Hodges Capital Management Inc. Boosts Stock Holdings in Diamondback Energy, Inc. $FANG

Key Points

• Hodges Capital Management Inc. increased its stake in Diamondback Energy by 57.8%, acquiring an additional 5,982 shares and valuing its holdings at $2,611,000 as of the last quarter.
• Several other institutional investors also boosted their holdings in Diamondback Energy, with Jefferies Financial Group Inc. growing its position by 412.1% in the fourth quarter.
• Diamondback Energy announced a quarterly dividend of $1.00 per share, translating to an annualized yield of 2.9%.

Hodges Capital Management Inc. boosted its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 57.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,329 shares of the oil and natural gas company's stock after buying an additional 5,982 shares during the period. Hodges Capital Management Inc.'s holdings in Diamondback Energy were worth $2,611,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in FANG. Jefferies Financial Group Inc. grew its position in shares of Diamondback Energy by 412.1% in the fourth quarter. Jefferies Financial Group Inc. now owns 7,799 shares of the oil and natural gas company's stock valued at $1,278,000 after purchasing an additional 6,276 shares in the last quarter. Janus Henderson Group PLC grew its position in shares of Diamondback Energy by 52.8% in the fourth quarter. Janus Henderson Group PLC now owns 80,957 shares of the oil and natural gas company's stock valued at $13,265,000 after purchasing an additional 27,983 shares in the last quarter. NorthRock Partners LLC grew its position in shares of Diamondback Energy by 16.3% in the fourth quarter. NorthRock Partners LLC now owns 1,952 shares of the oil and natural gas company's stock valued at $320,000 after purchasing an additional 274 shares in the last quarter. Nissay Asset Management Corp Japan ADV grew its position in shares of Diamondback Energy by 41.2% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 52,401 shares of the oil and natural gas company's stock valued at $8,297,000 after purchasing an additional 15,298 shares in the last quarter. Finally, Man Group plc grew its position in shares of Diamondback Energy by 126.7% in the fourth quarter. Man Group plc now owns 26,740 shares of the oil and natural gas company's stock valued at $4,381,000 after purchasing an additional 14,943 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Diamondback Energy Trading Down 0.9%

Shares of Diamondback Energy stock opened at $138.42 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55. The stock has a 50 day moving average of $142.75 and a 200 day moving average of $142.32. Diamondback Energy, Inc. has a fifty-two week low of $114.00 and a fifty-two week high of $200.47. The firm has a market capitalization of $40.07 billion, a price-to-earnings ratio of 9.84 and a beta of 1.14.

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 EPS 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 firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.35 billion. During the same quarter last year, the company earned $4.52 earnings per share. The firm's revenue for the quarter was up 48.1% on a year-over-year basis. As a group, research analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Announces Dividend

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

Insider Buying and Selling

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the company's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the transaction, the chairman directly owned 102,145 shares in the company, valued at $14,586,306. This represents a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.70% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

FANG has been the subject of a number of analyst reports. KeyCorp dropped their price target on Diamondback Energy from $180.00 to $176.00 and set an "overweight" rating for the company in a research report on Wednesday, September 3rd. Melius Research assumed coverage on Diamondback Energy in a research report on Wednesday, August 20th. They issued a "buy" rating and a $213.00 price objective for the company. Bank of America increased their price objective on Diamondback Energy from $165.00 to $170.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Piper Sandler lowered their price objective on Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating for the company in a research report on Thursday, August 14th. Finally, Melius assumed coverage on Diamondback Energy in a research report on Wednesday, August 20th. They issued a "buy" rating and a $213.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Diamondback Energy presently has a consensus rating of "Buy" and an average target price of $193.17.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.