Diamondback Energy, Inc. $FANG Shares Purchased by Jennison Associates LLC

Jennison Associates LLC boosted its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 34.3% during the 1st quarter, Holdings Channel.com reports. The firm owned 88,557 shares of the oil and natural gas company’s stock after purchasing an additional 22,620 shares during the quarter. Jennison Associates LLC’s holdings in Diamondback Energy were worth $17,516,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Deseret Mutual Benefit Administrators boosted its stake in shares of Diamondback Energy by 31.7% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 274 shares of the oil and natural gas company’s stock valued at $41,000 after buying an additional 66 shares during the last quarter. Scotia Capital Inc. increased its stake in shares of Diamondback Energy by 0.3% in the third quarter. Scotia Capital Inc. now owns 19,719 shares of the oil and natural gas company’s stock worth $2,822,000 after buying an additional 68 shares during the last quarter. Townsend & Associates Inc increased its stake in shares of Diamondback Energy by 0.5% in the fourth quarter. Townsend & Associates Inc now owns 14,330 shares of the oil and natural gas company’s stock worth $2,161,000 after buying an additional 75 shares during the last quarter. Capital Financial Group Inc. Co. ADV increased its stake in shares of Diamondback Energy by 2.1% in the first quarter. Capital Financial Group Inc. Co. ADV now owns 3,584 shares of the oil and natural gas company’s stock worth $709,000 after buying an additional 75 shares during the last quarter. Finally, 180 Wealth Advisors LLC raised its holdings in Diamondback Energy by 2.9% in the fourth quarter. 180 Wealth Advisors LLC now owns 2,725 shares of the oil and natural gas company’s stock valued at $410,000 after acquiring an additional 78 shares in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Truist Financial reduced their price objective on shares of Diamondback Energy from $242.00 to $220.00 and set a “buy” rating on the stock in a research note on Thursday, July 16th. Roth Capital set a $212.00 target price on shares of Diamondback Energy and gave the stock a “buy” rating in a research report on Monday, June 22nd. Barclays upped their target price on shares of Diamondback Energy from $225.00 to $232.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Wells Fargo & Company set a $212.00 price target on shares of Diamondback Energy in a research report on Monday, June 22nd. Finally, Weiss Ratings downgraded Diamondback Energy from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, July 16th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $218.68.

Diamondback Energy Stock Performance

Shares of FANG opened at $199.80 on Wednesday. The business’s fifty day moving average price is $191.25 and its 200 day moving average price is $181.66. Diamondback Energy, Inc. has a 12-month low of $134.30 and a 12-month high of $214.51. The stock has a market capitalization of $56.21 billion, a PE ratio of 232.33 and a beta of 0.42. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.56 and a quick ratio of 0.55.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share for the quarter, beating analysts’ consensus estimates of $3.74 by $0.49. The business had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $3.83 billion. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.54 EPS. Equities research analysts forecast that Diamondback Energy, Inc. will post 18.9 EPS for the current year.

Diamondback Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were issued a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.2%. This is a boost from Diamondback Energy’s previous quarterly dividend of $1.05. The ex-dividend date of this dividend was Thursday, May 14th. Diamondback Energy’s dividend payout ratio is presently 511.63%.

Insiders Place Their Bets

In related news, EVP Matt Zmigrosky sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $200.54, for a total value of $1,002,700.00. Following the sale, the executive vice president directly owned 46,392 shares in the company, valued at $9,303,451.68. This trade represents a 9.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Teresa L. Dick sold 7,000 shares of Diamondback Energy stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $200.90, for a total value of $1,406,300.00. Following the sale, the chief accounting officer directly owned 85,755 shares in the company, valued at $17,228,179.50. The trade was a 7.55% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 113,691 shares of company stock valued at $21,622,752. Corporate insiders own 0.64% of the company’s stock.

About Diamondback Energy

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.