SVB Wealth LLC Takes Position in Diamondback Energy, Inc. (NASDAQ:FANG)

SVB Wealth LLC bought a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,967 shares of the oil and natural gas company's stock, valued at approximately $322,000.

A number of other hedge funds have also added to or reduced their stakes in the business. Tower Bridge Advisors boosted its holdings in shares of Diamondback Energy by 27.4% in the 4th quarter. Tower Bridge Advisors now owns 8,828 shares of the oil and natural gas company's stock valued at $1,446,000 after buying an additional 1,898 shares during the last quarter. Motco raised its position in Diamondback Energy by 0.6% during the fourth quarter. Motco now owns 31,446 shares of the oil and natural gas company's stock worth $5,152,000 after acquiring an additional 193 shares in the last quarter. Private Trust Co. NA lifted its stake in Diamondback Energy by 4.8% in the fourth quarter. Private Trust Co. NA now owns 1,516 shares of the oil and natural gas company's stock valued at $248,000 after acquiring an additional 69 shares during the last quarter. Parkside Financial Bank & Trust grew its position in shares of Diamondback Energy by 24.7% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,525 shares of the oil and natural gas company's stock valued at $250,000 after acquiring an additional 302 shares during the period. Finally, Peloton Wealth Strategists increased its stake in shares of Diamondback Energy by 48.0% during the 4th quarter. Peloton Wealth Strategists now owns 4,545 shares of the oil and natural gas company's stock worth $745,000 after purchasing an additional 1,475 shares during the last quarter. Institutional investors own 90.01% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Raymond James boosted their price target on Diamondback Energy from $237.00 to $256.00 and gave the stock a "strong-buy" rating in a research report on Thursday, January 23rd. The Goldman Sachs Group assumed coverage on Diamondback Energy in a report on Monday, December 2nd. They set a "buy" rating and a $227.00 target price on the stock. Truist Financial increased their price target on Diamondback Energy from $236.00 to $238.00 and gave the company a "buy" rating in a research note on Wednesday, February 19th. Wells Fargo & Company lifted their price objective on shares of Diamondback Energy from $218.00 to $219.00 and gave the stock an "overweight" rating in a research report on Tuesday, December 17th. Finally, Mizuho increased their price objective on shares of Diamondback Energy from $201.00 to $204.00 and gave the company an "outperform" rating in a research report on Tuesday, February 25th. Four investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $216.09.

Diamondback Energy Price Performance

FANG stock opened at $142.70 on Thursday. The company's 50-day moving average price is $164.70 and its two-hundred day moving average price is $174.12. The firm has a market cap of $41.30 billion, a P/E ratio of 8.17, a P/E/G ratio of 1.24 and a beta of 1.86. 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, Inc. has a 12 month low of $139.57 and a 12 month high of $214.50.

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 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 analysts' expectations of $3.55 billion. On average, analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 13th. Investors of record on Thursday, March 6th will be given a dividend of $1.00 per share. This is an increase from Diamondback Energy's previous quarterly dividend of $0.90. This represents a $4.00 annualized dividend and a dividend yield of 2.80%. The ex-dividend date is Thursday, March 6th. Diamondback Energy's dividend payout ratio is currently 25.32%.

Insider Activity at Diamondback Energy

In related news, Director Frank D. Tsuru purchased 2,000 shares of Diamondback Energy stock in a transaction dated 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 purchase, the director now owns 5,730 shares in the company, valued at approximately $896,802.30. This trade represents a 53.62 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.48% of the stock is currently owned by insiders.

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.

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