Investment Management Corp of Ontario Boosts Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Investment Management Corp of Ontario raised its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 13.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,030 shares of the oil and natural gas company’s stock after buying an additional 1,189 shares during the period. Investment Management Corp of Ontario’s holdings in Diamondback Energy were worth $1,643,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD boosted its position in Diamondback Energy by 11.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company’s stock valued at $1,496,859,000 after buying an additional 928,429 shares during the last quarter. Boston Partners lifted its position in shares of Diamondback Energy by 12.4% during the fourth quarter. Boston Partners now owns 5,169,742 shares of the oil and natural gas company’s stock worth $849,202,000 after purchasing an additional 571,820 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Diamondback Energy by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 4,710,165 shares of the oil and natural gas company’s stock worth $769,706,000 after purchasing an additional 91,605 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Diamondback Energy by 13.7% during the fourth quarter. Bank of New York Mellon Corp now owns 4,163,070 shares of the oil and natural gas company’s stock worth $682,036,000 after purchasing an additional 502,916 shares during the last quarter. Finally, Demars Financial Group LLC bought a new position in shares of Diamondback Energy during the fourth quarter worth about $638,050,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Frank D. Tsuru acquired 2,000 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were acquired at an average price of $156.51 per share, for a total transaction of $313,020.00. Following the completion of the purchase, the director now directly owns 5,730 shares of the company’s stock, valued at $896,802.30. The trade was a 53.62% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.70% of the company’s stock.

Diamondback Energy Stock Performance

FANG opened at $137.89 on Monday. The business’s 50 day moving average is $141.07 and its 200-day moving average is $159.09. The stock has a market cap of $40.29 billion, a PE ratio of 7.89, a price-to-earnings-growth ratio of 1.24 and a beta of 1.06. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $214.50.

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

Diamondback Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 22nd. Stockholders of record on Thursday, May 15th will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.90%. Diamondback Energy’s dividend payout ratio (DPR) is presently 24.46%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Raymond James reduced their price target on shares of Diamondback Energy from $245.00 to $214.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, March 12th. Royal Bank of Canada assumed coverage on shares of Diamondback Energy in a research report on Friday, May 2nd. They set an “outperform” rating and a $180.00 price target on the stock. Barclays reduced their price target on shares of Diamondback Energy from $200.00 to $185.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 23rd. Bank of America raised shares of Diamondback Energy from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $202.00 to $170.00 in a research report on Tuesday, April 29th. Finally, Susquehanna reduced their price target on shares of Diamondback Energy from $219.00 to $194.00 and set a “positive” rating on the stock in a research report on Tuesday, April 22nd. Two equities research 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. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $195.57.

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.