Bank of Nova Scotia Purchases 77,786 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Bank of Nova Scotia boosted its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 298.0% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 103,891 shares of the oil and natural gas company's stock after buying an additional 77,786 shares during the period. Bank of Nova Scotia's holdings in Diamondback Energy were worth $17,020,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. Boston Partners boosted its holdings in shares of Diamondback Energy by 12.4% in the fourth quarter. Boston Partners now owns 5,169,742 shares of the oil and natural gas company's stock valued at $849,202,000 after acquiring an additional 571,820 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Diamondback Energy by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 4,710,165 shares of the oil and natural gas company's stock worth $769,706,000 after buying an additional 91,605 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Diamondback Energy by 13.7% in the fourth quarter. Bank of New York Mellon Corp now owns 4,163,070 shares of the oil and natural gas company's stock valued at $682,036,000 after buying an additional 502,916 shares during the period. Invesco Ltd. boosted its stake in Diamondback Energy by 12.6% during the fourth quarter. Invesco Ltd. now owns 3,086,468 shares of the oil and natural gas company's stock valued at $505,656,000 after buying an additional 345,353 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. grew its holdings in Diamondback Energy by 30.5% during 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 acquiring an additional 658,644 shares during the period. Institutional investors and hedge funds own 90.01% of the company's stock.

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Analyst Ratings Changes

Several equities analysts have recently weighed in on FANG shares. Raymond James reduced their price objective on shares of Diamondback Energy from $245.00 to $214.00 and set a "strong-buy" rating for the company in a research report on Wednesday, March 12th. Wells Fargo & Company reduced their price objective on Diamondback Energy from $219.00 to $215.00 and set an "overweight" rating for the company in a research note on Wednesday, March 12th. Barclays cut their price objective on Diamondback Energy from $210.00 to $200.00 and set an "overweight" rating on the stock in a report on Tuesday, March 18th. UBS Group raised their target price on shares of Diamondback Energy from $212.00 to $216.00 and gave the stock a "buy" rating in a report on Thursday, February 13th. Finally, Scotiabank reduced their price target on shares of Diamondback Energy from $215.00 to $175.00 and set a "sector outperform" rating for the company in a research report on Friday. Three analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $208.17.

Diamondback Energy Stock Up 0.4 %

NASDAQ FANG traded up $0.46 on Tuesday, reaching $128.10. The company had a trading volume of 572,912 shares, compared to its average volume of 2,062,032. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $214.50. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The company's fifty day moving average is $149.32 and its 200 day moving average is $165.96. The stock has a market capitalization of $37.67 billion, a P/E ratio of 7.33, a P/E/G ratio of 1.24 and a beta of 1.44.

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

Diamondback Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Thursday, March 6th were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 3.12%. This is a positive change from Diamondback Energy's previous quarterly dividend of $0.90. The ex-dividend date of this dividend was Thursday, March 6th. Diamondback Energy's payout ratio is currently 25.32%.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, Director Frank D. Tsuru acquired 2,000 shares of the company's stock in a transaction that occurred on Friday, February 28th. The stock was bought 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 of the company's stock, valued at approximately $896,802.30. This represents a 53.62 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.48% of the company's stock.

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.