Ilmarinen Mutual Pension Insurance Co Makes New Investment in Diamondback Energy, Inc. $FANG

Key Points

• Ilmarinen Mutual Pension Insurance Co opened a new position in Diamondback Energy, buying 30,000 shares worth about $4.51 million in the fourth quarter.
• Diamondback Energy reported better-than-expected earnings for the latest quarter, with EPS of $4.23 versus $3.74 expected and revenue of $4.24 billion versus $3.83 billion expected.
• The company raised its quarterly dividend to $1.10 per share from $1.05, while analysts remain broadly positive with a consensus Buy rating and average target price of $223.26.

Ilmarinen Mutual Pension Insurance Co bought a new position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 30,000 shares of the oil and natural gas company's stock, valued at approximately $4,510,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Flagship Harbor Advisors LLC bought a new position in Diamondback Energy in the 4th quarter worth about $25,000. Richardson Financial Services Inc. grew its stake in shares of Diamondback Energy by 245.1% in the fourth quarter. Richardson Financial Services Inc. now owns 176 shares of the oil and natural gas company's stock worth $26,000 after purchasing an additional 125 shares in the last quarter. Laurel Wealth Advisors LLC bought a new position in shares of Diamondback Energy in the fourth quarter worth $26,000. JPL Wealth Management LLC bought a new position in shares of Diamondback Energy in the third quarter worth $26,000. Finally, Wellington Shields & Co. LLC grew its stake in shares of Diamondback Energy by 264.7% in the fourth quarter. Wellington Shields & Co. LLC now owns 186 shares of the oil and natural gas company's stock worth $28,000 after purchasing an additional 135 shares in the last quarter. Institutional investors own 90.01% of the company's stock.

Diamondback Energy Trading Down 1.4%

Shares of FANG stock opened at $191.48 on Friday. The stock has a 50-day simple moving average of $195.28 and a 200 day simple moving average of $171.79. Diamondback Energy, Inc. has a fifty-two week low of $133.75 and a fifty-two week high of $214.51. The stock has a market capitalization of $53.87 billion, a P/E ratio of 222.65 and a beta of 0.46. The company has a quick ratio of 0.55, a current ratio of 0.56 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share for the quarter, beating the consensus estimate of $3.74 by $0.49. The business had revenue of $4.24 billion during the quarter, compared to analysts' expectations of $3.83 billion. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.The company's quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the business posted $4.54 earnings per share. On average, sell-side analysts expect that Diamondback Energy, Inc. will post 19.49 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

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

Insider Activity

In related news, CFO Jere W. Thompson III sold 750 shares of the firm's stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $182.47, for a total transaction of $136,852.50. Following the completion of the sale, the chief financial officer directly owned 19,975 shares in the company, valued at approximately $3,644,838.25. This trade represents a 3.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Teresa L. Dick sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $207.00, for a total transaction of $1,035,000.00. Following the sale, the chief accounting officer owned 92,755 shares of the company's stock, valued at $19,200,285. The trade was a 5.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 174,321 shares of company stock valued at $32,090,475 in the last ninety days. 0.64% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

FANG has been the subject of several recent analyst reports. Morgan Stanley increased their price target on Diamondback Energy from $224.00 to $229.00 and gave the stock an "overweight" rating in a research note on Friday, May 22nd. Wall Street Zen upgraded shares of Diamondback Energy from a "sell" rating to a "hold" rating in a report on Saturday, May 9th. The Goldman Sachs Group increased their price objective on shares of Diamondback Energy from $187.00 to $212.00 and gave the company a "buy" rating in a report on Wednesday, March 11th. Raymond James Financial reiterated a "strong-buy" rating and issued a $242.00 price objective on shares of Diamondback Energy in a report on Monday, April 27th. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Diamondback Energy in a report on Wednesday. Five research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, Diamondback Energy has a consensus rating of "Buy" and an average target price of $223.26.

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.

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