Whittier Trust Co. Raises Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Whittier Trust Co. increased its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 168.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,536 shares of the oil and natural gas company’s stock after buying an additional 964 shares during the quarter. Whittier Trust Co.’s holdings in Diamondback Energy were worth $307,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in FANG. Founders Capital Management grew its stake in Diamondback Energy by 404.0% during the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after purchasing an additional 101 shares during the last quarter. First Community Trust NA purchased a new position in shares of Diamondback Energy during the second quarter worth $26,000. Logan Capital Management Inc. acquired a new position in Diamondback Energy during the fourth quarter valued at $31,000. E Fund Management Hong Kong Co. Ltd. purchased a new stake in Diamondback Energy in the first quarter valued at $49,000. Finally, First Horizon Advisors Inc. lifted its holdings in shares of Diamondback Energy by 37.3% in the 4th quarter. First Horizon Advisors Inc. now owns 320 shares of the oil and natural gas company’s stock valued at $50,000 after buying an additional 87 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

Diamondback Energy Trading Up 2.0 %

NASDAQ FANG traded up $3.80 on Thursday, reaching $198.37. The stock had a trading volume of 380,686 shares, compared to its average volume of 1,527,689. The company has a quick ratio of 0.89, a current ratio of 0.92 and a debt-to-equity ratio of 0.37. The stock has a fifty day moving average price of $199.11 and a two-hundred day moving average price of $195.19. Diamondback Energy, Inc. has a 12-month low of $143.08 and a 12-month high of $214.50. The firm has a market capitalization of $35.38 billion, a price-to-earnings ratio of 10.99, a P/E/G ratio of 1.06 and a beta of 1.90.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.51 by $0.01. The firm had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.19 billion. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. Diamondback Energy’s revenue was up 29.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.68 EPS. As a group, sell-side analysts forecast that Diamondback Energy, Inc. will post 18.63 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently disclosed a None dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th were issued a $2.34 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a dividend yield of 1.9%. This is an increase from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s dividend payout ratio is presently 20.29%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on FANG shares. UBS Group boosted their price target on Diamondback Energy from $245.00 to $247.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Bank of America upped their price objective on shares of Diamondback Energy from $201.00 to $215.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 23rd. Wells Fargo & Company dropped their target price on Diamondback Energy from $231.00 to $230.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 14th. Truist Financial increased their price target on Diamondback Energy from $249.00 to $255.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Finally, Mizuho boosted their price objective on Diamondback Energy from $217.00 to $222.00 and gave the company a “buy” rating in a research report on Monday, May 13th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $211.85.

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.