PFG Advisors Grows Stake in Diamondback Energy, Inc. $FANG

PFG Advisors lifted its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 170.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,126 shares of the oil and natural gas company’s stock after purchasing an additional 10,154 shares during the period. PFG Advisors’ holdings in Diamondback Energy were worth $2,216,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. BankPlus Trust Department purchased a new position in shares of Diamondback Energy during the 1st quarter worth about $27,000. Creekmur Asset Management LLC acquired a new position in shares of Diamondback Energy during the second quarter worth about $28,000. SouthState Corp grew its position in Diamondback Energy by 596.4% in the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock valued at $31,000 after acquiring an additional 167 shares in the last quarter. Eastern Bank increased its stake in Diamondback Energy by 119.8% during the 1st quarter. Eastern Bank now owns 233 shares of the oil and natural gas company’s stock worth $37,000 after buying an additional 127 shares during the period. Finally, Zions Bancorporation National Association UT purchased a new position in shares of Diamondback Energy during the 1st quarter valued at approximately $43,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. UBS Group lifted their price objective on shares of Diamondback Energy from $163.00 to $171.00 and gave the stock a “buy” rating in a report on Wednesday, August 20th. Susquehanna lowered their price objective on shares of Diamondback Energy to $188.00 and set a “positive” rating on the stock in a research note on Monday, October 20th. William Blair initiated coverage on Diamondback Energy in a research report on Monday, August 25th. They issued an “outperform” rating for the company. Wells Fargo & Company decreased their price objective on Diamondback Energy from $211.00 to $160.00 and set an “overweight” rating for the company in a research report on Friday, October 17th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Diamondback Energy in a research note on Thursday, October 9th. Two research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $188.41.

Diamondback Energy Trading Up 2.0%

Shares of Diamondback Energy stock opened at $143.65 on Monday. The company has a 50-day simple moving average of $142.31 and a 200 day simple moving average of $141.78. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 0.35. Diamondback Energy, Inc. has a 12-month low of $114.00 and a 12-month high of $186.07. The stock has a market capitalization of $41.16 billion, a P/E ratio of 9.98 and a beta of 0.99.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, November 3rd. The oil and natural gas company reported $3.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.94 by $0.14. Diamondback Energy had a net margin of 27.32% and a return on equity of 9.57%. The company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.48 billion. During the same quarter last year, the firm earned $3.19 EPS. The company’s revenue for the quarter was up 48.4% on a year-over-year basis. Research analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Thursday, November 13th will be given a dividend of $1.00 per share. The ex-dividend date of this dividend is Thursday, November 13th. This represents a $4.00 dividend on an annualized basis and a yield of 2.8%. Diamondback Energy’s dividend payout ratio is 27.80%.

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.