Frank Rimerman Advisors LLC Sells 1,988 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Frank Rimerman Advisors LLC lessened its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 31.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,343 shares of the oil and natural gas company's stock after selling 1,988 shares during the period. Frank Rimerman Advisors LLC's holdings in Diamondback Energy were worth $712,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. State Street Corp raised its stake in Diamondback Energy by 1.3% in the third quarter. State Street Corp now owns 11,858,555 shares of the oil and natural gas company's stock valued at $2,044,415,000 after purchasing an additional 149,871 shares in the last quarter. Geode Capital Management LLC increased its holdings in Diamondback Energy by 6.1% in the 3rd quarter. Geode Capital Management LLC now owns 4,618,560 shares of the oil and natural gas company's stock valued at $793,611,000 after buying an additional 266,299 shares during the period. Bank of New York Mellon Corp raised its position in shares of Diamondback Energy by 13.7% in the 4th 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 in the last quarter. Diamond Hill Capital Management Inc. lifted its holdings in shares of Diamondback Energy by 30.5% during the 4th 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. Finally, Pacer Advisors Inc. boosted its position in shares of Diamondback Energy by 9.3% during the 3rd quarter. Pacer Advisors Inc. now owns 2,704,520 shares of the oil and natural gas company's stock worth $466,259,000 after acquiring an additional 230,689 shares in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

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Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, Director Frank D. Tsuru acquired 2,000 shares of the business's stock in a transaction dated 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 purchase, 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 legal filing with the SEC, which is available at this link. Company insiders own 0.48% of the company's stock.

Analyst Ratings Changes

FANG has been the subject of several research analyst reports. Citigroup lowered their price objective on shares of Diamondback Energy from $195.00 to $157.00 and set a "neutral" rating for the company in a research report on Monday. Truist Financial upped their price objective on Diamondback Energy from $236.00 to $238.00 and gave the stock a "buy" rating in a research report on Wednesday, February 19th. The Goldman Sachs Group started coverage on Diamondback Energy in a research report on Monday, December 2nd. They issued a "buy" rating and a $227.00 target price on the stock. Mizuho increased their target price on shares of Diamondback Energy from $201.00 to $204.00 and gave the stock an "outperform" rating in a report on Tuesday, February 25th. Finally, Morgan Stanley lifted their price target on shares of Diamondback Energy from $220.00 to $227.00 and gave the company an "overweight" rating in a report on Wednesday, February 19th. Four equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $209.92.

Diamondback Energy Price Performance

NASDAQ FANG traded up $0.88 on Thursday, hitting $158.48. The stock had a trading volume of 2,048,819 shares, compared to its average volume of 1,845,133. The firm has a 50-day moving average of $161.05 and a 200-day moving average of $170.85. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. Diamondback Energy, Inc. has a 52-week low of $137.09 and a 52-week high of $214.50. The company has a market capitalization of $45.87 billion, a price-to-earnings ratio of 9.07, a price-to-earnings-growth ratio of 1.24 and a beta of 1.85.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued 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. The company had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.55 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. Equities 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. Stockholders of record on Thursday, March 6th were issued a $1.00 dividend. 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 dividend yield of 2.52%. The ex-dividend date of this dividend was Thursday, March 6th. Diamondback Energy's dividend payout ratio is presently 25.32%.

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.