Mackenzie Financial Corp Increases Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Mackenzie Financial Corp increased its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 2.8% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 105,363 shares of the oil and natural gas company’s stock after buying an additional 2,855 shares during the quarter. Mackenzie Financial Corp owned 0.06% of Diamondback Energy worth $16,340,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. BKM Wealth Management LLC bought a new position in shares of Diamondback Energy during the 4th quarter valued at approximately $27,000. BluePath Capital Management LLC bought a new position in Diamondback Energy during the third quarter valued at $28,000. Householder Group Estate & Retirement Specialist LLC purchased a new stake in Diamondback Energy in the third quarter worth $32,000. FinTrust Capital Advisors LLC raised its stake in shares of Diamondback Energy by 232.8% in the fourth quarter. FinTrust Capital Advisors LLC now owns 213 shares of the oil and natural gas company’s stock valued at $29,000 after buying an additional 149 shares during the period. Finally, Turtle Creek Wealth Advisors LLC purchased a new position in shares of Diamondback Energy during the 4th quarter valued at $34,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FANG. Mizuho boosted their price objective on Diamondback Energy from $200.00 to $217.00 and gave the company a “buy” rating in a research note on Thursday, April 11th. UBS Group upped their price target on shares of Diamondback Energy from $183.00 to $200.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. Bank of America upgraded shares of Diamondback Energy from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $129.00 to $170.00 in a research note on Monday, February 12th. Truist Financial cut their price target on Diamondback Energy from $250.00 to $248.00 and set a “buy” rating for the company in a report on Friday, April 5th. Finally, Bank Of America (Bofa) decreased their price objective on Diamondback Energy from $147.00 to $129.00 and set an “underperform” rating on the stock in a research note on Thursday, January 18th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $195.95.

Diamondback Energy Stock Performance

Diamondback Energy stock opened at $199.60 on Friday. Diamondback Energy, Inc. has a fifty-two week low of $123.41 and a fifty-two week high of $211.96. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.74 and a current ratio of 0.77. The stock has a market cap of $35.60 billion, a P/E ratio of 11.51 and a beta of 1.93. The firm’s fifty day moving average price is $188.92 and its 200-day moving average price is $167.21.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Tuesday, February 20th. The oil and natural gas company reported $4.74 earnings per share for the quarter, beating analysts’ consensus estimates of $4.61 by $0.13. Diamondback Energy had a return on equity of 19.56% and a net margin of 37.36%. The business had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter last year, the business posted $5.29 earnings per share. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. On average, equities research analysts expect that Diamondback Energy, Inc. will post 18.52 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Tuesday, March 5th were paid a $3.08 dividend. The ex-dividend date of this dividend was Monday, March 4th. This represents a $12.32 annualized dividend and a yield of 6.17%. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.84. Diamondback Energy’s dividend payout ratio is currently 20.76%.

Insider Buying and Selling at Diamondback Energy

In other news, COO Daniel N. Wesson sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $192.17, for a total value of $1,153,020.00. Following the completion of the sale, the chief operating officer now directly owns 78,218 shares in the company, valued at approximately $15,031,153.06. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, COO Daniel N. Wesson sold 6,000 shares of the stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $192.17, for a total transaction of $1,153,020.00. Following the completion of the sale, the chief operating officer now directly owns 78,218 shares in the company, valued at approximately $15,031,153.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Travis D. Stice sold 30,000 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, April 2nd. The stock was sold at an average price of $200.00, for a total value of $6,000,000.00. Following the completion of the transaction, the chief executive officer now directly owns 446,610 shares in the company, valued at $89,322,000. The disclosure for this sale can be found here. Insiders have sold 57,675 shares of company stock worth $11,311,096 over the last ninety days. Insiders own 0.43% of the company’s stock.

Diamondback Energy 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.