Harvest Fund Management Co. Ltd Increases Stake in Diamondback Energy, Inc. $FANG

Harvest Fund Management Co. Ltd boosted its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 20.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,595 shares of the oil and natural gas company’s stock after purchasing an additional 3,626 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Diamondback Energy were worth $3,245,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Flagship Harbor Advisors LLC bought a new stake in shares of Diamondback Energy in the 4th quarter worth approximately $25,000. Richardson Financial Services Inc. grew its position in shares of Diamondback Energy by 245.1% in the 4th quarter. Richardson Financial Services Inc. now owns 176 shares of the oil and natural gas company’s stock worth $26,000 after buying an additional 125 shares during the last quarter. Laurel Wealth Advisors LLC bought a new stake in shares of Diamondback Energy in the 4th quarter worth approximately $26,000. JPL Wealth Management LLC bought a new stake in shares of Diamondback Energy in the 3rd quarter worth approximately $26,000. Finally, Wellington Shields & Co. LLC grew its position in shares of Diamondback Energy by 264.7% in the 4th quarter. Wellington Shields & Co. LLC now owns 186 shares of the oil and natural gas company’s stock worth $28,000 after buying an additional 135 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Matt Zmigrosky sold 20,899 shares of the business’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $180.00, for a total value of $3,761,820.00. Following the completion of the transaction, the executive vice president owned 60,493 shares in the company, valued at $10,888,740. The trade was a 25.68% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Steven E. West sold 6,000 shares of the business’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $188.35, for a total value of $1,130,100.00. Following the completion of the transaction, the director owned 4,484 shares of the company’s stock, valued at $844,561.40. This represents a 57.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 86,321 shares of company stock worth $16,386,359 over the last three months. Company insiders own 0.64% of the company’s stock.

Diamondback Energy Stock Down 3.6%

Shares of NASDAQ:FANG opened at $202.94 on Friday. The stock has a fifty day simple moving average of $196.14 and a two-hundred day simple moving average of $173.58. The stock has a market capitalization of $57.09 billion, a price-to-earnings ratio of 235.98 and a beta of 0.42. Diamondback Energy, Inc. has a 12-month low of $134.30 and a 12-month high of $214.51. The company has a current ratio of 0.56, a quick ratio of 0.55 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share for the quarter, topping the consensus estimate of $3.74 by $0.49. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.The firm had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $3.83 billion. During the same quarter in the previous year, the business earned $4.54 earnings per share. The company’s revenue was up 4.7% on a year-over-year basis. On average, research analysts anticipate that Diamondback Energy, Inc. will post 19.54 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were paid a $1.10 dividend. This is an increase from Diamondback Energy’s previous quarterly dividend of $1.05. This represents a $4.40 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Thursday, May 14th. Diamondback Energy’s dividend payout ratio (DPR) is presently 511.63%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on FANG shares. Morgan Stanley lifted their price objective on Diamondback Energy from $224.00 to $229.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. UBS Group lifted their price objective on Diamondback Energy from $240.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, April 10th. Citigroup lifted their price objective on Diamondback Energy from $225.00 to $245.00 and gave the stock a “buy” rating in a research report on Wednesday, May 20th. Piper Sandler lifted their price objective on Diamondback Energy from $215.00 to $248.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. Finally, Wall Street Zen upgraded Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $223.26.

About Diamondback Energy

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.