Los Angeles Capital Management LLC Acquires 21,481 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Los Angeles Capital Management LLC increased its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANGGet Rating) by 19.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 129,363 shares of the oil and natural gas company’s stock after acquiring an additional 21,481 shares during the quarter. Los Angeles Capital Management LLC owned about 0.07% of Diamondback Energy worth $17,733,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. MCF Advisors LLC bought a new stake in shares of Diamondback Energy during the first quarter worth approximately $35,000. Creative Financial Designs Inc. ADV boosted its stake in Diamondback Energy by 235.0% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 335 shares of the oil and natural gas company’s stock valued at $46,000 after purchasing an additional 235 shares during the period. Allworth Financial LP grew its holdings in Diamondback Energy by 52.4% in the 1st quarter. Allworth Financial LP now owns 349 shares of the oil and natural gas company’s stock valued at $48,000 after buying an additional 120 shares in the last quarter. Confluence Wealth Services Inc. bought a new position in Diamondback Energy during the 4th quarter worth $38,000. Finally, Key Financial Inc acquired a new stake in shares of Diamondback Energy during the first quarter worth $55,000. Institutional investors own 89.97% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Hof Matthew Kaes Van’t sold 6,000 shares of Diamondback Energy stock in a transaction on Tuesday, June 7th. The shares were sold at an average price of $160.00, for a total value of $960,000.00. Following the completion of the sale, the chief financial officer now owns 61,334 shares in the company, valued at approximately $9,813,440. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Travis D. Stice sold 30,000 shares of Diamondback Energy stock in a transaction on Friday, May 27th. The shares were sold at an average price of $150.01, for a total value of $4,500,300.00. Following the completion of the sale, the chief executive officer now owns 428,497 shares of the company’s stock, valued at approximately $64,278,834.97. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Hof Matthew Kaes Van’t sold 6,000 shares of the company’s stock in a transaction on Tuesday, June 7th. The stock was sold at an average price of $160.00, for a total transaction of $960,000.00. Following the transaction, the chief financial officer now owns 61,334 shares in the company, valued at approximately $9,813,440. The disclosure for this sale can be found here. In the last three months, insiders have sold 44,500 shares of company stock worth $6,740,850. Corporate insiders own 0.42% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Truist Financial upped their price target on shares of Diamondback Energy from $185.00 to $203.00 in a research note on Tuesday, July 19th. Raymond James raised their target price on shares of Diamondback Energy from $195.00 to $200.00 and gave the stock a “strong-buy” rating in a report on Monday, April 25th. StockNews.com cut Diamondback Energy from a “buy” rating to a “hold” rating in a research note on Tuesday. Piper Sandler lowered their price objective on Diamondback Energy from $196.00 to $191.00 and set an “overweight” rating on the stock in a research note on Friday, July 22nd. Finally, Bank of America dropped their price objective on Diamondback Energy from $170.00 to $143.00 and set a “neutral” rating for the company in a report on Tuesday, July 19th. Three analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $169.42.

Diamondback Energy Stock Performance

Shares of Diamondback Energy stock opened at $121.37 on Friday. The stock has a market cap of $21.05 billion, a price-to-earnings ratio of 5.67, a P/E/G ratio of 0.21 and a beta of 2.12. The company has a quick ratio of 0.69, a current ratio of 0.73 and a debt-to-equity ratio of 0.38. Diamondback Energy, Inc. has a twelve month low of $65.93 and a twelve month high of $162.24. The company’s fifty day moving average is $128.54 and its 200 day moving average is $131.55.

Diamondback Energy (NASDAQ:FANGGet Rating) last issued its quarterly earnings results on Monday, August 1st. The oil and natural gas company reported $7.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.58 by $0.49. Diamondback Energy had a net margin of 42.23% and a return on equity of 25.12%. The firm had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.44 billion. During the same quarter in the previous year, the company earned $2.40 EPS. The company’s revenue for the quarter was up 64.7% on a year-over-year basis. Sell-side analysts forecast that Diamondback Energy, Inc. will post 25.63 EPS for the current year.

Diamondback Energy announced that its board has authorized a share buyback program on Monday, August 1st that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the oil and natural gas company to buy up to 17.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Diamondback Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 23rd. Investors of record on Tuesday, August 16th will be paid a dividend of $3.05 per share. The ex-dividend date is Monday, August 15th. This represents a $12.20 annualized dividend and a yield of 10.05%. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.70. Diamondback Energy’s dividend payout ratio (DPR) is currently 13.09%.

About Diamondback Energy

(Get Rating)

Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and 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.

Further Reading

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Institutional Ownership by Quarter for Diamondback Energy (NASDAQ:FANG)

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