State of Tennessee Department of Treasury Cuts Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

State of Tennessee Department of Treasury trimmed its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 48.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 43,303 shares of the oil and natural gas company's stock after selling 40,348 shares during the quarter. State of Tennessee Department of Treasury's holdings in Diamondback Energy were worth $7,094,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in FANG. Wintrust Investments LLC bought a new position in Diamondback Energy in the 4th quarter valued at $28,000. R Squared Ltd purchased a new stake in Diamondback Energy during the fourth quarter worth about $29,000. UMB Bank n.a. raised its position in 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 worth $31,000 after acquiring an additional 136 shares during the period. Key Financial Inc raised its position 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 worth $34,000 after acquiring an additional 188 shares during the period. Finally, Transce3nd LLC purchased a new position in Diamondback Energy in the fourth quarter valued at about $38,000. Institutional investors own 90.01% of the company's stock.

Analyst Ratings Changes

FANG has been the subject of several analyst reports. Susquehanna cut their price objective on shares of Diamondback Energy from $219.00 to $194.00 and set a "positive" rating for the company in a report on Tuesday, April 22nd. Wolfe Research upgraded Diamondback Energy from a "peer perform" rating to an "outperform" rating and set a $190.00 price target for the company in a research report on Friday, January 3rd. UBS Group dropped their price objective on Diamondback Energy from $175.00 to $163.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. JPMorgan Chase & Co. reduced their target price on Diamondback Energy from $167.00 to $166.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Finally, Piper Sandler lowered their price target on shares of Diamondback Energy from $240.00 to $234.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Three equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Diamondback Energy presently has an average rating of "Moderate Buy" and an average target price of $200.96.

Diamondback Energy Trading Up 0.8 %

Diamondback Energy stock traded up $1.06 during midday trading on Monday, hitting $137.82. 1,663,937 shares of the stock were exchanged, compared to its average volume of 2,099,376. 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 stock's 50-day simple moving average is $145.04 and its 200 day simple moving average is $162.57. Diamondback Energy, Inc. has a fifty-two week low of $114.00 and a fifty-two week high of $214.50. The stock has a market capitalization of $40.53 billion, a price-to-earnings ratio of 7.89, a PEG ratio of 1.24 and a beta of 1.44.

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 earnings per share (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 business had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.55 billion. On average, equities analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Thursday, March 6th were given a $1.00 dividend. The ex-dividend date was Thursday, March 6th. This represents a $4.00 dividend on an annualized basis and a yield of 2.90%. This is a positive change from Diamondback Energy's previous quarterly dividend of $0.90. Diamondback Energy's dividend payout ratio (DPR) is currently 25.32%.

Insider Activity

In other Diamondback Energy news, Director Frank D. Tsuru purchased 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 purchase, the director now directly owns 5,730 shares in the company, valued at approximately $896,802.30. This represents a 53.62 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.48% of the company's stock.

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.