The Manufacturers Life Insurance Company boosted its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) by 2.3% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 170,474 shares of the oil and natural gas company’s stock after buying an additional 3,877 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.10% of Diamondback Energy worth $20,535,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Atlas Private Wealth Advisors increased its stake in shares of Diamondback Energy by 6.2% in the 2nd quarter. Atlas Private Wealth Advisors now owns 7,229 shares of the oil and natural gas company’s stock valued at $876,000 after purchasing an additional 423 shares in the last quarter. MAI Capital Management lifted its position in shares of Diamondback Energy by 13.2% during the 2nd quarter. MAI Capital Management now owns 5,452 shares of the oil and natural gas company’s stock valued at $661,000 after buying an additional 635 shares in the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Diamondback Energy by 1.4% during the 3rd quarter. Daiwa Securities Group Inc. now owns 14,867 shares of the oil and natural gas company’s stock valued at $1,791,000 after buying an additional 201 shares in the last quarter. Symmetry Partners LLC grew its stake in Diamondback Energy by 13.1% in the 3rd quarter. Symmetry Partners LLC now owns 9,456 shares of the oil and natural gas company’s stock valued at $1,139,000 after acquiring an additional 1,098 shares during the period. Finally, First Republic Investment Management Inc. increased its holdings in Diamondback Energy by 12.0% in the 2nd quarter. First Republic Investment Management Inc. now owns 702,275 shares of the oil and natural gas company’s stock worth $85,081,000 after acquiring an additional 75,060 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.
In related news, VP Matt Zmigrosky sold 2,012 shares of the stock in a transaction that occurred on Wednesday, December 21st. The shares were sold at an average price of $136.96, for a total transaction of $275,563.52. Following the completion of the transaction, the vice president now owns 23,623 shares of the company’s stock, valued at approximately $3,235,406.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.42% of the company’s stock.
Diamondback Energy Price Performance
Diamondback Energy (NASDAQ:FANG – Get Rating) last released its quarterly earnings results on Monday, November 7th. The oil and natural gas company reported $6.48 earnings per share for the quarter, missing analysts’ consensus estimates of $6.51 by ($0.03). The business had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Diamondback Energy had a return on equity of 28.49% and a net margin of 45.47%. As a group, research analysts anticipate that Diamondback Energy, Inc. will post 24.5 earnings per share for the current year.
Diamondback Energy Announces Dividend
The business also recently declared a None dividend, which was paid on Friday, November 25th. Shareholders of record on Thursday, November 17th were given a dividend of $2.26 per share. This represents a dividend yield of 4.7%. The ex-dividend date was Wednesday, November 16th. Diamondback Energy’s dividend payout ratio is presently 12.22%.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on FANG. Morgan Stanley dropped their target price on shares of Diamondback Energy from $180.00 to $168.00 and set an “overweight” rating on the stock in a research report on Tuesday. Johnson Rice upgraded Diamondback Energy from an “accumulate” rating to a “buy” rating and set a $210.00 price objective for the company in a research note on Monday, December 5th. Roth Capital raised their target price on Diamondback Energy from $150.00 to $182.00 in a research report on Tuesday, November 1st. Citigroup boosted their price target on Diamondback Energy from $155.00 to $170.00 in a research report on Tuesday, November 22nd. Finally, Truist Financial raised their price objective on Diamondback Energy from $203.00 to $209.00 and gave the company a “buy” rating in a report on Friday, November 18th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Diamondback Energy presently has a consensus rating of “Moderate Buy” and an average target price of $180.90.
Diamondback Energy Company Profile
Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and 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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