Mitsubishi UFJ Asset Management Co. Ltd. Raises Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Diamondback Energy by 10.2%, owning 360,555 shares valued at approximately $57.65 million.
• Diamondback Energy's quarterly earnings showed $2.67 EPS, below analysts' expectations of $2.72, while revenue increased by 48.1% year-over-year to $3.68 billion.
• The company announced a quarterly dividend of $1.00, resulting in an annualized rate of $4.00 and a dividend yield of 2.8% for shareholders.

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 10.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 360,555 shares of the oil and natural gas company's stock after buying an additional 33,271 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.12% of Diamondback Energy worth $57,646,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in FANG. Price T Rowe Associates Inc. MD grew its holdings in shares of 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 worth $1,496,859,000 after acquiring an additional 928,429 shares during the period. Bank of New York Mellon Corp grew its stake in Diamondback Energy by 2.3% in the first quarter. Bank of New York Mellon Corp now owns 4,257,247 shares of the oil and natural gas company's stock worth $680,649,000 after purchasing an additional 94,177 shares during the period. Demars Financial Group LLC raised its holdings in 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 purchasing an additional 208,200 shares in the last quarter. Diamond Hill Capital Management Inc. raised its holdings in Diamondback Energy by 4.1% in the first quarter. Diamond Hill Capital Management Inc. now owns 2,932,484 shares of the oil and natural gas company's stock worth $468,846,000 after purchasing an additional 114,930 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in Diamondback Energy by 11.7% in the fourth quarter. Northern Trust Corp now owns 2,092,919 shares of the oil and natural gas company's stock worth $342,883,000 after purchasing an additional 219,173 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

FANG has been the topic of a number of recent research reports. Piper Sandler increased their target price on Diamondback Energy from $225.00 to $228.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Truist Financial increased their target price on Diamondback Energy from $238.00 to $242.00 and gave the stock a "buy" rating in a research note on Thursday, April 17th. Scotiabank reissued an "outperform" rating on shares of Diamondback Energy in a research note on Friday, July 11th. Morgan Stanley reaffirmed an "overweight" rating on shares of Diamondback Energy in a report on Tuesday, July 15th. Finally, Barclays lowered their price target on Diamondback Energy from $200.00 to $185.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $191.59.

Diamondback Energy Stock Performance

NASDAQ FANG traded down $5.19 on Monday, hitting $136.84. 3,042,377 shares of the company's stock were exchanged, compared to its average volume of 2,058,223. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.55 and a quick ratio of 0.52. The firm's 50-day moving average price is $143.67 and its two-hundred day moving average price is $145.51. Diamondback Energy, Inc. has a fifty-two week low of $114.00 and a fifty-two week high of $202.87. The firm has a market cap of $39.61 billion, a price-to-earnings ratio of 9.98 and a beta of 1.09.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share (EPS) 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 business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.35 billion. During the same quarter in the previous year, the firm posted $4.52 EPS. The business's revenue for the quarter was up 48.1% on a year-over-year basis. On average, research analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

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

Insider Buying and Selling at Diamondback Energy

In related news, Chairman Travis D. Stice sold 20,400 shares of the company's stock in a transaction that occurred 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 sale, the chairman owned 102,145 shares in the company, valued at $14,586,306. This represents a 16.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.48% of the stock is currently owned by corporate insiders.

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.