Forum Financial Management LP Acquires 1,951 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Forum Financial Management LP increased its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 64.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,960 shares of the oil and natural gas company's stock after purchasing an additional 1,951 shares during the quarter. Forum Financial Management LP's holdings in Diamondback Energy were worth $813,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FANG. Lakewood Asset Management LLC boosted its holdings in shares of Diamondback Energy by 0.5% in the fourth quarter. Lakewood Asset Management LLC now owns 11,340 shares of the oil and natural gas company's stock worth $1,858,000 after buying an additional 60 shares during the period. Magnolia Capital Advisors LLC raised its stake in Diamondback Energy by 2.0% during the 4th quarter. Magnolia Capital Advisors LLC now owns 3,247 shares of the oil and natural gas company's stock valued at $532,000 after purchasing an additional 64 shares during the period. Barden Capital Management Inc. raised its position in Diamondback Energy by 1.5% during the fourth quarter. Barden Capital Management Inc. now owns 4,380 shares of the oil and natural gas company's stock valued at $718,000 after buying an additional 64 shares during the period. Greenleaf Trust boosted its position in Diamondback Energy by 1.0% during the 4th quarter. Greenleaf Trust now owns 6,892 shares of the oil and natural gas company's stock worth $1,129,000 after acquiring an additional 66 shares during the period. Finally, Buckhead Capital Management LLC increased its holdings in shares of Diamondback Energy by 0.3% in the 4th quarter. Buckhead Capital Management LLC now owns 19,830 shares of the oil and natural gas company's stock valued at $3,249,000 after purchasing an additional 67 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Frank D. Tsuru purchased 2,000 shares of the business's stock in a transaction that occurred on Friday, February 28th. The stock was 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 of the company's stock, valued at approximately $896,802.30. This trade represents a 53.62 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.48% of the stock is owned by corporate insiders.

Diamondback Energy Stock Performance

FANG traded down $0.83 during trading on Wednesday, reaching $135.71. 2,130,164 shares of the company's stock were exchanged, compared to its average volume of 2,087,825. The company has a market capitalization of $39.91 billion, a P/E ratio of 7.77, a PEG ratio of 1.24 and a beta of 1.44. 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 business has a 50 day moving average price of $146.28 and a 200 day moving average price of $164.02. Diamondback Energy, Inc. has a fifty-two week low of $114.00 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, beating analysts' consensus estimates of $3.57 by $0.07. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The business had revenue of $3.71 billion for the quarter, compared to analysts' expectations of $3.55 billion. As a group, analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Thursday, March 6th were issued a $1.00 dividend. 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. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.95%. Diamondback Energy's dividend payout ratio is presently 25.32%.

Analysts Set New Price Targets

FANG has been the topic of several research reports. Raymond James dropped their price objective on shares of Diamondback Energy from $245.00 to $214.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, March 12th. Williams Trading set a $190.00 target price on Diamondback Energy in a research note on Wednesday, March 5th. Susquehanna cut their price target on Diamondback Energy from $219.00 to $194.00 and set a "positive" rating for the company in a research note on Tuesday. UBS Group dropped their price objective on Diamondback Energy from $175.00 to $163.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Finally, Truist Financial boosted their target price on shares of Diamondback Energy from $238.00 to $242.00 and gave the stock a "buy" rating in a research report on Thursday, April 17th. Three research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $202.13.

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.