Cresset Asset Management LLC Sells 10,605 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Cresset Asset Management LLC trimmed its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 70.2% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 4,511 shares of the oil and natural gas company's stock after selling 10,605 shares during the period. Cresset Asset Management LLC's holdings in Diamondback Energy were worth $739,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FANG. Wintrust Investments LLC bought a new position in Diamondback Energy during the 4th quarter valued at about $28,000. R Squared Ltd bought a new position in Diamondback Energy during the 4th quarter valued at about $29,000. UMB Bank n.a. lifted its holdings in Diamondback Energy by 247.3% during the 4th quarter. UMB Bank n.a. now owns 191 shares of the oil and natural gas company's stock valued at $31,000 after purchasing an additional 136 shares during the last quarter. Key Financial Inc lifted its holdings in Diamondback Energy by 940.0% during the 4th quarter. Key Financial Inc now owns 208 shares of the oil and natural gas company's stock valued at $34,000 after purchasing an additional 188 shares during the last quarter. Finally, Transce3nd LLC bought a new position in Diamondback Energy during the 4th quarter valued at about $38,000. 90.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

FANG has been the subject of several analyst reports. Truist Financial lifted their price target on shares of Diamondback Energy from $238.00 to $242.00 and gave the company a "buy" rating in a report on Thursday, April 17th. Susquehanna dropped their target price on shares of Diamondback Energy from $219.00 to $194.00 and set a "positive" rating for the company in a research note on Tuesday, April 22nd. UBS Group dropped their target price on shares of Diamondback Energy from $175.00 to $163.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Royal Bank of Canada assumed coverage on shares of Diamondback Energy in a research note on Friday, May 2nd. They issued an "outperform" rating and a $180.00 target price for the company. Finally, Piper Sandler dropped their target price on shares of Diamondback Energy from $234.00 to $225.00 and set an "overweight" rating for the company in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $194.09.

Insider Activity at Diamondback Energy

In other news, Director Frank D. Tsuru acquired 2,000 shares of the firm's stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average price of $156.51 per share, for a total transaction of $313,020.00. Following the completion of the acquisition, the director now owns 5,730 shares in the company, 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 SEC, which is available at the SEC website. Corporate insiders own 0.70% of the company's stock.

Diamondback Energy Stock Up 2.3%

Shares of NASDAQ FANG opened at $146.17 on Wednesday. The stock has a market cap of $42.71 billion, a P/E ratio of 8.37, a P/E/G ratio of 1.24 and a beta of 1.06. The firm has a 50 day moving average price of $141.19 and a 200 day moving average price of $158.71. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $214.50.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.67 by $0.87. The firm had revenue of $4.05 billion during the quarter, compared to analysts' expectations of $3.58 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The business's revenue for the quarter was up 81.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.50 earnings per share. Analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 22nd. Investors of record on Thursday, May 15th will be issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date is Thursday, May 15th. Diamondback Energy's dividend payout ratio is currently 24.46%.

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.

Want to see what other hedge funds are holding FANG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Diamondback Energy, Inc. (NASDAQ:FANG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.