State Street Corp Purchases 149,871 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

State Street Corp grew its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 1.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,858,555 shares of the oil and natural gas company's stock after buying an additional 149,871 shares during the quarter. State Street Corp owned about 4.06% of Diamondback Energy worth $2,044,415,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bank of New York Mellon Corp grew its stake in shares of Diamondback Energy by 16.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company's stock worth $603,038,000 after purchasing an additional 415,902 shares during the last quarter. Pacer Advisors Inc. grew its stake in shares of Diamondback Energy by 9.3% in the 3rd quarter. Pacer Advisors Inc. now owns 2,704,520 shares of the oil and natural gas company's stock worth $466,259,000 after purchasing an additional 230,689 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Diamondback Energy by 10.1% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,690,181 shares of the oil and natural gas company's stock worth $538,547,000 after purchasing an additional 247,065 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Diamondback Energy by 4.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,282,557 shares of the oil and natural gas company's stock worth $456,930,000 after purchasing an additional 87,288 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. grew its stake in shares of Diamondback Energy by 25.6% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 2,158,910 shares of the oil and natural gas company's stock worth $372,196,000 after purchasing an additional 439,579 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors.

Diamondback Energy Stock Performance

Shares of Diamondback Energy stock traded down $5.85 on Friday, reaching $166.83. The stock had a trading volume of 3,105,123 shares, compared to its average volume of 1,856,611. The business's 50-day moving average price is $181.38 and its two-hundred day moving average price is $189.02. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. Diamondback Energy, Inc. has a fifty-two week low of $146.52 and a fifty-two week high of $214.50. The stock has a market cap of $48.71 billion, a P/E ratio of 9.55, a price-to-earnings-growth ratio of 1.26 and a beta of 1.88.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 EPS for the quarter, missing the consensus estimate of $4.62 by ($1.24). The company had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.43 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. Diamondback Energy's revenue for the quarter was up 13.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.49 earnings per share. On average, sell-side analysts forecast that Diamondback Energy, Inc. will post 16.26 EPS for the current year.

Diamondback Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th were issued a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 2.16%. The ex-dividend date was Thursday, November 14th. Diamondback Energy's dividend payout ratio (DPR) is presently 20.61%.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the business's stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the sale, the insider now owns 1,037,819 shares of the company's stock, valued at $181,732,485.09. The trade was a 92.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Mark Lawrence Plaumann sold 1,150 shares of the business's stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total transaction of $208,150.00. Following the completion of the sale, the director now directly owns 4,712 shares in the company, valued at $852,872. This trade represents a 19.62 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.48% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Truist Financial lifted their target price on shares of Diamondback Energy from $220.00 to $230.00 and gave the stock a "buy" rating in a research report on Wednesday, October 16th. UBS Group dropped their target price on shares of Diamondback Energy from $247.00 to $223.00 and set a "buy" rating on the stock in a research report on Wednesday, September 18th. The Goldman Sachs Group assumed coverage on shares of Diamondback Energy in a research report on Monday, December 2nd. They issued a "buy" rating and a $227.00 target price on the stock. Royal Bank of Canada reissued an "outperform" rating and issued a $210.00 target price on shares of Diamondback Energy in a research report on Wednesday, November 6th. Finally, Morgan Stanley lifted their target price on shares of Diamondback Energy from $185.00 to $198.00 and gave the stock an "overweight" rating in a research report on Monday, September 16th. One analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $212.65.

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.