Summit Global Investments Acquires 23,468 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Summit Global Investments raised its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 469.5% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 28,466 shares of the oil and natural gas company's stock after purchasing an additional 23,468 shares during the period. Summit Global Investments' holdings in Diamondback Energy were worth $4,551,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Price T Rowe Associates Inc. MD boosted its holdings in shares of Diamondback Energy by 11.3% during the 4th 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. Boston Partners boosted its holdings in shares of Diamondback Energy by 12.4% during the 4th quarter. Boston Partners now owns 5,169,742 shares of the oil and natural gas company's stock valued at $849,202,000 after purchasing an additional 571,820 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Diamondback Energy by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 4,710,165 shares of the oil and natural gas company's stock valued at $769,706,000 after purchasing an additional 91,605 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Diamondback Energy by 13.7% during the 4th quarter. Bank of New York Mellon Corp now owns 4,163,070 shares of the oil and natural gas company's stock valued at $682,036,000 after buying an additional 502,916 shares in the last quarter. Finally, Demars Financial Group LLC purchased a new stake in shares of Diamondback Energy during the 4th quarter valued at about $638,050,000. Institutional investors own 90.01% of the company's stock.

Diamondback Energy Trading Down 2.0%

FANG stock traded down $2.82 during mid-day trading on Friday, reaching $134.99. The company had a trading volume of 4,362,783 shares, compared to its average volume of 2,165,804. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. The company has a market capitalization of $39.44 billion, a PE ratio of 7.73, a price-to-earnings-growth ratio of 1.24 and a beta of 1.06. The firm has a 50 day moving average of $137.66 and a 200 day moving average of $155.03. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $214.50.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 EPS for the quarter, topping analysts' consensus estimates of $3.67 by $0.87. The business had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.58 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The company'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 firm earned $4.50 EPS. On average, equities analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Thursday, May 15th were paid a dividend of $1.00 per share. The ex-dividend date was Thursday, May 15th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.96%. Diamondback Energy's dividend payout ratio is presently 24.46%.

Insider Activity

In other news, President Hof Matthew Kaes Van't sold 10,000 shares of the stock in a transaction that occurred 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 transaction, the president now directly owns 120,645 shares in the company, valued at approximately $17,214,835.05. This trade 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 accessible through this link. Insiders own 0.70% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Scotiabank decreased their target price on shares of Diamondback Energy from $215.00 to $175.00 and set a "sector outperform" rating on the stock in a research report on Friday, April 11th. Citigroup upgraded shares of Diamondback Energy from a "reduce" rating to a "buy" rating and upped their target price for the company from $157.00 to $180.00 in a research report on Monday, April 7th. Truist Financial upped their target price on shares of Diamondback Energy from $238.00 to $242.00 and gave the company a "buy" rating in a research report on Thursday, April 17th. JPMorgan Chase & Co. decreased their target price on shares of Diamondback Energy from $167.00 to $161.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 7th. Finally, Williams Trading set a $190.00 target price on shares of Diamondback Energy in a research report on Wednesday, March 5th. Two equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $193.09.

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.