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

Allspring Global Investments Holdings LLC trimmed its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 70.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 43,032 shares of the oil and natural gas company's stock after selling 102,687 shares during the period. Allspring Global Investments Holdings LLC's holdings in Diamondback Energy were worth $6,923,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Diamondback Energy by 5.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 96,688 shares of the oil and natural gas company's stock valued at $15,232,000 after acquiring an additional 5,250 shares during the period. Legacy CG LLC boosted its position in Diamondback Energy by 22.5% during the first quarter. Legacy CG LLC now owns 35,905 shares of the oil and natural gas company's stock worth $5,740,000 after purchasing an additional 6,606 shares in the last quarter. Artemis Investment Management LLP acquired a new stake in Diamondback Energy in the first quarter valued at $5,093,000. Illinois Municipal Retirement Fund increased its position in shares of Diamondback Energy by 18.9% in the first quarter. Illinois Municipal Retirement Fund now owns 100,570 shares of the oil and natural gas company's stock valued at $16,079,000 after buying an additional 15,988 shares in the last quarter. Finally, Park Place Capital Corp increased its position in shares of Diamondback Energy by 72.4% in the first quarter. Park Place Capital Corp now owns 11,345 shares of the oil and natural gas company's stock valued at $1,814,000 after buying an additional 4,764 shares in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, President Hof Matthew Kaes Van't sold 10,000 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $142.69, for a total value of $1,426,900.00. Following the completion of the sale, the president owned 120,645 shares of the company's stock, valued at $17,214,835.05. This represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.70% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on FANG shares. Barclays lowered their price objective on shares of Diamondback Energy from $200.00 to $185.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Evercore ISI initiated coverage on Diamondback Energy in a research report on Tuesday, May 6th. They set an "outperform" rating and a $165.00 price objective for the company. Susquehanna lowered their target price on Diamondback Energy from $219.00 to $194.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. Raymond James Financial reissued a "strong-buy" rating on shares of Diamondback Energy in a research report on Thursday, May 22nd. Finally, Mizuho reduced their price objective on Diamondback Energy from $186.00 to $179.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Two equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $193.13.

Diamondback Energy Stock Down 0.9%

Shares of NASDAQ FANG opened at $140.75 on Friday. The company has a quick ratio of 0.83, a current ratio of 0.86 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $41.12 billion, a PE ratio of 8.61 and a beta of 1.05. The firm has a fifty day moving average of $140.42 and a 200-day moving average of $150.04. 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 announced its quarterly earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 EPS for the quarter, topping the consensus estimate of $3.67 by $0.87. The company had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.58 billion. Diamondback Energy had a return on equity of 11.22% and a net margin of 30.84%. The firm's revenue was up 81.8% on a year-over-year basis. During the same period in the prior year, the firm posted $4.50 earnings per share. On average, analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th were given a dividend of $1.00 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $4.00 dividend on an annualized basis and a yield of 2.84%. Diamondback Energy's dividend payout ratio (DPR) is 24.46%.

Diamondback Energy Company 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.

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