PNC Financial Services Group Inc. reduced its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG – Free Report) by 5.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 44,121 shares of the oil and natural gas company’s stock after selling 2,353 shares during the period. PNC Financial Services Group Inc.’s holdings in Diamondback Energy were worth $7,228,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FANG. State Street Corp boosted its position in shares of 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 worth $2,044,415,000 after purchasing an additional 149,871 shares during the period. Geode Capital Management LLC boosted its position in shares of 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 worth $793,611,000 after purchasing an additional 266,299 shares during the period. Bank of New York Mellon Corp boosted its position in shares of 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 worth $682,036,000 after purchasing an additional 502,916 shares during the period. Pacer Advisors Inc. boosted its position in shares of 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 worth $466,259,000 after purchasing an additional 230,689 shares during the period. Finally, Raymond James Financial Inc. bought a new position in shares of Diamondback Energy during the fourth quarter worth $298,327,000. 90.01% of the stock is owned by hedge funds and other institutional investors.
Diamondback Energy Trading Up 3.0 %
FANG stock traded up $4.40 during trading on Friday, hitting $150.20. The company had a trading volume of 2,738,677 shares, compared to its average volume of 2,477,099. The firm has a market capitalization of $43.47 billion, a P/E ratio of 8.60, a PEG ratio of 1.24 and a beta of 1.84. Diamondback Energy, Inc. has a 52-week low of $137.09 and a 52-week high of $214.50. The company has a 50 day simple moving average of $162.00 and a 200-day simple moving average of $171.69. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31.
Diamondback Energy (NASDAQ:FANG – Get Free Report) last posted its quarterly earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 EPS for the quarter, topping the consensus estimate of $3.57 by $0.07. The company had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.55 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. As a group, research analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.
Diamondback Energy Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Thursday, March 6th were paid a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.66%. 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 (DPR) is currently 25.32%.
Wall Street Analyst Weigh In
A number of equities analysts recently weighed in on FANG shares. JPMorgan Chase & Co. dropped their target price on shares of Diamondback Energy from $212.00 to $167.00 and set an “overweight” rating for the company in a research report on Thursday. Citigroup lowered shares of Diamondback Energy from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. UBS Group upped their target price on shares of Diamondback Energy from $212.00 to $216.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Morgan Stanley upped their target price on shares of Diamondback Energy from $220.00 to $227.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. Finally, Piper Sandler dropped their target price on shares of Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Diamondback Energy presently has an average rating of “Moderate Buy” and an average price target of $211.92.
Get Our Latest Stock Report on Diamondback Energy
Insider Buying and Selling
In other Diamondback Energy news, Director Frank D. Tsuru bought 2,000 shares of the business’s stock in a transaction on Friday, February 28th. The shares were acquired at an average price of $156.51 per share, with a total value of $313,020.00. Following the transaction, 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 purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.48% of the stock is currently owned by 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.
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