Diamondback Energy, Inc. (NASDAQ:FANG) Shares Sold by Oak Harvest Investment Services

Oak Harvest Investment Services decreased its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 23.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 38,903 shares of the oil and natural gas company’s stock after selling 12,158 shares during the quarter. Oak Harvest Investment Services’ holdings in Diamondback Energy were worth $6,373,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Franklin Resources Inc. lifted its stake in Diamondback Energy by 48.5% during the 3rd quarter. Franklin Resources Inc. now owns 146,870 shares of the oil and natural gas company’s stock worth $28,008,000 after acquiring an additional 47,951 shares in the last quarter. Benjamin Edwards Inc. lifted its stake in Diamondback Energy by 368.1% in the third quarter. Benjamin Edwards Inc. now owns 9,784 shares of the oil and natural gas company’s stock valued at $1,687,000 after buying an additional 7,694 shares during the last quarter. Everence Capital Management Inc. purchased a new stake in Diamondback Energy during the 4th quarter valued at approximately $1,053,000. Geode Capital Management LLC raised its holdings in Diamondback Energy by 6.1% during the third quarter. Geode Capital Management LLC now owns 4,618,560 shares of the oil and natural gas company’s stock worth $793,611,000 after purchasing an additional 266,299 shares in the last quarter. Finally, Atria Investments Inc raised its position in Diamondback Energy by 18.5% in the third quarter. Atria Investments Inc now owns 42,678 shares of the oil and natural gas company’s stock worth $7,358,000 after acquiring an additional 6,672 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on FANG shares. Citigroup initiated coverage on Diamondback Energy in a report on Monday, October 14th. They set a “neutral” rating and a $195.00 target price on the stock. JPMorgan Chase & Co. increased their price objective on shares of Diamondback Energy from $191.00 to $195.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. StockNews.com raised Diamondback Energy from a “sell” rating to a “hold” rating in a report on Wednesday, November 13th. Piper Sandler lowered their target price on Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Finally, Benchmark reaffirmed a “buy” rating and set a $195.00 target price on shares of Diamondback Energy in a research report on Tuesday, October 29th. Four research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $215.00.

Insiders Place Their Bets

In other news, Director Mark Lawrence Plaumann sold 1,150 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total value of $208,150.00. Following the completion of the transaction, the director now directly owns 4,712 shares in the company, valued at approximately $852,872. This trade represents a 19.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.48% of the company’s stock.

Diamondback Energy Price Performance

NASDAQ:FANG opened at $170.41 on Friday. The firm has a market capitalization of $49.76 billion, a price-to-earnings ratio of 9.75, a P/E/G ratio of 1.33 and a beta of 1.88. 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, Inc. has a 12-month low of $147.93 and a 12-month high of $214.50. The stock’s 50 day moving average price is $169.65 and its two-hundred day moving average price is $181.40.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.62 by ($1.24). Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The firm had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the prior year, the business posted $5.49 EPS. The business’s revenue was up 13.0% on a year-over-year basis. On average, analysts anticipate that Diamondback Energy, Inc. will post 15.55 earnings per share for the current year.

Diamondback Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th were issued a $0.90 dividend. The ex-dividend date was Thursday, November 14th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.11%. Diamondback Energy’s dividend payout ratio is presently 20.61%.

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.