Summit Investment Advisors Inc. Has $1.82 Million Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Summit Investment Advisors Inc. lifted its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 52.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,111 shares of the oil and natural gas company’s stock after purchasing an additional 3,841 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Diamondback Energy were worth $1,820,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Virtu Financial LLC acquired a new position in shares of Diamondback Energy in the 3rd quarter valued at $1,215,000. Fulcrum Equity Management acquired a new position in Diamondback Energy in the third quarter worth about $206,000. Pine Valley Investments Ltd Liability Co raised its position in Diamondback Energy by 11.3% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 2,027 shares of the oil and natural gas company’s stock worth $349,000 after purchasing an additional 205 shares in the last quarter. World Investment Advisors LLC bought a new position in Diamondback Energy during the third quarter worth about $3,935,000. Finally, Wilmington Savings Fund Society FSB acquired a new stake in Diamondback Energy during the third quarter valued at approximately $138,000. 90.01% of the stock is currently owned by institutional investors.

Insider Activity at Diamondback Energy

In related news, Director Frank D. Tsuru purchased 2,000 shares of the firm’s stock in a transaction on Friday, February 28th. The stock was purchased at an average cost 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 in the company, valued at $896,802.30. This trade represents a 53.62 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.48% of the stock is owned by company insiders.

Diamondback Energy Trading Down 0.4 %

NASDAQ:FANG opened at $127.14 on Wednesday. The company has a market cap of $37.39 billion, a P/E ratio of 7.28, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $214.50. The business has a 50 day moving average price of $148.66 and a two-hundred day moving average price of $165.69. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 EPS for the quarter, topping the consensus estimate of $3.57 by $0.07. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The business had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.55 billion. As a group, analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal 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 issued a $1.00 dividend. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $4.00 annualized dividend and a dividend yield of 3.15%. Diamondback Energy’s dividend payout ratio (DPR) is presently 25.32%.

Wall Street Analysts Forecast Growth

FANG has been the subject of several analyst reports. Raymond James cut their target price on Diamondback Energy from $245.00 to $214.00 and set a “strong-buy” rating for the company in a research report on Wednesday, March 12th. Citigroup upgraded shares of Diamondback Energy from a “reduce” rating to a “buy” rating and boosted their target price for the company from $157.00 to $180.00 in a research note on Monday, April 7th. Piper Sandler cut their price target on shares of Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $210.00 price objective on shares of Diamondback Energy in a research note on Thursday, January 23rd. Finally, Mizuho raised their target price on Diamondback Energy from $201.00 to $204.00 and gave the company an “outperform” rating in a research note on Tuesday, February 25th. Three 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’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $208.17.

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.