E Fund Management Co. Ltd. Acquires 3,917 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Key Points

• E Fund Management Co. Ltd. significantly increased its stake in Diamondback Energy, boosting its holdings by 98.8% to a total of 7,881 shares worth $1,260,000.
• Diamondback Energy has recently received a range of stock ratings, with a consensus of “Moderate Buy” and a price target averaging $191.59 among analysts.
• The company announced a quarterly dividend of $1.00, which reflects a strong annualized yield of 2.9%, with the ex-dividend date set for August 14th.

E Fund Management Co. Ltd. increased its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 98.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,881 shares of the oil and natural gas company's stock after purchasing an additional 3,917 shares during the period. E Fund Management Co. Ltd.'s holdings in Diamondback Energy were worth $1,260,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FANG. BankPlus Trust Department acquired a new position in Diamondback Energy in the 1st quarter worth $27,000. Pinnacle Bancorp Inc. boosted its stake in Diamondback Energy by 95.7% in the 1st quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock worth $29,000 after purchasing an additional 88 shares during the period. SouthState Corp boosted its stake in Diamondback Energy by 596.4% in the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock worth $31,000 after purchasing an additional 167 shares during the period. Grove Bank & Trust boosted its stake in Diamondback Energy by 65.0% in the 1st quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock worth $32,000 after purchasing an additional 80 shares during the period. Finally, WASHINGTON TRUST Co boosted its stake in Diamondback Energy by 119.8% in the 1st quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock worth $32,000 after purchasing an additional 109 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

Diamondback Energy Stock Down 0.4%

Diamondback Energy stock traded down $0.55 during midday trading on Friday, hitting $140.22. 1,889,655 shares of the stock were exchanged, compared to its average volume of 2,092,406. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $200.47. The stock has a market capitalization of $40.59 billion, a price-to-earnings ratio of 9.97 and a beta of 1.09. The business's 50-day moving average price is $143.65 and its 200-day moving average price is $144.58. 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 the consensus estimate of $2.72 by ($0.05). Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%. The firm had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.35 billion. During the same quarter last year, the firm posted $4.52 earnings per share. The firm's revenue for the quarter was up 48.1% compared to the same quarter last year. On average, research analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Bank of America increased their price objective on shares of Diamondback Energy from $165.00 to $170.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Morgan Stanley restated an "overweight" rating on shares of Diamondback Energy in a research note on Tuesday, July 15th. Wells Fargo & Company increased their price objective on shares of Diamondback Energy from $210.00 to $211.00 and gave the stock an "overweight" rating in a research note on Thursday. Royal Bank Of Canada assumed coverage on shares of Diamondback Energy in a research note on Friday, May 2nd. They set an "outperform" rating and a $180.00 price objective for the company. Finally, KeyCorp reduced their price objective on shares of Diamondback Energy from $216.00 to $180.00 and set an "overweight" rating for the company in a research note on Monday, April 21st. One analyst has rated the stock with a sell rating, one has given a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $191.45.

Insiders Place Their Bets

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $142.80, for a total value of $2,913,120.00. Following the transaction, the chairman directly owned 102,145 shares in the company, 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 Securities & Exchange Commission, which is available through the SEC website. 0.70% of the stock is currently owned by insiders.

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.