Assetmark Inc. Boosts Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Key Points

• Assetmark Inc. increased its holdings in Diamondback Energy by 6.0% during the first quarter, now owning 224,547 shares valued at approximately $35.90 million.
• Multiple institutional investors have made significant purchases of Diamondback Energy stock, with one firm acquiring a staggering <$strong>638 million stake in the fourth quarter.
• Diamondback Energy reported a quarterly earnings per share (EPS) of $4.54, surpassing analysts' expectations of $3.67, along with a significant revenue increase of 81.8% year-over-year.

Assetmark Inc. boosted its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 6.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 224,547 shares of the oil and natural gas company's stock after acquiring an additional 12,733 shares during the period. Assetmark Inc. owned 0.08% of Diamondback Energy worth $35,901,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in FANG. Price T Rowe Associates Inc. MD raised its stake in Diamondback Energy by 11.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company's stock valued at $1,496,859,000 after purchasing an additional 928,429 shares during the period. Geode Capital Management LLC raised its position in shares of Diamondback Energy by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 4,710,165 shares of the oil and natural gas company's stock valued at $769,706,000 after buying an additional 91,605 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Diamondback Energy by 2.3% during the first quarter. Bank of New York Mellon Corp now owns 4,257,247 shares of the oil and natural gas company's stock valued at $680,649,000 after buying an additional 94,177 shares during the last quarter. Demars Financial Group LLC lifted its holdings in shares of Diamondback Energy by 5.3% in the first quarter. Demars Financial Group LLC now owns 4,102,785 shares of the oil and natural gas company's stock worth $655,953,000 after buying an additional 208,200 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of Diamondback Energy by 12.6% during the fourth quarter. Invesco Ltd. now owns 3,086,468 shares of the oil and natural gas company's stock worth $505,656,000 after acquiring an additional 345,353 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.

Insider Buying and Selling at Diamondback Energy

In related news, President Hof Matthew Kaes Van't sold 10,000 shares of the business's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $142.69, for a total transaction of $1,426,900.00. Following the completion of the transaction, the president owned 120,645 shares in the company, valued at $17,214,835.05. The trade was a 7.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.48% of the company's stock.

Diamondback Energy Trading Down 1.3%

Shares of NASDAQ FANG traded down $2.04 during midday trading on Wednesday, hitting $150.46. The company's stock had a trading volume of 483,515 shares, compared to its average volume of 2,456,160. Diamondback Energy, Inc. has a 12-month low of $114.00 and a 12-month high of $203.98. The company has a current ratio of 0.86, a quick ratio of 0.83 and a debt-to-equity ratio of 0.31. The firm has a market cap of $43.96 billion, a P/E ratio of 9.20 and a beta of 1.05. The business's 50 day moving average is $142.15 and its two-hundred day moving average is $147.54.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share for the quarter, topping analysts' consensus estimates of $3.67 by $0.87. The business had revenue of $4.05 billion for 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 business's revenue was up 81.8% compared to the same quarter last year. During the same quarter last year, the firm posted $4.50 earnings per share. As a group, equities research analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Thursday, May 15th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date was Thursday, May 15th. Diamondback Energy's dividend payout ratio is currently 24.46%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FANG. 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. Raymond James Financial lifted their target price on Diamondback Energy from $204.00 to $221.00 and gave the stock a "strong-buy" rating in a report on Tuesday, July 22nd. Scotiabank restated an "outperform" rating on shares of Diamondback Energy in a report on Friday, July 11th. JPMorgan Chase & Co. decreased their price objective on Diamondback Energy from $167.00 to $161.00 and set an "overweight" rating on the stock in a report on Wednesday, May 7th. Finally, Barclays cut their target price on shares of Diamondback Energy from $200.00 to $185.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Two investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $191.59.

Diamondback Energy 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.