Sagespring Wealth Partners LLC Purchases New Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Sagespring Wealth Partners LLC acquired a new stake in Diamondback Energy, Inc. (NASDAQ:FANG) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 7,038 shares of the oil and natural gas company’s stock, valued at approximately $1,153,000.

Other large investors also recently modified their holdings of the company. Distillate Capital Partners LLC boosted its stake in Diamondback Energy by 18.3% in the 4th quarter. Distillate Capital Partners LLC now owns 145,750 shares of the oil and natural gas company’s stock valued at $23,878,000 after purchasing an additional 22,556 shares during the period. Crux Wealth Advisors acquired a new stake in shares of Diamondback Energy during the fourth quarter worth $318,000. Rockefeller Capital Management L.P. boosted its position in shares of Diamondback Energy by 8.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 264,114 shares of the oil and natural gas company’s stock valued at $43,280,000 after acquiring an additional 20,670 shares during the period. Sterling Capital Management LLC increased its position in Diamondback Energy by 6.7% during the fourth quarter. Sterling Capital Management LLC now owns 46,500 shares of the oil and natural gas company’s stock worth $7,618,000 after acquiring an additional 2,915 shares during the period. Finally, Covestor Ltd increased its position in Diamondback Energy by 95.6% during the fourth quarter. Covestor Ltd now owns 1,377 shares of the oil and natural gas company’s stock worth $226,000 after acquiring an additional 673 shares during the period. 90.01% of the stock is owned by institutional investors.

Insider Activity at Diamondback Energy

In other news, Director Frank D. Tsuru bought 2,000 shares of the company’s 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 acquisition, the director now directly owns 5,730 shares in the company, valued at approximately $896,802.30. This represents a 53.62 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.48% of the stock is currently owned by company insiders.

Diamondback Energy Stock Up 4.7 %

NASDAQ:FANG opened at $129.01 on Monday. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $214.50. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. The company has a market cap of $37.94 billion, a PE ratio of 7.38, a P/E/G ratio of 1.24 and a beta of 1.44. The firm’s 50 day simple moving average is $150.06 and its 200 day simple moving average is $166.26.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 EPS for the quarter, topping analysts’ consensus estimates of $3.57 by $0.07. The company had revenue of $3.71 billion for the quarter, compared to analyst estimates of $3.55 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. On average, research analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Thursday, March 6th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.10%. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.90. The ex-dividend date was Thursday, March 6th. Diamondback Energy’s dividend payout ratio (DPR) is 25.32%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on FANG. Royal Bank of Canada restated an “outperform” rating and set a $210.00 target price on shares of Diamondback Energy in a research report on Thursday, January 23rd. Scotiabank reduced their price target on Diamondback Energy from $215.00 to $175.00 and set a “sector outperform” rating on the stock in a research report on Friday. Raymond James dropped their price objective on Diamondback Energy from $245.00 to $214.00 and set a “strong-buy” rating for the company in a report on Wednesday, March 12th. Morgan Stanley reduced their target price on Diamondback Energy from $227.00 to $206.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. Finally, Citigroup raised Diamondback Energy from a “reduce” rating to a “buy” rating and boosted their price target for the company from $157.00 to $180.00 in a research note on Monday, April 7th. Three research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $208.17.

Diamondback Energy Company 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.