Summit Global Investments Has $819,000 Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Summit Global Investments grew its position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 325.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,998 shares of the oil and natural gas company's stock after purchasing an additional 3,824 shares during the quarter. Summit Global Investments' holdings in Diamondback Energy were worth $819,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Wintrust Investments LLC bought a new position in shares of Diamondback Energy in the fourth quarter worth about $28,000. R Squared Ltd bought a new position in Diamondback Energy in the 4th quarter worth approximately $29,000. UMB Bank n.a. lifted its holdings in shares of 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 buying an additional 136 shares during the last quarter. Key Financial Inc boosted its position in shares of 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 acquiring an additional 188 shares during the period. Finally, Rakuten Securities Inc. grew its stake 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 worth $45,000 after acquiring an additional 106 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FANG has been the topic of a number of recent research reports. Raymond James decreased their target price on Diamondback Energy from $245.00 to $214.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, March 12th. Barclays decreased their price objective on Diamondback Energy from $210.00 to $200.00 and set an "overweight" rating on the stock in a report on Tuesday, March 18th. 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. Wells Fargo & Company lowered their price target on shares of Diamondback Energy from $219.00 to $215.00 and set an "overweight" rating on the stock in a report on Wednesday, March 12th. Finally, Citigroup decreased their target price on shares of Diamondback Energy from $195.00 to $157.00 and set a "neutral" rating on the stock in a research report on Monday, March 17th. Four analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Diamondback Energy presently has an average rating of "Moderate Buy" and an average target price of $209.33.

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Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, Director Frank D. Tsuru acquired 2,000 shares of the company's stock in a transaction dated Friday, February 28th. The shares were bought at an average cost of $156.51 per share, with a total value of $313,020.00. Following the purchase, the director now directly owns 5,730 shares of the company's stock, valued at $896,802.30. This trade represents a 53.62 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.48% of the company's stock.

Diamondback Energy Trading Down 1.8 %

FANG traded down $2.86 during midday trading on Thursday, hitting $160.23. 1,468,035 shares of the company were exchanged, compared to its average volume of 1,877,916. The firm's 50 day moving average price is $159.49 and its 200-day moving average price is $169.95. Diamondback Energy, Inc. has a 1-year low of $137.09 and a 1-year high of $214.50. The firm has a market capitalization of $46.38 billion, a P/E ratio of 9.17, a P/E/G ratio of 1.24 and a beta of 1.85. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31.

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 EPS for the quarter, beating the consensus estimate of $3.57 by $0.07. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The business had revenue of $3.71 billion for the quarter, compared to analysts' expectations of $3.55 billion. As a group, equities analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Thursday, March 6th were issued a $1.00 dividend. This is a positive change from Diamondback Energy's previous quarterly dividend of $0.90. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $4.00 annualized dividend and a yield of 2.50%. Diamondback Energy's payout ratio is presently 25.32%.

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.