King Luther Capital Management Corp Buys 9,893 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

King Luther Capital Management Corp grew its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 6.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 171,305 shares of the oil and natural gas company's stock after acquiring an additional 9,893 shares during the quarter. King Luther Capital Management Corp owned 0.06% of Diamondback Energy worth $28,065,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Summit Global Investments purchased a new stake in Diamondback Energy during the 3rd quarter valued at $202,000. Atria Investments Inc lifted its holdings in shares of Diamondback Energy by 18.5% during the third quarter. Atria Investments Inc now owns 42,678 shares of the oil and natural gas company's stock valued at $7,358,000 after purchasing an additional 6,672 shares in the last quarter. Covestor Ltd boosted its position in shares of Diamondback Energy by 49.8% during the third quarter. Covestor Ltd now owns 704 shares of the oil and natural gas company's stock valued at $122,000 after buying an additional 234 shares during the last quarter. Sigma Planning Corp increased its holdings in Diamondback Energy by 19.4% in the 3rd quarter. Sigma Planning Corp now owns 6,948 shares of the oil and natural gas company's stock worth $1,198,000 after buying an additional 1,127 shares in the last quarter. Finally, Ashton Thomas Securities LLC purchased a new position in Diamondback Energy in the 3rd quarter worth about $52,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on FANG shares. JPMorgan Chase & Co. boosted their price objective on shares of Diamondback Energy from $191.00 to $195.00 and gave the company an "overweight" rating in a report on Friday, January 17th. Williams Trading set a $190.00 price target on Diamondback Energy in a report on Wednesday, March 5th. UBS Group lifted their price objective on Diamondback Energy from $212.00 to $216.00 and gave the stock a "buy" rating in a report on Thursday, February 13th. Citigroup downgraded Diamondback Energy from a "buy" rating to a "reduce" rating in a report on Wednesday, March 5th. Finally, Piper Sandler dropped their price objective on shares of Diamondback Energy from $252.00 to $232.00 and set an "overweight" rating on the stock in a report on Tuesday, December 17th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $215.00.

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Diamondback Energy Price Performance

Diamondback Energy stock opened at $144.65 on Wednesday. Diamondback Energy, Inc. has a 52-week low of $137.09 and a 52-week high of $214.50. The company has a market cap of $41.87 billion, a price-to-earnings ratio of 8.28, a PEG ratio of 1.24 and a beta of 1.84. The firm's fifty day moving average is $163.18 and its 200 day moving average is $172.54. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its quarterly earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 EPS 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 firm had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.55 billion. Sell-side analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 13th. Stockholders of record on Thursday, March 6th will be issued a $1.00 dividend. This is a boost from Diamondback Energy's previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.77%. Diamondback Energy's payout ratio is 25.32%.

Insider Activity

In other news, Director Frank D. Tsuru acquired 2,000 shares of the company's stock in a transaction on Friday, February 28th. The stock was bought at an average cost of $156.51 per share, with a total value of $313,020.00. Following the completion of the purchase, the director now directly owns 5,730 shares of the company's stock, valued at $896,802.30. This represents a 53.62 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.48% of the company's stock.

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.

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