OMERS ADMINISTRATION Corp Makes New Investment in Diamondback Energy, Inc. $FANG

OMERS ADMINISTRATION Corp bought a new position in Diamondback Energy, Inc. (NASDAQ:FANG) during the 2nd quarter, HoldingsChannel reports. The fund bought 36,531 shares of the oil and natural gas company’s stock, valued at approximately $6,421,000.

A number of other institutional investors have also recently made changes to their positions in FANG. Sanctuary Advisors LLC purchased a new position in Diamondback Energy in the 2nd quarter worth approximately $7,665,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Diamondback Energy during the 2nd quarter valued at $53,782,000. Meiji Yasuda Asset Management Co Ltd. purchased a new stake in Diamondback Energy during the 2nd quarter valued at $785,000. Clear Harbor Asset Management LLC bought a new stake in shares of Diamondback Energy in the 2nd quarter worth $3,301,000. Finally, Bank of Nova Scotia bought a new stake in shares of Diamondback Energy in the 2nd quarter worth $4,971,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Buying and Selling at Diamondback Energy

In other news, Director Charles Alvin Meloy sold 33,333 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $198.41, for a total value of $6,613,600.53. Following the completion of the sale, the director directly owned 818,197 shares in the company, valued at $162,338,466.77. This represents a 3.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Teresa L. Dick sold 7,000 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total value of $1,406,300.00. Following the completion of the transaction, the chief accounting officer directly owned 85,755 shares in the company, valued at approximately $17,228,179.50. This represents a 7.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 129,167 shares of company stock worth $24,714,309. 0.64% of the stock is currently owned by insiders.

Diamondback Energy Price Performance

NASDAQ FANG opened at $205.60 on Tuesday. The company has a 50-day moving average price of $192.10 and a 200-day moving average price of $189.74. Diamondback Energy, Inc. has a 52 week low of $134.30 and a 52 week high of $216.90. The company has a quick ratio of 0.45, a current ratio of 0.47 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $57.57 billion, a P/E ratio of 40.08 and a beta of 0.43.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $6.08 by $0.40. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The company had revenue of $5.56 billion for the quarter, compared to the consensus estimate of $4.89 billion. During the same quarter last year, the firm posted $2.38 earnings per share. The firm’s revenue was up 51.2% compared to the same quarter last year. Equities research analysts anticipate that Diamondback Energy, Inc. will post 20.13 earnings per share for the current year.

Diamondback Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were given a dividend of $1.10 per share. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.1%. Diamondback Energy’s payout ratio is presently 85.77%.

Analyst Ratings Changes

FANG has been the subject of several recent analyst reports. Raymond James Financial restated a “strong-buy” rating and issued a $248.00 price target on shares of Diamondback Energy in a research note on Friday, July 31st. Mizuho lifted their price objective on Diamondback Energy from $220.00 to $240.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Jefferies Financial Group reiterated a “hold” rating and issued a $205.00 price objective on shares of Diamondback Energy in a report on Sunday, August 9th. Truist Financial upped their target price on shares of Diamondback Energy from $220.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. Finally, Sanford C. Bernstein raised their price target on shares of Diamondback Energy from $237.00 to $241.00 and gave the company an “outperform” rating in a report on Monday, May 11th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $222.21.

Diamondback Energy Company Profile

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.