ZEGA Investments LLC Acquires Shares of 35,395 Diamondback Energy, Inc. (NASDAQ:FANG)

ZEGA Investments LLC bought a new position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 35,395 shares of the oil and natural gas company's stock, valued at approximately $6,132,000. Diamondback Energy accounts for approximately 1.5% of ZEGA Investments LLC's holdings, making the stock its 12th biggest position.

Several other institutional investors have also made changes to their positions in the company. Raymond James Financial Inc. purchased a new stake in Diamondback Energy in the 4th quarter worth about $298,327,000. Assenagon Asset Management S.A. increased its holdings in shares of Diamondback Energy by 1,153.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,132,918 shares of the oil and natural gas company's stock valued at $185,606,000 after purchasing an additional 1,042,505 shares during the period. Diamond Hill Capital Management Inc. lifted its position in shares of Diamondback Energy by 30.5% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 2,817,554 shares of the oil and natural gas company's stock worth $461,600,000 after purchasing an additional 658,644 shares in the last quarter. Boston Partners boosted its holdings in shares of Diamondback Energy by 12.4% during the fourth quarter. Boston Partners now owns 5,169,742 shares of the oil and natural gas company's stock worth $849,202,000 after purchasing an additional 571,820 shares during the period. Finally, Zimmer Partners LP purchased a new position in Diamondback Energy during the third quarter valued at approximately $87,924,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

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Insider Transactions at Diamondback Energy

In other Diamondback Energy news, Director Frank D. Tsuru purchased 2,000 shares of the business's stock in a transaction that occurred on Friday, February 28th. The stock was acquired at an average cost of $156.51 per share, with a total value of $313,020.00. Following the completion of the acquisition, the director now directly owns 5,730 shares of the company's stock, valued at $896,802.30. This represents a 53.62 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.48% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Williams Trading set a $190.00 target price on shares of Diamondback Energy in a research report on Wednesday, March 5th. Barclays cut their target price on Diamondback Energy from $210.00 to $200.00 and set an "overweight" rating on the stock in a report on Tuesday, March 18th. Morgan Stanley boosted their target price on Diamondback Energy from $220.00 to $227.00 and gave the stock an "overweight" rating in a report on Wednesday, February 19th. Wells Fargo & Company lowered their price target on Diamondback Energy from $219.00 to $215.00 and set an "overweight" rating on the stock in a report on Wednesday, March 12th. Finally, Piper Sandler reduced their price objective on shares of Diamondback Energy from $252.00 to $232.00 and set an "overweight" rating for the company in a research note on Tuesday, December 17th. Four analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $209.92.

Diamondback Energy Price Performance

NASDAQ FANG traded up $1.49 during trading on Wednesday, reaching $163.09. 2,373,062 shares of the company traded hands, compared to its average volume of 1,878,959. Diamondback Energy, Inc. has a 1-year low of $137.09 and a 1-year high of $214.50. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. The stock's 50 day moving average price is $159.82 and its two-hundred day moving average price is $170.00. The company has a market cap of $47.20 billion, a price-to-earnings ratio of 9.34, a P/E/G ratio of 1.24 and a beta of 1.85.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its quarterly earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.57 by $0.07. The firm had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.55 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. As a group, analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Thursday, March 6th were paid a $1.00 dividend. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $4.00 dividend on an annualized basis and a yield of 2.45%. This is a positive change from Diamondback Energy's previous quarterly dividend of $0.90. Diamondback Energy's payout ratio is currently 25.32%.

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.