PNC Financial Services Group Inc. boosted its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG – Free Report) by 7.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,375 shares of the oil and natural gas company’s stock after acquiring an additional 3,254 shares during the period. PNC Financial Services Group Inc.’s holdings in Diamondback Energy were worth $7,574,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Demars Financial Group LLC purchased a new position in Diamondback Energy in the fourth quarter worth about $638,050,000. Alyeska Investment Group L.P. purchased a new position in Diamondback Energy in the 4th quarter worth approximately $185,193,000. Price T Rowe Associates Inc. MD raised its holdings in Diamondback Energy by 11.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company’s stock worth $1,496,859,000 after acquiring an additional 928,429 shares during the last quarter. GAMMA Investing LLC lifted its position in Diamondback Energy by 16,197.8% in the 1st quarter. GAMMA Investing LLC now owns 605,625 shares of the oil and natural gas company’s stock valued at $96,827,000 after acquiring an additional 601,909 shares in the last quarter. Finally, Two Sigma Investments LP boosted its stake in Diamondback Energy by 5,748.3% during the 4th quarter. Two Sigma Investments LP now owns 448,624 shares of the oil and natural gas company’s stock valued at $73,498,000 after purchasing an additional 440,953 shares during the last quarter. 90.01% of the stock is owned by institutional investors.
Diamondback Energy Stock Performance
Shares of NASDAQ FANG traded up $0.91 during trading on Friday, hitting $142.03. The company had a trading volume of 1,684,584 shares, compared to its average volume of 2,466,336. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $202.87. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.83 and a current ratio of 0.55. The firm has a market capitalization of $41.50 billion, a P/E ratio of 10.09 and a beta of 1.09. The stock has a 50 day simple moving average of $143.53 and a 200 day simple moving average of $146.18.
Diamondback Energy (NASDAQ:FANG – Get Free Report) last released its earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 EPS for the quarter, missing analysts’ consensus estimates of $2.72 by ($0.05). Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%. The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.35 billion. During the same quarter in the previous year, the business posted $4.52 EPS. Diamondback Energy’s revenue was up 48.1% on a year-over-year basis. As a group, analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.
Diamondback Energy Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Thursday, August 14th will be issued a $1.00 dividend. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $4.00 annualized dividend and a yield of 2.8%. Diamondback Energy’s dividend payout ratio is currently 28.43%.
Insiders Place Their Bets
In other Diamondback Energy news, President Hof Matthew Kaes Van’t sold 10,000 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $142.69, for a total value of $1,426,900.00. Following the completion of the sale, the president owned 120,645 shares in the company, valued at approximately $17,214,835.05. This represents a 7.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.70% of the company’s stock.
Wall Street Analyst Weigh In
Several research analysts have recently weighed in on the company. Susquehanna decreased their price target on Diamondback Energy from $192.00 to $188.00 and set a “positive” rating for the company in a research note on Wednesday, July 23rd. Mizuho reduced their price objective on Diamondback Energy from $186.00 to $179.00 and set an “outperform” rating for the company in a report on Tuesday, May 13th. UBS Group lowered their target price on shares of Diamondback Energy from $175.00 to $163.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Piper Sandler lifted their price target on shares of Diamondback Energy from $225.00 to $228.00 and gave the stock an “overweight” rating in a research note on Thursday, July 17th. Finally, Morgan Stanley reissued an “overweight” rating on shares of Diamondback Energy in a report on Tuesday, July 15th. Two equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Diamondback Energy has an average rating of “Buy” and an average price target of $191.59.
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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.
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