Summit Financial LLC Grows Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Summit Financial LLC lifted its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 1.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 67,783 shares of the oil and natural gas company’s stock after buying an additional 1,258 shares during the quarter. Summit Financial LLC’s holdings in Diamondback Energy were worth $11,105,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Wintrust Investments LLC bought a new position in shares of Diamondback Energy in the fourth quarter valued at approximately $28,000. R Squared Ltd bought a new position in Diamondback Energy in the 4th quarter valued at $29,000. UMB Bank n.a. grew its position in shares of Diamondback Energy by 247.3% during the 4th quarter. UMB Bank n.a. now owns 191 shares of the oil and natural gas company’s stock valued at $31,000 after purchasing an additional 136 shares in the last quarter. Key Financial Inc increased its holdings in shares of Diamondback Energy by 940.0% in the fourth quarter. Key Financial Inc now owns 208 shares of the oil and natural gas company’s stock worth $34,000 after purchasing an additional 188 shares during the period. Finally, Rakuten Securities Inc. raised its position in shares of Diamondback Energy by 62.4% in the fourth quarter. Rakuten Securities Inc. now owns 276 shares of the oil and natural gas company’s stock worth $45,000 after buying an additional 106 shares in the last quarter. 90.01% of the stock is owned by institutional investors.

Insider Activity at Diamondback Energy

In other news, Director Frank D. Tsuru bought 2,000 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were purchased at an average price of $156.51 per share, for a total transaction of $313,020.00. Following the completion of the purchase, the director now owns 5,730 shares in the company, valued at approximately $896,802.30. This represents a 53.62 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.48% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on FANG shares. Wells Fargo & Company dropped their target price on Diamondback Energy from $219.00 to $215.00 and set an “overweight” rating for the company in a research report on Wednesday, March 12th. Barclays lowered their price objective on shares of Diamondback Energy from $210.00 to $200.00 and set an “overweight” rating for the company in a report on Tuesday, March 18th. Truist Financial lifted their target price on shares of Diamondback Energy from $236.00 to $238.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Citigroup cut their price target on shares of Diamondback Energy from $195.00 to $157.00 and set a “neutral” rating for the company in a research report on Monday, March 17th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $210.00 price objective on shares of Diamondback Energy in a report on Thursday, January 23rd. Four investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $209.33.

Diamondback Energy Stock Down 1.7 %

NASDAQ:FANG opened at $157.54 on Monday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. The firm’s 50-day moving average price is $158.66 and its 200-day moving average price is $169.73. The company has a market capitalization of $45.60 billion, a PE ratio of 9.02, a P/E/G ratio of 1.24 and a beta of 1.85. Diamondback Energy, Inc. has a 1-year low of $137.09 and a 1-year high of $214.50.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $3.55 billion. On average, equities analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Thursday, March 6th were paid a $1.00 dividend. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.90. The ex-dividend date was Thursday, March 6th. This represents a $4.00 dividend on an annualized basis and a yield of 2.54%. Diamondback Energy’s payout ratio is presently 25.32%.

Diamondback Energy Company 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.