Allstate Corp Invests $875,000 in Diamondback Energy, Inc. (NASDAQ:FANG)

Allstate Corp purchased a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 5,341 shares of the oil and natural gas company's stock, valued at approximately $875,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Wintrust Investments LLC bought a new stake in shares of Diamondback Energy during the 4th quarter worth $28,000. R Squared Ltd purchased a new stake in Diamondback Energy during the fourth quarter worth about $29,000. UMB Bank n.a. raised its position in Diamondback Energy by 247.3% in the fourth quarter. UMB Bank n.a. now owns 191 shares of the oil and natural gas company's stock worth $31,000 after acquiring an additional 136 shares during the period. Key Financial Inc boosted its stake in 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 valued at $34,000 after acquiring an additional 188 shares during the last quarter. Finally, Rakuten Securities Inc. grew its position in shares of Diamondback Energy by 62.4% during the 4th quarter. Rakuten Securities Inc. now owns 276 shares of the oil and natural gas company's stock valued at $45,000 after acquiring an additional 106 shares during the period. Hedge funds and other institutional investors own 90.01% of the company's stock.

Insider Buying and Selling

In related news, Director Frank D. Tsuru acquired 2,000 shares of the company's stock in a transaction dated Friday, February 28th. The stock was purchased at an average price of $156.51 per share, with a total value of $313,020.00. Following the completion of the purchase, the director now owns 5,730 shares in the company, valued at $896,802.30. This trade represents a 53.62 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.48% of the stock is owned by corporate insiders.

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Diamondback Energy Price Performance

Shares of FANG stock traded down $20.21 during trading hours on Thursday, hitting $141.28. 5,413,169 shares of the company's stock were exchanged, compared to its average volume of 1,986,672. The company has a market capitalization of $40.89 billion, a PE ratio of 8.09, a PEG ratio of 1.24 and a beta of 1.85. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a 12-month low of $137.09 and a 12-month high of $214.50. The business's 50 day simple moving average is $157.61 and its 200-day simple moving average is $169.51.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 EPS 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 company had revenue of $3.71 billion for the quarter, compared to analysts' expectations of $3.55 billion. On average, equities research analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Thursday, March 6th were issued a dividend of $1.00 per share. The ex-dividend date was Thursday, March 6th. This is a boost from Diamondback Energy's previous quarterly dividend of $0.90. This represents a $4.00 annualized dividend and a yield of 2.83%. Diamondback Energy's dividend payout ratio is currently 25.32%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on FANG shares. Williams Trading set a $190.00 price objective on Diamondback Energy in a research note on Wednesday, March 5th. Mizuho lifted their price objective on Diamondback Energy from $201.00 to $204.00 and gave the stock an "outperform" rating in a report on Tuesday, February 25th. Barclays lowered their price objective on Diamondback Energy from $210.00 to $200.00 and set an "overweight" rating on the stock in a research note on Tuesday, March 18th. JPMorgan Chase & Co. reduced their target price on shares of Diamondback Energy from $212.00 to $167.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Finally, Wolfe Research upgraded shares of Diamondback Energy from a "peer perform" rating to an "outperform" rating and set a $190.00 price target on the stock in a research note on Friday, January 3rd. Four research 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 stock. According to data from MarketBeat, Diamondback Energy has an average rating of "Moderate Buy" and a consensus target price of $209.33.

Diamondback Energy 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.