Montgomery Investment Management Inc. Raises Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Montgomery Investment Management Inc. grew its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 5.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 46,694 shares of the oil and natural gas company's stock after acquiring an additional 2,562 shares during the period. Diamondback Energy comprises approximately 3.0% of Montgomery Investment Management Inc.'s holdings, making the stock its 11th biggest holding. Montgomery Investment Management Inc.'s holdings in Diamondback Energy were worth $7,465,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Investor s Fiduciary Advisor Network LLC increased its stake in Diamondback Energy by 2.1% during the 1st quarter. Investor s Fiduciary Advisor Network LLC now owns 3,559 shares of the oil and natural gas company's stock worth $569,000 after buying an additional 74 shares during the period. Grove Bank & Trust grew its holdings in Diamondback Energy by 65.0% during the 1st quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock worth $32,000 after acquiring an additional 80 shares in the last quarter. Rehmann Capital Advisory Group grew its holdings in Diamondback Energy by 6.0% during the 4th quarter. Rehmann Capital Advisory Group now owns 1,439 shares of the oil and natural gas company's stock worth $236,000 after acquiring an additional 82 shares in the last quarter. Catalyst Capital Advisors LLC grew its holdings in Diamondback Energy by 60.9% during the 1st quarter. Catalyst Capital Advisors LLC now owns 222 shares of the oil and natural gas company's stock worth $35,000 after acquiring an additional 84 shares in the last quarter. Finally, Center for Financial Planning Inc. grew its holdings in Diamondback Energy by 6.4% during the 1st quarter. Center for Financial Planning Inc. now owns 1,449 shares of the oil and natural gas company's stock worth $232,000 after acquiring an additional 87 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.

Insider Buying and Selling at Diamondback Energy

In other news, President Hof Matthew Kaes Van't sold 10,000 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $142.69, for a total value of $1,426,900.00. Following the completion of the sale, the president directly owned 120,645 shares of the company's stock, valued at approximately $17,214,835.05. This represents a 7.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on FANG shares. Barclays decreased their price objective on shares of Diamondback Energy from $200.00 to $185.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Piper Sandler reaffirmed an "overweight" rating and set a $228.00 price objective (up previously from $225.00) on shares of Diamondback Energy in a research report on Thursday, July 17th. KeyCorp lowered their price objective on shares of Diamondback Energy from $216.00 to $180.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Evercore ISI began coverage on shares of Diamondback Energy in a research report on Tuesday, May 6th. They set an "outperform" rating and a $165.00 price objective for the company. Finally, UBS Group lowered their price objective on shares of Diamondback Energy from $175.00 to $163.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Two investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Diamondback Energy currently has an average rating of "Buy" and an average price target of $191.59.

Diamondback Energy Stock Performance

NASDAQ FANG traded up $0.94 on Thursday, hitting $144.63. The stock had a trading volume of 276,080 shares, compared to its average volume of 2,473,924. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $203.98. The company has a quick ratio of 0.83, a current ratio of 0.86 and a debt-to-equity ratio of 0.31. The stock has a market cap of $42.26 billion, a price-to-earnings ratio of 8.83 and a beta of 1.05. The company's 50-day moving average is $141.51 and its two-hundred day moving average is $148.36.

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

Diamondback Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Thursday, May 15th were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date was Thursday, May 15th. Diamondback Energy's dividend payout ratio is currently 24.46%.

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.

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