Victory Capital Management Inc. Buys 381,542 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Victory Capital Management Inc. boosted its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 50.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,135,759 shares of the oil and natural gas company's stock after buying an additional 381,542 shares during the period. Victory Capital Management Inc. owned approximately 0.39% of Diamondback Energy worth $181,585,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in FANG. BankPlus Trust Department purchased a new position in Diamondback Energy in the 1st quarter valued at $27,000. Pinnacle Bancorp Inc. boosted its position in shares of Diamondback Energy by 95.7% during 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 in the last quarter. Fourth Dimension Wealth LLC purchased a new stake in shares of Diamondback Energy during the 4th quarter worth $33,000. WASHINGTON TRUST Co boosted its position in shares of Diamondback Energy by 119.8% during 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 in the last quarter. Finally, Grove Bank & Trust raised its stake in shares of Diamondback Energy by 65.0% during the 1st quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock worth $32,000 after buying an additional 80 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on FANG shares. UBS Group cut their price target on Diamondback Energy from $175.00 to $163.00 and set a "buy" rating for the company in a research note on Thursday, April 17th. Wells Fargo & Company lifted their price target on Diamondback Energy from $207.00 to $208.00 and gave the stock an "overweight" rating in a research note on Monday, June 16th. Royal Bank Of Canada assumed coverage on shares of Diamondback Energy in a research note on Friday, May 2nd. They issued an "outperform" rating and a $180.00 target price for the company. Raymond James Financial reissued a "strong-buy" rating on shares of Diamondback Energy in a research note on Thursday, May 22nd. Finally, Piper Sandler restated an "overweight" rating and issued a $228.00 price target (up previously from $225.00) on shares of Diamondback Energy in a report on Thursday. Two equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $193.48.

Diamondback Energy Stock Up 3.3%

Shares of FANG stock traded up $4.46 during trading on Thursday, hitting $140.93. 1,727,739 shares of the company were exchanged, compared to its average volume of 2,305,299. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.83 and a current ratio of 0.86. The firm has a market capitalization of $41.18 billion, a price-to-earnings ratio of 8.62 and a beta of 1.05. The business's 50-day simple moving average is $141.52 and its 200 day simple moving average is $149.18. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $212.28.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its 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 the consensus estimate of $3.58 billion. Diamondback Energy had a net margin of 30.84% and a return on equity of 11.22%. The company's revenue for the quarter was up 81.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.50 earnings per share. As a group, analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal 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 given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date was Thursday, May 15th. Diamondback Energy's dividend payout ratio is 24.46%.

Insider Activity at Diamondback Energy

In related news, President Hof Matthew Kaes Van't sold 10,000 shares of the business's stock in a transaction 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 transaction, the president owned 120,645 shares of the company's stock, valued at approximately $17,214,835.05. The trade was a 7.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.70% 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.