Concentric Capital Strategies LP Has $2.85 Million Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Concentric Capital Strategies LP lowered its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 39.3% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,380 shares of the oil and natural gas company’s stock after selling 11,270 shares during the quarter. Concentric Capital Strategies LP’s holdings in Diamondback Energy were worth $2,847,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of FANG. Wilmington Savings Fund Society FSB acquired a new stake in shares of Diamondback Energy during the 3rd quarter worth $138,000. Franklin Resources Inc. increased its holdings in Diamondback Energy by 48.5% in the 3rd quarter. Franklin Resources Inc. now owns 146,870 shares of the oil and natural gas company’s stock valued at $28,008,000 after buying an additional 47,951 shares during the period. Nordea Investment Management AB increased its holdings in Diamondback Energy by 12.5% in the 4th quarter. Nordea Investment Management AB now owns 20,222 shares of the oil and natural gas company’s stock valued at $3,298,000 after buying an additional 2,247 shares during the period. Park National Corp OH lifted its holdings in shares of Diamondback Energy by 11.3% during the 4th quarter. Park National Corp OH now owns 45,281 shares of the oil and natural gas company’s stock worth $7,418,000 after acquiring an additional 4,580 shares during the period. Finally, Fulton Bank N.A. boosted its position in shares of Diamondback Energy by 8.1% during the 4th quarter. Fulton Bank N.A. now owns 3,716 shares of the oil and natural gas company’s stock worth $609,000 after acquiring an additional 279 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $129.57 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. The firm has a market cap of $38.10 billion, a price-to-earnings ratio of 7.42, a P/E/G ratio of 1.24 and a beta of 1.06. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week high of $214.50. The firm’s 50-day simple moving average is $141.44 and its two-hundred day simple moving average is $160.03.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.67 by $0.87. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The company had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.58 billion. During the same quarter in the previous year, the firm posted $4.50 earnings per share. The company’s quarterly revenue was up 81.8% compared to the same quarter last year. As a group, equities analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 22nd. Stockholders of record on Thursday, May 15th will be given a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 3.09%. The ex-dividend date of this dividend is Thursday, May 15th. Diamondback Energy’s dividend payout ratio (DPR) is presently 25.32%.

Analyst Upgrades and Downgrades

FANG has been the subject of several recent analyst reports. Barclays cut their target price on Diamondback Energy from $200.00 to $185.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. Williams Trading set a $190.00 target price on Diamondback Energy in a research report on Wednesday, March 5th. Raymond James dropped their target price on shares of Diamondback Energy from $245.00 to $214.00 and set a “strong-buy” rating for the company in a report on Wednesday, March 12th. Royal Bank of Canada began coverage on shares of Diamondback Energy in a research report on Friday, May 2nd. They set an “outperform” rating and a $180.00 price objective for the company. Finally, Bank of America upgraded shares of Diamondback Energy from a “neutral” rating to a “buy” rating and cut their target price for the company from $202.00 to $170.00 in a research report on Tuesday, April 29th. Two analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Diamondback Energy currently has a consensus rating of “Buy” and an average target price of $195.57.

Insider Activity at Diamondback Energy

In related news, Director Frank D. Tsuru purchased 2,000 shares of the firm’s stock in a transaction dated Friday, February 28th. The shares were purchased at an average cost of $156.51 per share, for a total transaction of $313,020.00. Following the completion of the transaction, the director now directly owns 5,730 shares in the company, valued at approximately $896,802.30. This represents a 53.62 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 0.70% of the stock is currently owned by corporate 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.