Bank of New York Mellon Corp Purchases 502,916 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Bank of New York Mellon Corp grew its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 13.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 4,163,070 shares of the oil and natural gas company’s stock after acquiring an additional 502,916 shares during the quarter. Bank of New York Mellon Corp owned about 1.43% of Diamondback Energy worth $682,036,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Dakota Wealth Management lifted its position in Diamondback Energy by 13.5% during the third quarter. Dakota Wealth Management now owns 2,149 shares of the oil and natural gas company’s stock valued at $370,000 after purchasing an additional 256 shares during the last quarter. NorthCrest Asset Manangement LLC lifted its holdings in shares of Diamondback Energy by 6.0% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 1,650 shares of the oil and natural gas company’s stock valued at $284,000 after acquiring an additional 94 shares during the last quarter. Nisa Investment Advisors LLC grew its position in Diamondback Energy by 6.0% in the third quarter. Nisa Investment Advisors LLC now owns 54,813 shares of the oil and natural gas company’s stock worth $9,450,000 after acquiring an additional 3,127 shares in the last quarter. Pallas Capital Advisors LLC grew its position in Diamondback Energy by 21.1% in the third quarter. Pallas Capital Advisors LLC now owns 12,368 shares of the oil and natural gas company’s stock worth $2,238,000 after acquiring an additional 2,152 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its stake in Diamondback Energy by 111.1% during the third quarter. China Universal Asset Management Co. Ltd. now owns 2,263 shares of the oil and natural gas company’s stock worth $390,000 after acquiring an additional 1,191 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors.

Diamondback Energy Price Performance

FANG opened at $151.92 on Wednesday. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. The business’s fifty day simple moving average is $165.36 and its 200-day simple moving average is $175.93. The company has a market capitalization of $44.36 billion, a price-to-earnings ratio of 8.70, a PEG ratio of 1.24 and a beta of 1.86. Diamondback Energy, Inc. has a 12-month low of $151.69 and a 12-month high of $214.50.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.57 by $0.07. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The company had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.55 billion. On average, equities research analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 13th. Investors of record on Thursday, March 6th will be issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.63%. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, March 6th. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.61%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on FANG. Raymond James raised their price objective on Diamondback Energy from $237.00 to $256.00 and gave the company a “strong-buy” rating in a research note on Thursday, January 23rd. The Goldman Sachs Group began coverage on Diamondback Energy in a research report on Monday, December 2nd. They issued a “buy” rating and a $227.00 price target for the company. Royal Bank of Canada reiterated an “outperform” rating and set a $210.00 price objective on shares of Diamondback Energy in a research report on Thursday, January 23rd. Truist Financial raised their target price on shares of Diamondback Energy from $236.00 to $238.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Finally, Morgan Stanley lifted their price target on shares of Diamondback Energy from $220.00 to $227.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 19th. Four investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $216.09.

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.