Norden Group LLC Sells 19,693 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Norden Group LLC lessened its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 93.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,482 shares of the oil and natural gas company's stock after selling 19,693 shares during the quarter. Norden Group LLC's holdings in Diamondback Energy were worth $243,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. R Squared Ltd bought a new stake in shares of Diamondback Energy in the 4th quarter valued at $29,000. UMB Bank n.a. grew its stake in Diamondback Energy by 247.3% in the fourth quarter. UMB Bank n.a. now owns 191 shares of the oil and natural gas company's stock valued at $31,000 after acquiring an additional 136 shares during the period. Key Financial Inc increased its holdings 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 worth $34,000 after acquiring an additional 188 shares in the last quarter. Ashton Thomas Securities LLC acquired a new stake in shares of Diamondback Energy during the third quarter worth about $52,000. Finally, Synergy Asset Management LLC bought a new position in shares of Diamondback Energy during the 4th quarter valued at about $67,000. Institutional investors and hedge funds own 90.01% of the company's stock.

Analyst Ratings Changes

FANG has been the subject of a number of research reports. StockNews.com raised Diamondback Energy from a "sell" rating to a "hold" rating in a research note on Wednesday, November 13th. Raymond James increased their price objective on shares of Diamondback Energy from $237.00 to $256.00 and gave the stock a "strong-buy" rating in a research report on Thursday, January 23rd. Truist Financial boosted their price objective on shares of Diamondback Energy from $236.00 to $238.00 and gave the company a "buy" rating in a research report on Wednesday, February 19th. UBS Group increased their target price on Diamondback Energy from $212.00 to $216.00 and gave the stock a "buy" rating in a report on Thursday, February 13th. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $210.00 price target on shares of Diamondback Energy in a research note on Thursday, January 23rd. Four investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $216.09.

Diamondback Energy Stock Performance

NASDAQ FANG traded down $2.34 during trading on Wednesday, reaching $142.70. 3,758,166 shares of the company's stock were exchanged, compared to its average volume of 2,420,521. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. The business has a 50 day moving average price of $165.00 and a 200-day moving average price of $174.34. The stock has a market capitalization of $41.30 billion, a P/E ratio of 8.17, a PEG ratio of 1.24 and a beta of 1.86. Diamondback Energy, Inc. has a fifty-two week low of $139.57 and a fifty-two week high of $214.50.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share 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 for the quarter, compared to analyst estimates of $3.55 billion. Sell-side analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 13th. Stockholders of record on Thursday, March 6th will be given a $1.00 dividend. The ex-dividend date of this dividend is Thursday, March 6th. This is a positive change from Diamondback Energy's previous quarterly dividend of $0.90. This represents a $4.00 annualized dividend and a dividend yield of 2.80%. Diamondback Energy's dividend payout ratio is presently 25.32%.

Insider Transactions at Diamondback Energy

In related news, Director Frank D. Tsuru purchased 2,000 shares of the stock in a transaction on Friday, February 28th. The shares were purchased at an average cost of $156.51 per share, with a total value of $313,020.00. Following the acquisition, the director now directly owns 5,730 shares in the company, valued at $896,802.30. The trade was a 53.62 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 0.48% of the stock is currently owned by corporate insiders.

Diamondback Energy Company 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.