3,260 Shares in Diamondback Energy, Inc. (NASDAQ:FANG) Purchased by Kennondale Capital Management LLC

Kennondale Capital Management LLC purchased a new position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 3,260 shares of the oil and natural gas company's stock, valued at approximately $534,000.

A number of other hedge funds have also bought and sold shares of FANG. Wintrust Investments LLC acquired a new position in shares of Diamondback Energy during the fourth quarter worth approximately $28,000. R Squared Ltd bought a new stake in Diamondback Energy during the fourth quarter worth approximately $29,000. UMB Bank n.a. increased its holdings in shares of 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 buying an additional 136 shares in the last quarter. 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 valued at $34,000 after buying an additional 188 shares in the last quarter. Finally, Rakuten Securities Inc. increased its holdings in shares of Diamondback Energy by 62.4% in the fourth quarter. Rakuten Securities Inc. now owns 276 shares of the oil and natural gas company's stock valued at $45,000 after buying an additional 106 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FANG has been the topic of several research analyst reports. Raymond James lowered 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 report on Wednesday, March 12th. UBS Group lifted their price objective on shares of Diamondback Energy from $212.00 to $216.00 and gave the stock a "buy" rating in a research report on Thursday, February 13th. Truist Financial lifted their price objective on shares of Diamondback Energy from $236.00 to $238.00 and gave the stock a "buy" rating in a research report on Wednesday, February 19th. Wells Fargo & Company lowered their price objective on shares of Diamondback Energy from $219.00 to $215.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 12th. Finally, Wolfe Research upgraded shares of Diamondback Energy from a "peer perform" rating to an "outperform" rating and set a $190.00 price objective on the stock in a research report on Friday, January 3rd. Four equities 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. According to data from MarketBeat, Diamondback Energy presently has an average rating of "Moderate Buy" and a consensus target price of $209.92.

Remove Ads

Insider Activity

In other news, Director Frank D. Tsuru bought 2,000 shares of the business's stock in a transaction on Friday, February 28th. The shares were bought 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 in the company, valued at approximately $896,802.30. This trade represents a 53.62 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.48% of the stock is owned by insiders.

Diamondback Energy Price Performance

Shares of FANG traded up $0.02 during mid-day trading on Friday, hitting $158.50. 7,798,113 shares of the company traded hands, compared to its average volume of 1,871,369. Diamondback Energy, Inc. has a one year low of $137.09 and a one year high of $214.50. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. The business has a 50-day moving average of $160.47 and a 200 day moving average of $170.51. The stock has a market capitalization of $45.88 billion, a price-to-earnings ratio of 9.07, a PEG ratio of 1.24 and a beta of 1.85.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 EPS for the quarter, beating the consensus estimate 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, equities analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Thursday, March 6th were paid 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 annualized dividend 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 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.