Meeder Asset Management Inc. Purchases 17,159 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Key Points

• Meeder Asset Management Inc. has increased its stake in Diamondback Energy by 270.6%, owning 23,501 shares worth approximately $3.76 million as of the end of the most recent reporting period.
• Diamondback Energy reported a quarterly EPS of $4.54, exceeding analysts' expectations, with revenues of $4.05 billion, marking an 81.8% increase year-over-year.
• The company declared a quarterly dividend of $1.00 per share, translating to an annual yield of 2.66%, with a dividend payout ratio of 24.46%.

Meeder Asset Management Inc. boosted its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 270.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 23,501 shares of the oil and natural gas company's stock after purchasing an additional 17,159 shares during the quarter. Meeder Asset Management Inc.'s holdings in Diamondback Energy were worth $3,757,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of FANG. BankPlus Trust Department bought a new stake in Diamondback Energy in the 1st quarter valued at approximately $27,000. Pinnacle Bancorp Inc. raised its holdings in shares of Diamondback Energy by 95.7% in the first quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock valued at $29,000 after purchasing an additional 88 shares during the last quarter. Grove Bank & Trust lifted its position in shares of Diamondback Energy by 65.0% in the first quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock worth $32,000 after purchasing an additional 80 shares in the last quarter. WASHINGTON TRUST Co lifted its position in shares of Diamondback Energy by 119.8% in the first 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, Fourth Dimension Wealth LLC acquired a new position in Diamondback Energy during the fourth quarter worth $33,000. Institutional investors own 90.01% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on FANG shares. KeyCorp cut their price target on shares of Diamondback Energy from $216.00 to $180.00 and set an "overweight" rating on the stock in a research report on Monday, April 21st. Bank of America increased their price target on Diamondback Energy from $165.00 to $170.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Raymond James Financial boosted their price target on Diamondback Energy from $204.00 to $221.00 and gave the stock a "strong-buy" rating in a research report on Tuesday, July 22nd. Susquehanna dropped their price objective on Diamondback Energy from $192.00 to $188.00 and set a "positive" rating on the stock in a research note on Wednesday, July 23rd. Finally, Wells Fargo & Company raised their target price on shares of Diamondback Energy from $207.00 to $208.00 and gave the company an "overweight" rating in a research note on Monday, June 16th. Two investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $191.59.

Diamondback Energy Price Performance

Shares of FANG stock traded down $1.61 on Friday, hitting $147.06. 1,868,129 shares of the company's stock were exchanged, compared to its average volume of 2,458,330. The company has a 50 day moving average of $142.69 and a 200 day moving average of $147.37. The stock has a market cap of $42.97 billion, a P/E ratio of 8.97 and a beta of 1.05. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.86 and a quick ratio of 0.83. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $202.87.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.67 by $0.87. Diamondback Energy had a net margin of 30.84% and a return on equity of 11.22%. The company had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.58 billion. During the same period in the prior year, the business earned $4.50 earnings per share. The company's revenue for the quarter was up 81.8% compared to the same quarter last year. On average, equities research analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Thursday, May 15th were paid a $1.00 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $4.00 annualized dividend and a dividend yield of 2.7%. Diamondback Energy's payout ratio is currently 24.46%.

Insider Buying and Selling at Diamondback Energy

In related news, President Hof Matthew Kaes Van't sold 10,000 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $142.69, for a total transaction of $1,426,900.00. Following the completion of the transaction, the president directly owned 120,645 shares of the company's stock, valued at $17,214,835.05. This trade represents a 7.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.70% of the stock is currently owned by corporate insiders.

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.