Diamondback Energy, Inc. $FANG Stake Lifted by Prudential Financial Inc.

Prudential Financial Inc. raised its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 9.9% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 120,337 shares of the oil and natural gas company’s stock after buying an additional 10,806 shares during the quarter. Prudential Financial Inc.’s holdings in Diamondback Energy were worth $16,534,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. SouthState Corp boosted its stake in Diamondback Energy by 596.4% during the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock valued at $31,000 after purchasing an additional 167 shares during the period. Creekmur Asset Management LLC acquired a new position in shares of Diamondback Energy during the second quarter worth approximately $28,000. Eastern Bank grew its holdings in Diamondback Energy by 119.8% in the 1st quarter. Eastern Bank now owns 233 shares of the oil and natural gas company’s stock worth $37,000 after buying an additional 127 shares in the last quarter. Zions Bancorporation National Association UT acquired a new stake in Diamondback Energy in the 1st quarter valued at approximately $43,000. Finally, Cape Investment Advisory Inc. boosted its position in Diamondback Energy by 148.6% during the 1st quarter. Cape Investment Advisory Inc. now owns 343 shares of the oil and natural gas company’s stock worth $55,000 after acquiring an additional 205 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Diamondback Energy Stock Performance

Shares of NASDAQ FANG opened at $149.31 on Thursday. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $180.91. The stock has a market capitalization of $42.76 billion, a price-to-earnings ratio of 10.38 and a beta of 0.99. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 0.35. The stock’s fifty day simple moving average is $144.10 and its 200 day simple moving average is $142.84.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, November 3rd. The oil and natural gas company reported $3.08 earnings per share for the quarter, beating analysts’ consensus estimates of $2.94 by $0.14. The business had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.48 billion. Diamondback Energy had a return on equity of 9.57% and a net margin of 27.32%.Diamondback Energy’s revenue for the quarter was up 48.4% on a year-over-year basis. During the same quarter last year, the company posted $3.19 EPS. As a group, sell-side analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Thursday, November 13th were issued a dividend of $1.00 per share. The ex-dividend date was Thursday, November 13th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.7%. Diamondback Energy’s payout ratio is currently 27.80%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. William Blair started coverage on shares of Diamondback Energy in a research note on Monday, August 25th. They set an “outperform” rating on the stock. Morgan Stanley restated an “overweight” rating and set a $183.00 price target on shares of Diamondback Energy in a research report on Thursday, November 20th. Mizuho decreased their price objective on shares of Diamondback Energy from $183.00 to $176.00 and set an “outperform” rating for the company in a report on Monday, September 15th. Wall Street Zen raised Diamondback Energy from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Melius Research assumed coverage on Diamondback Energy in a research report on Wednesday, August 20th. They set a “buy” rating and a $213.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $188.77.

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.