Diamondback Energy, Inc. $FANG Shares Acquired by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky increased its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 12.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 45,277 shares of the oil and natural gas company’s stock after buying an additional 4,948 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Diamondback Energy were worth $8,956,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC acquired a new position in Diamondback Energy during the 4th quarter worth $25,000. Richardson Financial Services Inc. lifted its position in shares of Diamondback Energy by 245.1% during the fourth quarter. Richardson Financial Services Inc. now owns 176 shares of the oil and natural gas company’s stock worth $26,000 after purchasing an additional 125 shares during the last quarter. Laurel Wealth Advisors LLC bought a new position in shares of Diamondback Energy during the fourth quarter worth about $26,000. Cedar Mountain Advisors LLC acquired a new position in Diamondback Energy in the first quarter worth about $26,000. Finally, JPL Wealth Management LLC bought a new stake in Diamondback Energy in the third quarter valued at about $26,000. 90.01% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Diamondback Energy news, Director Mark Lawrence Plaumann sold 500 shares of Diamondback Energy stock in a transaction on Tuesday, June 9th. The stock was sold at an average price of $196.50, for a total transaction of $98,250.00. Following the sale, the director owned 13,437 shares of the company’s stock, valued at $2,640,370.50. The trade was a 3.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles Alvin Meloy sold 83,334 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $187.12, for a total value of $15,593,458.08. Following the transaction, the director owned 851,530 shares of the company’s stock, valued at $159,338,293.60. This trade represents a 8.91% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 113,691 shares of company stock valued at $21,622,752. 0.64% of the stock is owned by corporate insiders.

Diamondback Energy Stock Up 4.5%

FANG stock opened at $191.60 on Tuesday. The stock has a market cap of $53.90 billion, a PE ratio of 222.79 and a beta of 0.42. The firm’s 50-day simple moving average is $191.52 and its 200 day simple moving average is $179.76. Diamondback Energy, Inc. has a fifty-two week low of $134.30 and a fifty-two week high of $214.51. The company has a quick ratio of 0.55, a current ratio of 0.56 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.74 by $0.49. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The firm had revenue of $4.24 billion during the quarter, compared to analyst estimates of $3.83 billion. During the same period in the previous year, the business posted $4.54 EPS. Diamondback Energy’s revenue was up 4.7% on a year-over-year basis. As a group, sell-side analysts predict that Diamondback Energy, Inc. will post 19.25 EPS for the current year.

Diamondback Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were given a dividend of $1.10 per share. This is a boost from Diamondback Energy’s previous quarterly dividend of $1.05. This represents a $4.40 annualized dividend and a dividend yield of 2.3%. The ex-dividend date was Thursday, May 14th. Diamondback Energy’s payout ratio is presently 511.63%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Truist Financial set a $242.00 target price on Diamondback Energy in a report on Wednesday, May 6th. Barclays upped their price target on Diamondback Energy from $225.00 to $232.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. UBS Group raised their price objective on Diamondback Energy from $240.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, April 10th. Mizuho lifted their price objective on shares of Diamondback Energy from $220.00 to $240.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Finally, Citigroup boosted their target price on shares of Diamondback Energy from $225.00 to $245.00 and gave the company a “buy” rating in a research note on Wednesday, May 20th. Five equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $220.68.

Diamondback Energy Profile

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub?basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.