Hsbc Holdings PLC Purchases 47,450 Shares of Diamondback Energy, Inc. $FANG

Key Points

• HSBC Holdings PLC increased its stake in Diamondback Energy by 16.3% in the fourth quarter, buying 47,450 additional shares and bringing its total holdings to 338,577 shares valued at about $50.9 million.
• Diamondback Energy reported better-than-expected quarterly results, posting $4.23 EPS versus the $3.74 consensus and revenue of $4.24 billion versus expectations of $3.83 billion. Revenue rose 4.7% year over year.
• The company also raised its quarterly dividend to $1.10 per share from $1.05, while analysts overall remain positive with an average Buy rating and a mean price target of $221.37.

Hsbc Holdings PLC lifted its position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 16.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 338,577 shares of the oil and natural gas company's stock after buying an additional 47,450 shares during the period. Hsbc Holdings PLC owned approximately 0.12% of Diamondback Energy worth $50,890,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of FANG. Dimensional Fund Advisors LP lifted its stake in shares of Diamondback Energy by 9.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,355,480 shares of the oil and natural gas company's stock worth $337,078,000 after purchasing an additional 198,919 shares during the period. Massachusetts Financial Services Co. MA grew its position in Diamondback Energy by 4.1% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,441,622 shares of the oil and natural gas company's stock valued at $216,719,000 after buying an additional 56,194 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in Diamondback Energy by 18.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 139,308 shares of the oil and natural gas company's stock valued at $20,942,000 after buying an additional 21,575 shares during the period. Eagle Global Advisors LLC purchased a new stake in Diamondback Energy during the fourth quarter valued at approximately $5,472,000. Finally, QSM Asset Management Ltd increased its holdings in Diamondback Energy by 100.0% during the fourth quarter. QSM Asset Management Ltd now owns 61,000 shares of the oil and natural gas company's stock valued at $9,170,000 after buying an additional 30,500 shares during the last quarter. Institutional investors own 90.01% of the company's stock.

Diamondback Energy Price Performance

NASDAQ FANG opened at $187.91 on Wednesday. The company has a current ratio of 0.56, a quick ratio of 0.55 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a 12 month low of $134.30 and a 12 month high of $214.51. The stock has a market cap of $52.86 billion, a price-to-earnings ratio of 218.50 and a beta of 0.42. The company's 50 day moving average is $195.06 and its two-hundred day moving average is $177.23.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its quarterly earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share for the quarter, topping analysts' consensus estimates of $3.74 by $0.49. The business had revenue of $4.24 billion during the quarter, compared to analyst estimates of $3.83 billion. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The company's revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the business posted $4.54 earnings per share. As a group, research analysts anticipate that Diamondback Energy, Inc. will post 19.92 earnings per share for the current year.

Diamondback Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were issued a $1.10 dividend. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $4.40 annualized dividend and a yield of 2.3%. This is an increase from Diamondback Energy's previous quarterly dividend of $1.05. Diamondback Energy's payout ratio is currently 511.63%.

Insider Activity

In other Diamondback Energy news, CAO Teresa L. Dick sold 7,000 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total value of $1,406,300.00. Following the completion of the sale, the chief accounting officer owned 85,755 shares in the company, valued at approximately $17,228,179.50. This represents a 7.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Matt Zmigrosky sold 5,000 shares of the firm's stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $200.10, for a total value of $1,000,500.00. Following the sale, the executive vice president directly owned 51,392 shares in the company, valued at approximately $10,283,539.20. This represents a 8.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 121,548 shares of company stock worth $23,146,460. 0.64% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on FANG shares. Zacks Research cut shares of Diamondback Energy from a "strong-buy" rating to a "hold" rating in a research note on Thursday, May 28th. Susquehanna upped their price objective on Diamondback Energy from $231.00 to $245.00 and gave the stock a "positive" rating in a research note on Wednesday, May 6th. Truist Financial set a $242.00 price objective on Diamondback Energy in a research note on Wednesday, May 6th. Wells Fargo & Company set a $212.00 target price on Diamondback Energy in a report on Monday. Finally, Piper Sandler lifted their target price on Diamondback Energy from $215.00 to $248.00 and gave the company an "overweight" rating in a research report on Thursday, March 12th. Five investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $221.37.

Diamondback Energy Company Profile

Diamondback Energy, Inc NASDAQ: FANG is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback's activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.

Want to see what other hedge funds are holding FANG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Diamondback Energy, Inc. (NASDAQ:FANG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.