NewEdge Advisors LLC Buys 8,737 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

NewEdge Advisors LLC lifted its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 30.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 37,347 shares of the oil and natural gas company's stock after acquiring an additional 8,737 shares during the quarter. NewEdge Advisors LLC's holdings in Diamondback Energy were worth $6,118,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Wintrust Investments LLC purchased a new stake in shares of Diamondback Energy during the fourth quarter valued at approximately $28,000. R Squared Ltd purchased a new stake in Diamondback Energy during the 4th quarter valued at $29,000. UMB Bank n.a. grew its holdings in 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 worth $31,000 after acquiring an additional 136 shares during the last quarter. Key Financial Inc increased its position in shares of 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 period. Finally, Rakuten Securities Inc. boosted its holdings in shares of Diamondback Energy by 62.4% during the fourth quarter. Rakuten Securities Inc. now owns 276 shares of the oil and natural gas company's stock worth $45,000 after purchasing an additional 106 shares during the period. Hedge funds and other institutional investors own 90.01% of the company's stock.

Diamondback Energy Stock Performance

FANG traded up $1.29 during midday trading on Thursday, hitting $136.83. 689,539 shares of the company traded hands, compared to its average volume of 2,086,909. The company's 50-day moving average is $145.86 and its 200 day moving average is $163.83. 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 has a market capitalization of $40.24 billion, a PE ratio of 7.83, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. Diamondback Energy, Inc. has a 52 week low of $114.00 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.57 by $0.07. The company had revenue of $3.71 billion for the quarter, compared to analysts' expectations of $3.55 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. On average, research analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Thursday, March 6th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date of this dividend was Thursday, March 6th. This is a boost from Diamondback Energy's previous quarterly dividend of $0.90. Diamondback Energy's dividend payout ratio is 25.32%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on FANG shares. Mizuho upped their price target on Diamondback Energy from $201.00 to $204.00 and gave the company an "outperform" rating in a research report on Tuesday, February 25th. Raymond James dropped their price target on Diamondback Energy from $245.00 to $214.00 and set a "strong-buy" rating for the company in a research note on Wednesday, March 12th. Piper Sandler reduced their price objective on shares of Diamondback Energy from $240.00 to $234.00 and set an "overweight" rating on the stock in a research report on Tuesday. Barclays dropped their target price on shares of Diamondback Energy from $200.00 to $185.00 and set an "overweight" rating for the company in a research report on Wednesday. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Diamondback Energy in a research report on Tuesday, April 15th. Three equities research 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 company's stock. According to data from MarketBeat, Diamondback Energy presently has an average rating of "Moderate Buy" and an average target price of $200.96.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, Director Frank D. Tsuru bought 2,000 shares of the business's stock in a transaction that occurred on Friday, February 28th. The stock was bought at an average cost of $156.51 per share, for a total transaction of $313,020.00. Following the completion of the transaction, the director now 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.48% of the stock is owned by corporate insiders.

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.