Spring Capital Management LLC Invests $665,000 in Diamondback Energy, Inc. (NASDAQ:FANG)

Spring Capital Management LLC acquired a new position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 4,160 shares of the oil and natural gas company's stock, valued at approximately $665,000.

Other institutional investors also recently bought and sold shares of the company. Demars Financial Group LLC bought a new stake in Diamondback Energy during the 4th quarter valued at $638,050,000. Raymond James Financial Inc. purchased a new stake in shares of Diamondback Energy during the 4th quarter worth $298,327,000. Alyeska Investment Group L.P. bought a new stake in Diamondback Energy during the fourth quarter valued at about $185,193,000. Price T Rowe Associates Inc. MD grew its stake in Diamondback Energy by 11.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company's stock valued at $1,496,859,000 after purchasing an additional 928,429 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. grew its stake in Diamondback Energy by 30.5% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 2,817,554 shares of the oil and natural gas company's stock valued at $461,600,000 after purchasing an additional 658,644 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Evercore ISI initiated coverage on shares of Diamondback Energy in a research note on Tuesday, May 6th. They set an "outperform" rating and a $165.00 price objective for the company. Royal Bank of Canada started coverage on Diamondback Energy in a report on Friday, May 2nd. They set an "outperform" rating and a $180.00 price objective for the company. Wells Fargo & Company dropped their target price on Diamondback Energy from $215.00 to $207.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Piper Sandler reduced their target price on Diamondback Energy from $234.00 to $225.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 13th. Finally, JPMorgan Chase & Co. lowered their price target on Diamondback Energy from $167.00 to $161.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Two equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Diamondback Energy currently has an average rating of "Buy" and a consensus target price of $193.09.

Diamondback Energy Stock Performance

Shares of FANG traded down $1.90 during mid-day trading on Thursday, reaching $137.45. The company had a trading volume of 2,059,135 shares, compared to its average volume of 2,167,970. The stock has a market capitalization of $40.16 billion, a P/E ratio of 7.87, a PEG ratio of 1.24 and a beta of 1.06. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $214.50. The stock has a 50 day moving average of $136.43 and a two-hundred day moving average of $154.37. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.67 by $0.87. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The firm had revenue of $4.05 billion during the quarter, compared to analysts' expectations of $3.58 billion. During the same period in the previous year, the business posted $4.50 EPS. The business's revenue was up 81.8% compared to the same quarter last year. On average, analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th were given a dividend of $1.00 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $4.00 dividend on an annualized basis and a yield of 2.91%. Diamondback Energy's dividend payout ratio is currently 24.46%.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, President Hof Matthew Kaes Van't sold 10,000 shares of the company's stock in a transaction on Monday, May 12th. The shares were 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 now directly owns 120,645 shares in the company, valued at approximately $17,214,835.05. This represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.70% of the stock is owned by corporate insiders.

Diamondback Energy Company Profile

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.