Resona Asset Management Co. Ltd. Makes New $8.97 Million Investment in Diamondback Energy, Inc. (NASDAQ:FANG)

Resona Asset Management Co. Ltd. purchased a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 55,006 shares of the oil and natural gas company's stock, valued at approximately $8,971,000.

Other large investors also recently modified their holdings of the company. Wintrust Investments LLC bought a new position in shares of Diamondback Energy during the fourth quarter valued at approximately $28,000. R Squared Ltd purchased a new position in Diamondback Energy in the fourth quarter valued at $29,000. UMB Bank n.a. raised its stake in shares of Diamondback Energy by 247.3% during the 4th quarter. UMB Bank n.a. now owns 191 shares of the oil and natural gas company's stock worth $31,000 after buying an additional 136 shares during the period. Key Financial Inc increased its stake in Diamondback Energy by 940.0% during the 4th quarter. Key Financial Inc now owns 208 shares of the oil and natural gas company's stock worth $34,000 after buying an additional 188 shares in the last quarter. Finally, Rakuten Securities Inc. raised its position 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 during the last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on FANG. Citigroup raised Diamondback Energy from a "reduce" rating to a "buy" rating and boosted their target price for the company from $157.00 to $180.00 in a research report on Monday, April 7th. JPMorgan Chase & Co. lowered their price objective on shares of Diamondback Energy from $167.00 to $166.00 and set an "overweight" rating on the stock in a research report on Thursday. Piper Sandler dropped their target price on Diamondback Energy from $252.00 to $232.00 and set an "overweight" rating on the stock in a research report on Tuesday, December 17th. Raymond James reduced their price objective on Diamondback Energy from $245.00 to $214.00 and set a "strong-buy" rating for the company in a report on Wednesday, March 12th. Finally, Wolfe Research raised shares of Diamondback Energy from a "peer perform" rating to an "outperform" rating and set a $190.00 target price for the company in a research note on Friday, January 3rd. Three investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Diamondback Energy currently has an average rating of "Moderate Buy" and a consensus target price of $208.17.

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Insider Activity

In other Diamondback Energy news, Director Frank D. Tsuru purchased 2,000 shares of the firm'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 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 legal filing with the SEC, which can be accessed through this link. Insiders own 0.48% of the company's stock.

Diamondback Energy Stock Up 4.7 %

NASDAQ FANG traded up $5.85 during trading on Friday, reaching $129.01. 3,928,062 shares of the company's stock traded hands, compared to its average volume of 2,065,970. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. The firm has a market cap of $37.94 billion, a price-to-earnings ratio of 7.38, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. The company's 50 day simple moving average is $150.06 and its two-hundred day simple moving average is $166.26. Diamondback Energy, Inc. has a 12-month low of $114.00 and a 12-month high of $214.50.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings data on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $3.55 billion. As a group, sell-side analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal 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 dividend of $1.00 per share. This is a boost from Diamondback Energy's previous quarterly dividend of $0.90. The ex-dividend date was Thursday, March 6th. This represents a $4.00 annualized dividend and a yield of 3.10%. Diamondback Energy's dividend payout ratio (DPR) is 25.32%.

About Diamondback Energy

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.