Diamondback Energy, Inc. (NASDAQ:FANG) Shares Purchased by 12th Street Asset Management Company LLC

12th Street Asset Management Company LLC boosted its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 17.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 60,195 shares of the oil and natural gas company’s stock after purchasing an additional 8,997 shares during the quarter. Diamondback Energy makes up 1.6% of 12th Street Asset Management Company LLC’s portfolio, making the stock its 24th biggest holding. 12th Street Asset Management Company LLC’s holdings in Diamondback Energy were worth $9,862,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. State Street Corp increased its stake in Diamondback Energy by 1.3% in the third 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 purchasing an additional 149,871 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Diamondback Energy by 6.1% in the third 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 last quarter. Bank of New York Mellon Corp boosted its holdings in Diamondback Energy by 13.7% in the fourth 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 acquiring an additional 502,916 shares during the last quarter. Diamond Hill Capital Management Inc. boosted its holdings in Diamondback Energy by 30.5% in the fourth 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 acquiring an additional 658,644 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its holdings in Diamondback Energy by 9.3% in the third 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 during the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FANG has been the topic of a number of research analyst reports. Wolfe Research upgraded Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 target price on the stock in a report on Friday, January 3rd. 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. Williams Trading set a $190.00 price target on Diamondback Energy in a report on Wednesday, March 5th. The Goldman Sachs Group began coverage on Diamondback Energy in a report on Monday, December 2nd. They issued a “buy” rating and a $227.00 price target for the company. Finally, Piper Sandler lowered their price target on Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $211.92.

Insider Buying and Selling

In other Diamondback Energy news, Director Frank D. Tsuru acquired 2,000 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average cost of $156.51 per share, for a total transaction of $313,020.00. Following the completion of the acquisition, the director now owns 5,730 shares of the company’s stock, valued at approximately $896,802.30. This trade represents a 53.62 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.48% of the stock is owned by corporate insiders.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $145.80 on Friday. Diamondback Energy, Inc. has a 1-year low of $137.09 and a 1-year high of $214.50. 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 company has a market capitalization of $42.20 billion, a price-to-earnings ratio of 8.35, a P/E/G ratio of 1.24 and a beta of 1.84. The stock’s fifty day simple moving average is $162.41 and its 200-day simple moving average is $172.18.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, beating 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 business had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.55 billion. On average, sell-side analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The company 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. This represents a $4.00 annualized dividend and a dividend yield of 2.74%. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.90. The ex-dividend date was Thursday, March 6th. Diamondback Energy’s dividend payout ratio (DPR) is currently 25.32%.

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.