Credit Agricole S A Increases Stock Holdings in Diamondback Energy, Inc. $FANG

Key Points

• Credit Agricole S A increased its stake in Diamondback Energy by 25.2% during the first quarter, owning 68,066 shares worth approximately $10.88 million after purchasing an additional 13,720 shares.
• Several institutional investors, including Nuveen LLC and Alyeska Investment Group, have recently made significant investments in Diamondback Energy, indicating strong interest with 90.01% of the stock owned by such entities.
• Diamondback Energy announced a quarterly dividend of $1.00, representing an annualized yield of 2.9%, with payment scheduled for August 21st.

Credit Agricole S A raised its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 25.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 68,066 shares of the oil and natural gas company's stock after purchasing an additional 13,720 shares during the quarter. Credit Agricole S A's holdings in Diamondback Energy were worth $10,882,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Nuveen LLC purchased a new stake in shares of Diamondback Energy in the first quarter valued at approximately $230,039,000. Alyeska Investment Group L.P. purchased a new stake in shares of Diamondback Energy in the fourth quarter valued at approximately $185,193,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Diamondback Energy by 11.3% in the fourth 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 buying an additional 928,429 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of Diamondback Energy by 16,197.8% in the first quarter. GAMMA Investing LLC now owns 605,625 shares of the oil and natural gas company's stock valued at $96,827,000 after buying an additional 601,909 shares in the last quarter. Finally, Two Sigma Investments LP boosted its stake in shares of Diamondback Energy by 5,748.3% in the fourth quarter. Two Sigma Investments LP now owns 448,624 shares of the oil and natural gas company's stock valued at $73,498,000 after buying an additional 440,953 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on FANG shares. Bank of America lifted their price target on Diamondback Energy from $165.00 to $170.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Scotiabank restated an "outperform" rating on shares of Diamondback Energy in a research note on Friday, July 11th. Royal Bank Of Canada assumed coverage on Diamondback Energy in a report on Friday, May 2nd. They set an "outperform" rating and a $180.00 price objective for the company. Melius Research assumed coverage on Diamondback Energy in a report on Wednesday. They set a "buy" rating and a $213.00 price objective for the company. Finally, Piper Sandler reduced their price objective on Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating for the company in a report on Thursday, August 14th. Two analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $193.33.

Insider Buying and Selling at Diamondback Energy

In other news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total value of $2,913,120.00. Following the completion of the transaction, the chairman directly owned 102,145 shares of the company's stock, valued at $14,586,306. The trade was a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.70% of the stock is currently owned by company insiders.

Diamondback Energy Stock Performance

NASDAQ FANG opened at $137.87 on Thursday. Diamondback Energy, Inc. has a fifty-two week low of $114.00 and a fifty-two week high of $200.47. The stock has a market cap of $39.91 billion, a price-to-earnings ratio of 9.80 and a beta of 1.09. The business has a fifty day moving average of $143.25 and a 200-day moving average of $144.14. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share for the quarter, missing analysts' consensus estimates of $2.72 by ($0.05). Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The company had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.35 billion. During the same period last year, the firm earned $4.52 earnings per share. The business's revenue was up 48.1% compared to the same quarter last year. As a group, analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th will be issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Thursday, August 14th. Diamondback Energy's payout ratio is 28.43%.

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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