Diamondback Energy, Inc. (NASDAQ:FANG) Shares Sold by Korea Investment CORP

Korea Investment CORP lowered its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 25.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 160,335 shares of the oil and natural gas company's stock after selling 55,001 shares during the quarter. Korea Investment CORP owned about 0.05% of Diamondback Energy worth $26,268,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of FANG. Lakewood Asset Management LLC increased its stake in Diamondback Energy by 0.5% during the 4th quarter. Lakewood Asset Management LLC now owns 11,340 shares of the oil and natural gas company's stock valued at $1,858,000 after purchasing an additional 60 shares in the last quarter. Magnolia Capital Advisors LLC lifted 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 acquiring an additional 64 shares in the last quarter. Barden Capital Management Inc. grew its holdings in shares of Diamondback Energy by 1.5% in 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 acquiring an additional 64 shares in the last quarter. Greenleaf Trust grew its holdings in Diamondback Energy by 1.0% during the fourth quarter. Greenleaf Trust now owns 6,892 shares of the oil and natural gas company's stock valued at $1,129,000 after purchasing an additional 66 shares during the period. Finally, Buckhead Capital Management LLC raised its position in shares of Diamondback Energy by 0.3% in the fourth 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.

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Insider Activity

In other news, Director Frank D. Tsuru purchased 2,000 shares of the business's stock in a transaction dated Friday, February 28th. The stock was acquired at an average price of $156.51 per share, for a total transaction 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 represents a 53.62 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.48% of the company's stock.

Diamondback Energy Stock Performance

FANG stock traded up $0.35 during midday trading on Wednesday, hitting $161.22. 292,485 shares of the stock traded hands, compared to its average volume of 2,454,474. The stock's fifty day simple moving average is $157.93 and its 200-day simple moving average is $169.57. The firm has a market cap of $46.66 billion, a P/E ratio of 9.22, a PEG ratio of 1.24 and a beta of 1.85. Diamondback Energy, Inc. has a 1-year low of $137.09 and a 1-year high of $214.50. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42.

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

Diamondback Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Thursday, March 6th were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.48%. This is a positive change from Diamondback Energy's previous quarterly dividend of $0.90. The ex-dividend date was Thursday, March 6th. Diamondback Energy's dividend payout ratio (DPR) is 25.32%.

Analysts Set New Price Targets

Several equities analysts recently commented on FANG shares. Wells Fargo & Company reduced their target price on Diamondback Energy from $219.00 to $215.00 and set an "overweight" rating for the company in a research report on Wednesday, March 12th. Mizuho upped their price objective 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. Barclays dropped their price objective on Diamondback Energy from $210.00 to $200.00 and set an "overweight" rating on the stock in a research report on Tuesday, March 18th. Piper Sandler lowered their target price on Diamondback Energy from $252.00 to $232.00 and set an "overweight" rating on the stock in a report on Tuesday, December 17th. Finally, UBS Group upped their price target on Diamondback Energy from $212.00 to $216.00 and gave the stock a "buy" rating in a research report on Thursday, February 13th. Four analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Diamondback Energy presently has a consensus rating of "Moderate Buy" and an average target price of $209.33.

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.