Diamondback Energy, Inc. (NASDAQ:FANG) Shares Purchased by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA raised its position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 12.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 69,563 shares of the oil and natural gas company's stock after purchasing an additional 7,790 shares during the period. Pictet Asset Management Holding SA's holdings in Diamondback Energy were worth $11,397,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Wintrust Investments LLC acquired a new stake in Diamondback Energy in the fourth quarter valued at $28,000. R Squared Ltd acquired a new stake in shares of Diamondback Energy during the 4th quarter worth about $29,000. UMB Bank n.a. lifted its stake in Diamondback Energy by 247.3% during the fourth quarter. UMB Bank n.a. now owns 191 shares of the oil and natural gas company's stock worth $31,000 after purchasing an additional 136 shares during the last quarter. Key Financial Inc boosted its holdings in 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 purchasing an additional 188 shares in the last quarter. Finally, Rakuten Securities Inc. increased its stake in 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 purchasing an additional 106 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

Several research analysts have recently issued reports on FANG shares. Williams Trading set a $190.00 target price on shares of Diamondback Energy in a report on Wednesday, March 5th. Piper Sandler decreased their price objective on shares of Diamondback Energy from $252.00 to $232.00 and set an "overweight" rating for the company in a research note on Tuesday, December 17th. Mizuho lifted their target price on Diamondback Energy from $201.00 to $204.00 and gave the stock an "outperform" rating in a research report on Tuesday, February 25th. Wolfe Research raised Diamondback Energy from a "peer perform" rating to an "outperform" rating and set a $190.00 target price for the company in a research report on Friday, January 3rd. Finally, Morgan Stanley cut their price target on Diamondback Energy from $227.00 to $206.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. Four equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $209.33.

Insider Activity at Diamondback Energy

In other news, Director Frank D. Tsuru bought 2,000 shares of the stock in a transaction on Friday, February 28th. The shares were bought at an average price of $156.51 per share, with a total value of $313,020.00. Following the completion of the acquisition, the director now owns 5,730 shares of the company's stock, valued at approximately $896,802.30. This trade represents a 53.62 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.48% of the stock is currently owned by company insiders.

Diamondback Energy Price Performance

NASDAQ:FANG traded down $17.91 during trading hours on Friday, hitting $123.37. The company's stock had a trading volume of 5,423,563 shares, compared to its average volume of 2,004,450. Diamondback Energy, Inc. has a 52-week low of $123.15 and a 52-week high of $214.50. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. The business's 50-day moving average is $155.91 and its two-hundred day moving average is $168.96. The company has a market capitalization of $35.71 billion, a PE ratio of 7.06, a PEG ratio of 1.24 and a beta of 1.85.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $3.71 billion during the quarter, compared to analysts' expectations of $3.55 billion. As a group, research analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Thursday, March 6th were issued a $1.00 dividend. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 3.24%. This is a boost from Diamondback Energy's previous quarterly dividend of $0.90. Diamondback Energy's dividend payout ratio is currently 25.32%.

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.