California Public Employees Retirement System Trims Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

California Public Employees Retirement System trimmed its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 6.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 306,849 shares of the oil and natural gas company's stock after selling 21,541 shares during the period. California Public Employees Retirement System owned about 0.11% of Diamondback Energy worth $50,271,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of FANG. Raymond James Financial Inc. bought a new position in Diamondback Energy during the 4th quarter worth approximately $298,327,000. Assenagon Asset Management S.A. boosted its stake in shares of Diamondback Energy by 1,153.0% during the fourth 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. increased its stake 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 buying an additional 658,644 shares during the period. Boston Partners boosted its position in Diamondback Energy by 12.4% during the 4th quarter. Boston Partners now owns 5,169,742 shares of the oil and natural gas company's stock valued at $849,202,000 after buying an additional 571,820 shares during the period. Finally, Zimmer Partners LP bought a new stake in Diamondback Energy in the 3rd quarter worth $87,924,000. 90.01% of the stock is owned by institutional investors.

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Insider Transactions at Diamondback Energy

In other news, Director Frank D. Tsuru purchased 2,000 shares of the company's stock in a transaction dated Friday, February 28th. The shares were purchased at an average cost of $156.51 per share, for a total transaction of $313,020.00. Following the purchase, the director now directly owns 5,730 shares in the company, valued at approximately $896,802.30. This represents a 53.62 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Company insiders own 0.48% of the company's stock.

Diamondback Energy Stock Down 12.7 %

Shares of NASDAQ:FANG traded down $17.91 during trading on Friday, reaching $123.37. 5,423,563 shares of the stock traded hands, compared to its average volume of 2,006,389. The stock has a market cap of $35.71 billion, a P/E ratio of 7.06, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. 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 has a 50-day moving average of $155.91 and a two-hundred day moving average of $168.89. Diamondback Energy, Inc. has a 52-week low of $123.15 and a 52-week high of $214.50.

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, beating the consensus estimate of $3.57 by $0.07. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The business had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.55 billion. As a group, sell-side analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Thursday, March 6th were issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date was Thursday, March 6th. This is an increase from Diamondback Energy's previous quarterly dividend of $0.90. Diamondback Energy's dividend payout ratio (DPR) is presently 25.32%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on FANG. JPMorgan Chase & Co. dropped their target price on shares of Diamondback Energy from $212.00 to $167.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Raymond James dropped their price objective on Diamondback Energy from $245.00 to $214.00 and set a "strong-buy" rating for the company in a report on Wednesday, March 12th. Mizuho boosted their target price on Diamondback Energy from $201.00 to $204.00 and gave the company an "outperform" rating in a research note on Tuesday, February 25th. Piper Sandler dropped their price target on Diamondback Energy from $252.00 to $232.00 and set an "overweight" rating for the company in a research note on Tuesday, December 17th. Finally, Barclays reduced their price objective on shares of Diamondback Energy from $210.00 to $200.00 and set an "overweight" rating on the stock in a research report on Tuesday, March 18th. Four analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus 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.