Evergreen Capital Management LLC Has $15.90 Million Stock Holdings in Diamondback Energy, Inc. $FANG

Key Points

• Evergreen Capital Management LLC increased its holdings in Diamondback Energy by 64.5% during the first quarter, reaching a total worth of $15.90 million after acquiring over 38,000 shares.
• Several hedge funds have also significantly adjusted their positions in Diamondback Energy, with institutional investors now owning 90.01% of the company's stock.
• The company recently announced a quarterly dividend of $1.00 per share, representing a dividend yield of 2.7% and an annualized payout of $4.00.

Evergreen Capital Management LLC grew its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 64.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 99,430 shares of the oil and natural gas company's stock after buying an additional 38,978 shares during the quarter. Evergreen Capital Management LLC's holdings in Diamondback Energy were worth $15,897,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FANG. BankPlus Trust Department bought a new position in Diamondback Energy in the 1st quarter worth approximately $27,000. Pinnacle Bancorp Inc. increased its position 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 buying an additional 88 shares during the period. SouthState Corp increased its position 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 buying an additional 167 shares during the period. Fourth Dimension Wealth LLC bought a new position in Diamondback Energy in the 4th quarter worth approximately $33,000. Finally, WASHINGTON TRUST Co increased its position 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 buying an additional 109 shares during the period. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the sale, 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.48% of the stock is currently owned by corporate insiders.

Diamondback Energy Stock Up 0.7%

FANG stock traded up $1.08 during mid-day trading on Tuesday, reaching $149.84. The company had a trading volume of 1,558,599 shares, compared to its average volume of 2,400,335. 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 stock has a 50 day simple moving average of $142.62 and a two-hundred day simple moving average of $143.07. The company has a market capitalization of $43.38 billion, a price-to-earnings ratio of 10.65 and a beta of 1.15. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week high of $200.47.

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). The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.35 billion. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The business's revenue for the quarter was up 48.1% on a year-over-year basis. During the same period in the previous year, the business posted $4.52 earnings per share. As a group, equities analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were given a $1.00 dividend. The ex-dividend date was Thursday, August 14th. This represents a $4.00 annualized dividend and a yield of 2.7%. Diamondback Energy's dividend payout ratio (DPR) is currently 28.43%.

Analysts Set New Price Targets

FANG has been the topic of a number of research reports. Wells Fargo & Company boosted their price objective on Diamondback Energy from $210.00 to $211.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Piper Sandler lowered their price objective on Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating on the stock in a research report on Thursday, August 14th. Morgan Stanley boosted their price objective on Diamondback Energy from $184.00 to $186.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Bank of America boosted 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. Finally, Melius started coverage on Diamondback Energy in a research note on Wednesday, August 20th. They issued a "buy" rating and a $213.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $193.33.

About Diamondback Energy

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.