Fisher Asset Management LLC Buys 442 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Fisher Asset Management LLC grew its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 0.3% in the fourth quarter, Holdings Channel reports. The fund owned 134,380 shares of the oil and natural gas company’s stock after acquiring an additional 442 shares during the quarter. Fisher Asset Management LLC’s holdings in Diamondback Energy were worth $20,840,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the company. Massachusetts Financial Services Co. MA lifted its position in shares of Diamondback Energy by 39.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,007,599 shares of the oil and natural gas company’s stock worth $465,817,000 after purchasing an additional 858,446 shares during the period. Diamond Hill Capital Management Inc. acquired a new stake in shares of Diamondback Energy in the 3rd quarter valued at about $128,720,000. Wellington Management Group LLP increased its position in Diamondback Energy by 4.8% in the 3rd quarter. Wellington Management Group LLP now owns 14,266,640 shares of the oil and natural gas company’s stock valued at $2,209,617,000 after buying an additional 648,317 shares in the last quarter. Raymond James & Associates raised its stake in Diamondback Energy by 143.0% during the 4th quarter. Raymond James & Associates now owns 981,284 shares of the oil and natural gas company’s stock worth $152,177,000 after buying an additional 577,514 shares during the period. Finally, Raymond James Financial Services Advisors Inc. raised its position in shares of Diamondback Energy by 286.1% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 595,694 shares of the oil and natural gas company’s stock worth $92,380,000 after purchasing an additional 441,411 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Insider Activity

In related news, COO Daniel N. Wesson sold 6,000 shares of the stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $192.17, for a total transaction of $1,153,020.00. Following the sale, the chief operating officer now owns 78,218 shares of the company’s stock, valued at approximately $15,031,153.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, COO Daniel N. Wesson sold 6,000 shares of the company’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $192.17, for a total transaction of $1,153,020.00. Following the sale, the chief operating officer now directly owns 78,218 shares in the company, valued at $15,031,153.06. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Teresa L. Dick sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $192.00, for a total transaction of $384,000.00. Following the completion of the transaction, the chief accounting officer now owns 96,523 shares of the company’s stock, valued at $18,532,416. The disclosure for this sale can be found here. Over the last three months, insiders sold 57,675 shares of company stock worth $11,311,096. 0.43% of the stock is owned by corporate insiders.

Analyst Ratings Changes

FANG has been the subject of a number of recent research reports. Truist Financial boosted their price target on shares of Diamondback Energy from $248.00 to $250.00 and gave the company a “buy” rating in a research note on Monday, April 22nd. BMO Capital Markets upped their target price on shares of Diamondback Energy from $167.00 to $175.00 and gave the stock a “market perform” rating in a report on Tuesday, February 13th. KeyCorp lifted their price target on Diamondback Energy from $210.00 to $225.00 and gave the company an “overweight” rating in a research note on Monday, April 22nd. Evercore ISI raised their price objective on Diamondback Energy from $185.00 to $215.00 and gave the company an “outperform” rating in a research note on Monday, March 25th. Finally, Mizuho upped their target price on shares of Diamondback Energy from $200.00 to $217.00 and gave the stock a “buy” rating in a research note on Thursday, April 11th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Diamondback Energy currently has an average rating of “Moderate Buy” and an average price target of $204.37.

Diamondback Energy Price Performance

NASDAQ FANG opened at $201.50 on Monday. The company has a quick ratio of 0.74, a current ratio of 0.92 and a debt-to-equity ratio of 0.37. The company has a market cap of $35.94 billion, a PE ratio of 11.36 and a beta of 1.91. Diamondback Energy, Inc. has a 52 week low of $123.41 and a 52 week high of $211.96. The firm’s 50-day simple moving average is $195.49 and its two-hundred day simple moving average is $170.84.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.29 by $0.21. The company had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.10 billion. Diamondback Energy had a net margin of 36.71% and a return on equity of 19.36%. The company’s quarterly revenue was up 15.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.10 earnings per share. Research analysts predict that Diamondback Energy, Inc. will post 18.91 earnings per share for the current year.

Diamondback Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Stockholders of record on Wednesday, May 15th will be issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date of this dividend is Tuesday, May 14th. Diamondback Energy’s payout ratio is currently 20.29%.

About Diamondback Energy

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.