a research note on Wednesday, July 17th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $210.09.

Diamondback Energy Stock Performance

Shares of NASDAQ:FANG opened at $175.64 on Wednesday. Diamondback Energy, Inc. has a 1 year low of $145.70 and a 1 year high of $214.50. The stock has a market capitalization of $31.32 billion, a price-to-earnings ratio of 9.90, a price-to-earnings-growth ratio of 1.27 and a beta of 1.89. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64. The company’s 50 day simple moving average is $184.27 and its 200 day simple moving average is $193.50.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, topping analysts’ consensus estimates of $4.51 by $0.01. The company had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.19 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. Diamondback Energy’s revenue was up 29.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.68 EPS. As a group, research analysts predict that Diamondback Energy, Inc. will post 17.37 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently declared a None dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th were paid a $2.34 dividend. This is an increase from Diamondback Energy’s previous None dividend of $2.26. This represents a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, August 15th. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.29%.

Insider Buying and Selling

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the sale, the insider now owns 1,037,819 shares in the company, valued at $181,732,485.09. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.48% of the stock is owned by corporate 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.