Allspring Global Investments Holdings LLC Increases Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Allspring Global Investments Holdings LLC raised its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 15.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 61,761 shares of the oil and natural gas company’s stock after purchasing an additional 8,298 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Diamondback Energy were worth $9,578,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the company. International Assets Investment Management LLC boosted its stake in shares of Diamondback Energy by 5.2% during the 4th quarter. International Assets Investment Management LLC now owns 1,717 shares of the oil and natural gas company’s stock worth $266,000 after acquiring an additional 85 shares in the last quarter. Valley National Advisers Inc. boosted its stake in shares of Diamondback Energy by 50.7% during the 4th quarter. Valley National Advisers Inc. now owns 577 shares of the oil and natural gas company’s stock worth $89,000 after acquiring an additional 194 shares in the last quarter. Beddow Capital Management Inc. boosted its stake in shares of Diamondback Energy by 14.6% during the 4th quarter. Beddow Capital Management Inc. now owns 10,770 shares of the oil and natural gas company’s stock worth $1,670,000 after acquiring an additional 1,375 shares in the last quarter. Bleakley Financial Group LLC boosted its stake in shares of Diamondback Energy by 2.5% during the 4th quarter. Bleakley Financial Group LLC now owns 3,115 shares of the oil and natural gas company’s stock worth $483,000 after acquiring an additional 75 shares in the last quarter. Finally, Meeder Asset Management Inc. boosted its stake in shares of Diamondback Energy by 11.4% during the 4th quarter. Meeder Asset Management Inc. now owns 48,311 shares of the oil and natural gas company’s stock worth $7,492,000 after acquiring an additional 4,946 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Stock Down 0.7 %

Shares of Diamondback Energy stock opened at $203.95 on Wednesday. The company has a fifty day moving average price of $187.00 and a 200 day moving average price of $166.74. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 0.38. Diamondback Energy, Inc. has a twelve month low of $123.41 and a twelve month high of $211.96. The stock has a market cap of $36.37 billion, a price-to-earnings ratio of 11.76 and a beta of 1.93.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Tuesday, February 20th. The oil and natural gas company reported $4.74 earnings per share for the quarter, topping analysts’ consensus estimates of $4.61 by $0.13. Diamondback Energy had a net margin of 37.36% and a return on equity of 19.56%. The firm had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.16 billion. During the same period in the prior year, the company earned $5.29 EPS. The firm’s revenue was up 9.8% on a year-over-year basis. Equities research analysts forecast that Diamondback Energy, Inc. will post 18.47 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Tuesday, March 5th were given a $3.08 dividend. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.84. This represents a $12.32 dividend on an annualized basis and a yield of 6.04%. The ex-dividend date of this dividend was Monday, March 4th. Diamondback Energy’s dividend payout ratio is presently 20.76%.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, VP Jere W. Thompson III sold 2,675 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $192.35, for a total value of $514,536.25. Following the completion of the transaction, the vice president now directly owns 8,485 shares of the company’s stock, valued at approximately $1,632,089.75. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Diamondback Energy news, EVP Matt Zmigrosky sold 5,000 shares of the company’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $193.94, for a total value of $969,700.00. Following the completion of the transaction, the executive vice president now directly owns 44,445 shares of the company’s stock, valued at approximately $8,619,663.30. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Jere W. Thompson III sold 2,675 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $192.35, for a total transaction of $514,536.25. Following the completion of the transaction, the vice president now directly owns 8,485 shares of the company’s stock, valued at $1,632,089.75. The disclosure for this sale can be found here. Insiders sold a total of 57,675 shares of company stock valued at $11,311,096 in the last ninety days. Insiders own 0.43% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on FANG shares. Scotiabank lifted their price objective on Diamondback Energy from $210.00 to $255.00 and gave the stock a “sector outperform” rating in a research report on Thursday, April 11th. Evercore ISI lifted their price objective on Diamondback Energy from $185.00 to $215.00 and gave the stock an “outperform” rating in a research report on Monday, March 25th. Truist Financial cut their price objective on Diamondback Energy from $250.00 to $248.00 and set a “buy” rating for the company in a research report on Friday, April 5th. Piper Sandler lifted their price objective on Diamondback Energy from $222.00 to $227.00 and gave the stock an “overweight” rating in a research report on Thursday, March 7th. Finally, UBS Group lifted their price objective on Diamondback Energy from $183.00 to $200.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $195.95.

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.