15,721 Shares in Diamondback Energy, Inc. $FANG Bought by Asset One Wealth Management LLC

Key Points

• Asset One Wealth Management opened a new position in Diamondback Energy, buying 15,721 shares valued at about $2.49 million in the fourth quarter.
• Institutional ownership remains very high, with several large investors such as Boston Partners, Geode Capital Management, and Bank of New York Mellon also increasing their stakes; overall, 90.01% of the stock is owned by institutions.
• Diamondback reported stronger-than-expected quarterly results and raised its dividend to $1.10 per share from $1.05, while analysts currently rate the stock a Moderate Buy with an average target price of $223.63.

Asset One Wealth Management LLC acquired a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 15,721 shares of the oil and natural gas company's stock, valued at approximately $2,494,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Boston Partners lifted its position in shares of Diamondback Energy by 2.9% during the 3rd quarter. Boston Partners now owns 5,733,538 shares of the oil and natural gas company's stock worth $821,649,000 after buying an additional 163,548 shares during the last quarter. Geode Capital Management LLC raised its position in Diamondback Energy by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 5,621,120 shares of the oil and natural gas company's stock valued at $844,073,000 after purchasing an additional 14,625 shares during the last quarter. Bank of New York Mellon Corp raised its position in Diamondback Energy by 11.5% in the fourth quarter. Bank of New York Mellon Corp now owns 5,159,365 shares of the oil and natural gas company's stock valued at $775,607,000 after purchasing an additional 532,756 shares during the last quarter. Capital Research Global Investors raised its position in Diamondback Energy by 14.1% in the fourth quarter. Capital Research Global Investors now owns 4,332,885 shares of the oil and natural gas company's stock valued at $651,363,000 after purchasing an additional 534,073 shares during the last quarter. Finally, Morgan Stanley raised its position in Diamondback Energy by 3.2% in the fourth quarter. Morgan Stanley now owns 3,828,941 shares of the oil and natural gas company's stock valued at $575,605,000 after purchasing an additional 117,798 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CAO Teresa L. Dick sold 7,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the completion of the sale, the chief accounting officer owned 85,755 shares of the company's stock, valued at $17,228,179.50. This trade represents a 7.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Matt Zmigrosky sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $200.54, for a total value of $1,002,700.00. Following the sale, the executive vice president directly owned 46,392 shares of the company's stock, valued at $9,303,451.68. This represents a 9.73% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 121,548 shares of company stock worth $23,146,460. Corporate insiders own 0.64% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on FANG shares. Wells Fargo & Company increased their target price on Diamondback Energy from $202.00 to $262.00 and gave the company an "overweight" rating in a research report on Monday, April 20th. Truist Financial set a $242.00 target price on Diamondback Energy in a research report on Wednesday, May 6th. Zacks Research downgraded Diamondback Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 28th. UBS Group increased their target price on Diamondback Energy from $240.00 to $245.00 and gave the company a "buy" rating in a research report on Friday, April 10th. Finally, Mizuho increased their target price on Diamondback Energy from $220.00 to $240.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Four analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $223.63.

Diamondback Energy Trading Down 1.4%

Shares of FANG stock opened at $185.48 on Thursday. The stock has a market cap of $52.18 billion, a price-to-earnings ratio of 215.68 and a beta of 0.42. The stock has a 50-day moving average of $195.33 and a 200-day moving average of $176.39. The company has a current ratio of 0.56, a quick ratio of 0.55 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a 1-year low of $134.30 and a 1-year high of $214.51.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its quarterly earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share for the quarter, beating the consensus estimate of $3.74 by $0.49. The company had revenue of $4.24 billion during the quarter, compared to analysts' expectations of $3.83 billion. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.The business's quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.54 earnings per share. On average, equities research analysts forecast that Diamondback Energy, Inc. will post 19.92 earnings per share for the current year.

Diamondback Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were paid a $1.10 dividend. The ex-dividend date of this dividend was Thursday, May 14th. This is a positive change from Diamondback Energy's previous quarterly dividend of $1.05. This represents a $4.40 annualized dividend and a dividend yield of 2.4%. Diamondback Energy's payout ratio is currently 511.63%.

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.

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