Tower Bridge Advisors Grows Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Tower Bridge Advisors raised its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 27.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,828 shares of the oil and natural gas company’s stock after buying an additional 1,898 shares during the period. Tower Bridge Advisors’ holdings in Diamondback Energy were worth $1,446,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of FANG. First Trust Direct Indexing L.P. lifted its holdings in Diamondback Energy by 2.5% during the third quarter. First Trust Direct Indexing L.P. now owns 5,720 shares of the oil and natural gas company’s stock worth $986,000 after acquiring an additional 141 shares during the period. Financial Advocates Investment Management increased its position in shares of Diamondback Energy by 3.0% during the 3rd quarter. Financial Advocates Investment Management now owns 1,907 shares of the oil and natural gas company’s stock valued at $329,000 after purchasing an additional 55 shares during the last quarter. HM Payson & Co. raised its stake in shares of Diamondback Energy by 19.8% during the 3rd quarter. HM Payson & Co. now owns 10,292 shares of the oil and natural gas company’s stock worth $1,774,000 after purchasing an additional 1,700 shares during the period. US Bancorp DE boosted its holdings in shares of Diamondback Energy by 1.9% in the 3rd quarter. US Bancorp DE now owns 25,715 shares of the oil and natural gas company’s stock worth $4,433,000 after buying an additional 472 shares during the last quarter. Finally, AustralianSuper Pty Ltd grew its position in Diamondback Energy by 483.2% during the third quarter. AustralianSuper Pty Ltd now owns 30,407 shares of the oil and natural gas company’s stock valued at $5,242,000 after buying an additional 25,193 shares during the period. Institutional investors own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. StockNews.com raised shares of Diamondback Energy from a “sell” rating to a “hold” rating in a research report on Wednesday, November 13th. Wolfe Research raised shares of Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price target on the stock in a report on Friday, January 3rd. JPMorgan Chase & Co. increased their price objective on Diamondback Energy from $191.00 to $195.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Truist Financial raised their target price on Diamondback Energy from $236.00 to $238.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Finally, Mizuho increased their price target on Diamondback Energy from $201.00 to $204.00 and gave the stock an “outperform” rating in a research note on Tuesday. Four investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $216.09.

Diamondback Energy Stock Performance

Shares of NASDAQ FANG opened at $158.96 on Friday. The stock’s 50-day moving average is $165.42 and its 200 day moving average is $175.33. The stock has a market cap of $46.41 billion, a price-to-earnings ratio of 9.10, a P/E/G ratio of 1.24 and a beta of 1.86. Diamondback Energy, Inc. has a 1-year low of $151.00 and a 1-year high of $214.50. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly 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 firm had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.55 billion. On average, sell-side analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 13th. Shareholders of record on Thursday, March 6th will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.52%. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.90. The ex-dividend date is Thursday, March 6th. Diamondback Energy’s dividend payout ratio is presently 25.32%.

Diamondback Energy 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.