Steel Grove Capital Advisors LLC Grows Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Steel Grove Capital Advisors LLC boosted its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 400.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,552 shares of the oil and natural gas company's stock after purchasing an additional 8,442 shares during the quarter. Steel Grove Capital Advisors LLC's holdings in Diamondback Energy were worth $1,687,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in FANG. State of Alaska Department of Revenue increased its holdings in shares of Diamondback Energy by 2.8% in the first quarter. State of Alaska Department of Revenue now owns 21,898 shares of the oil and natural gas company's stock worth $3,501,000 after purchasing an additional 590 shares during the period. JBR Co Financial Management Inc increased its position in shares of Diamondback Energy by 113.1% in the first quarter. JBR Co Financial Management Inc now owns 4,312 shares of the oil and natural gas company's stock worth $689,000 after purchasing an additional 2,289 shares during the last quarter. Mayfair Advisory Group LLC raised its stake in Diamondback Energy by 21.0% in the first quarter. Mayfair Advisory Group LLC now owns 2,508 shares of the oil and natural gas company's stock valued at $401,000 after purchasing an additional 436 shares in the last quarter. Cushing Capital Partners LLC bought a new stake in Diamondback Energy during the first quarter valued at approximately $216,000. Finally, PKO Investment Management Joint Stock Co lifted its holdings in shares of Diamondback Energy by 5.5% during the 1st quarter. PKO Investment Management Joint Stock Co now owns 5,800 shares of the oil and natural gas company's stock worth $927,000 after acquiring an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Royal Bank Of Canada initiated coverage on Diamondback Energy in a research note on Friday, May 2nd. They set an "outperform" rating and a $180.00 price target for the company. Williams Trading set a $190.00 price objective on shares of Diamondback Energy in a report on Wednesday, March 5th. Wells Fargo & Company increased their target price on shares of Diamondback Energy from $207.00 to $208.00 and gave the company an "overweight" rating in a report on Monday. Morgan Stanley lowered their price target on shares of Diamondback Energy from $186.00 to $183.00 and set an "overweight" rating for the company in a research note on Friday, May 23rd. Finally, Piper Sandler cut their price target on shares of Diamondback Energy from $234.00 to $225.00 and set an "overweight" rating for the company in a research report on Tuesday, May 13th. Two research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $193.13.

Insider Activity

In related 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 sale, the president now owns 120,645 shares of the company's stock, valued at $17,214,835.05. This represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.70% of the company's stock.

Diamondback Energy Stock Performance

Shares of NASDAQ:FANG traded down $4.15 during trading on Thursday, hitting $148.78. The company's stock had a trading volume of 2,977,481 shares, compared to its average volume of 2,239,732. The company has a 50-day moving average of $138.27 and a 200-day moving average of $152.13. The firm has a market cap of $43.47 billion, a price-to-earnings ratio of 9.10, a P/E/G ratio of 1.39 and a beta of 1.06. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $214.50. 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 (NASDAQ:FANG - Get Free Report) last posted 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. Diamondback Energy had a net margin of 30.84% and a return on equity of 11.22%. The business had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.58 billion. During the same period in the prior year, the business posted $4.50 earnings per share. The company's revenue was up 81.8% on a year-over-year basis. On average, sell-side 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 disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th were issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date was Thursday, May 15th. Diamondback Energy's dividend payout ratio (DPR) 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.