Massachusetts Financial Services Co. MA Increases Stake in Diamondback Energy, Inc. $FANG

Massachusetts Financial Services Co. MA grew its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 9.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,385,428 shares of the oil and natural gas company’s stock after acquiring an additional 122,921 shares during the period. Massachusetts Financial Services Co. MA owned 0.48% of Diamondback Energy worth $198,255,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of FANG. E Fund Management Hong Kong Co. Ltd. raised its holdings in Diamondback Energy by 106.3% in the 3rd quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the oil and natural gas company’s stock worth $28,000 after purchasing an additional 102 shares during the period. Creekmur Asset Management LLC bought a new position in shares of Diamondback Energy in the second quarter worth about $28,000. Salomon & Ludwin LLC purchased a new stake in Diamondback Energy in the 3rd quarter worth approximately $31,000. Twin Peaks Wealth Advisors LLC purchased a new stake in Diamondback Energy in the 2nd quarter worth approximately $29,000. Finally, Estabrook Capital Management bought a new stake in Diamondback Energy during the 2nd quarter worth approximately $41,000. Institutional investors own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on FANG shares. Piper Sandler dropped their price target on shares of Diamondback Energy from $222.00 to $219.00 and set an “overweight” rating for the company in a research report on Tuesday, November 18th. Evercore ISI lifted their target price on shares of Diamondback Energy from $165.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, October 6th. Citigroup dropped their target price on shares of Diamondback Energy from $180.00 to $178.00 and set a “buy” rating for the company in a report on Tuesday, January 6th. Morgan Stanley reissued an “overweight” rating and set a $183.00 price target on shares of Diamondback Energy in a report on Thursday, November 20th. Finally, Wells Fargo & Company boosted their price objective on Diamondback Energy from $160.00 to $169.00 and gave the company an “overweight” rating in a research report on Monday, November 17th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $187.64.

Insiders Place Their Bets

In related news, Director Charles Alvin Meloy sold 377,911 shares of the company’s stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $138.61, for a total transaction of $52,382,243.71. Following the sale, the director owned 1,044,864 shares of the company’s stock, valued at $144,828,599.04. This represents a 26.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.48% of the company’s stock.

Diamondback Energy Stock Up 0.3%

Shares of FANG stock opened at $151.28 on Tuesday. The company’s fifty day simple moving average is $150.50 and its two-hundred day simple moving average is $145.42. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week high of $180.91. The stock has a market cap of $43.33 billion, a P/E ratio of 10.51 and a beta of 0.59. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 0.35.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, November 3rd. The oil and natural gas company reported $3.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.94 by $0.14. The firm had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.48 billion. Diamondback Energy had a return on equity of 9.57% and a net margin of 27.32%.The business’s revenue was up 48.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.19 earnings per share. Analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Stockholders of record on Thursday, November 13th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date was Thursday, November 13th. Diamondback Energy’s dividend payout ratio is currently 27.80%.

About Diamondback Energy

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.