Simmons Bank Acquires 738 Shares of Diamondback Energy, Inc. $FANG

Simmons Bank raised its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 8.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,987 shares of the oil and natural gas company’s stock after purchasing an additional 738 shares during the quarter. Simmons Bank’s holdings in Diamondback Energy were worth $1,235,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. BankPlus Trust Department bought a new position in Diamondback Energy during the first quarter valued at about $27,000. Creekmur Asset Management LLC bought a new position in shares of Diamondback Energy during the 2nd quarter valued at approximately $28,000. SouthState Corp grew its position in shares of Diamondback Energy by 596.4% during the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock valued at $31,000 after acquiring an additional 167 shares during the period. Financial Gravity Asset Management Inc. bought a new position in Diamondback Energy during the first quarter valued at $33,000. Finally, Eastern Bank grew its holdings in Diamondback Energy by 119.8% during the first quarter. Eastern Bank now owns 233 shares of the oil and natural gas company’s stock valued at $37,000 after purchasing an additional 127 shares during the period. Institutional investors own 90.01% of the company’s stock.

Analysts Set New Price Targets

FANG has been the subject of several research reports. Scotiabank reissued an “outperform” rating on shares of Diamondback Energy in a report on Thursday, October 9th. Susquehanna cut their price target on Diamondback Energy to $188.00 and set a “positive” rating for the company in a research note on Monday, October 20th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Diamondback Energy in a research report on Wednesday, October 8th. Melius began coverage on shares of Diamondback Energy in a research report on Wednesday, August 20th. They set a “buy” rating and a $213.00 target price for the company. Finally, Barclays cut their target price on shares of Diamondback Energy from $185.00 to $178.00 and set an “overweight” rating for the company in a research report on Tuesday, October 7th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $188.41.

Diamondback Energy Price Performance

FANG stock opened at $137.29 on Thursday. The firm has a 50 day moving average of $142.58 and a 200-day moving average of $141.63. The company has a current ratio of 0.62, a quick ratio of 0.52 and a debt-to-equity ratio of 0.35. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $186.07. The firm has a market capitalization of $39.74 billion, a P/E ratio of 9.54 and a beta of 0.99.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Monday, November 3rd. The oil and natural gas company reported $3.08 EPS for the quarter, beating analysts’ consensus estimates of $2.94 by $0.14. Diamondback Energy had a net margin of 27.32% and a return on equity of 9.57%. The company had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.48 billion. During the same period last year, the business earned $3.19 earnings per share. Diamondback Energy’s revenue was up 48.4% compared to the same quarter last year. As a group, sell-side analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Thursday, November 13th will be paid a dividend of $1.00 per share. The ex-dividend date of this dividend is Thursday, November 13th. This represents a $4.00 annualized dividend and a yield of 2.9%. Diamondback Energy’s dividend payout ratio (DPR) is currently 27.80%.

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.