Cornerstone Investment Partners LLC Sells 33,962 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Cornerstone Investment Partners LLC reduced its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 11.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 269,856 shares of the oil and natural gas company's stock after selling 33,962 shares during the quarter. Diamondback Energy comprises approximately 2.2% of Cornerstone Investment Partners LLC's portfolio, making the stock its 21st biggest holding. Cornerstone Investment Partners LLC owned approximately 0.09% of Diamondback Energy worth $44,211,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of FANG. R Squared Ltd bought a new position in Diamondback Energy during the fourth quarter valued at approximately $29,000. UMB Bank n.a. boosted its stake in shares of Diamondback Energy by 247.3% in the 4th quarter. UMB Bank n.a. now owns 191 shares of the oil and natural gas company's stock valued at $31,000 after purchasing an additional 136 shares in the last quarter. Key Financial Inc grew its holdings in shares of Diamondback Energy by 940.0% during the 4th quarter. Key Financial Inc now owns 208 shares of the oil and natural gas company's stock valued at $34,000 after purchasing an additional 188 shares during the last quarter. Ashton Thomas Securities LLC purchased a new position in Diamondback Energy in the 3rd quarter worth $52,000. Finally, Synergy Asset Management LLC bought a new stake in Diamondback Energy in the fourth quarter worth $67,000. 90.01% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Diamondback Energy news, Director Frank D. Tsuru bought 2,000 shares of the stock in a transaction dated Friday, February 28th. The stock was purchased at an average cost of $156.51 per share, for a total transaction of $313,020.00. Following the completion of the acquisition, the director now owns 5,730 shares of the company's stock, valued at approximately $896,802.30. This trade represents a 53.62 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.48% of the stock is currently owned by insiders.

Diamondback Energy Stock Down 1.6 %

Shares of NASDAQ:FANG traded down $2.34 during trading on Wednesday, hitting $142.70. The stock had a trading volume of 3,680,544 shares, compared to its average volume of 2,398,365. The company has a market capitalization of $41.30 billion, a PE ratio of 8.17, a PEG ratio of 1.24 and a beta of 1.86. 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 firm's fifty day moving average is $165.00 and its 200 day moving average is $174.34. Diamondback Energy, Inc. has a 12 month low of $139.57 and a 12 month high of $214.50.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its quarterly earnings data on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $3.55 billion. Analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 13th. Investors of record on Thursday, March 6th will be given a dividend of $1.00 per share. This is a boost from Diamondback Energy's previous quarterly dividend of $0.90. This represents a $4.00 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date of this dividend is Thursday, March 6th. Diamondback Energy's dividend payout ratio (DPR) is 25.32%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Royal Bank of Canada reaffirmed an "outperform" rating and set a $210.00 price objective on shares of Diamondback Energy in a research note on Thursday, January 23rd. Morgan Stanley raised their price target on Diamondback Energy from $220.00 to $227.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 19th. Piper Sandler decreased their price target on Diamondback Energy from $252.00 to $232.00 and set an "overweight" rating on the stock in a research note on Tuesday, December 17th. Truist Financial increased their price objective on Diamondback Energy from $236.00 to $238.00 and gave the company a "buy" rating in a research note on Wednesday, February 19th. Finally, Wolfe Research upgraded shares of Diamondback Energy from a "peer perform" rating to an "outperform" rating and set a $190.00 target price on the stock in a report on Friday, January 3rd. Four research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $216.09.

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.