Westerkirk Capital Inc. Grows Stock Holdings in Diamondback Energy, Inc. $FANG

Key Points

• Westerkirk Capital increased its stake in Diamondback Energy by 57.4% in the fourth quarter, ending with 20,300 shares valued at about $3.05 million.
• Diamondback Energy reported strong first-quarter results, with EPS of $4.23 topping estimates and revenue of $4.24 billion also beating forecasts. Analysts now expect the company to earn $19.65 per share for the current fiscal year.
• The company raised its quarterly dividend to $1.10 per share from $1.05, implying an annualized payout of $4.40 and a yield of about 2.2%.

Westerkirk Capital Inc. raised its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 57.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,300 shares of the oil and natural gas company's stock after buying an additional 7,400 shares during the period. Westerkirk Capital Inc.'s holdings in Diamondback Energy were worth $3,052,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in the stock. Beddow Capital Management Inc. boosted its position in Diamondback Energy by 6.7% in the 4th quarter. Beddow Capital Management Inc. now owns 35,155 shares of the oil and natural gas company's stock valued at $5,285,000 after buying an additional 2,195 shares during the period. Cerity Partners LLC boosted its position in Diamondback Energy by 7.2% in the 4th quarter. Cerity Partners LLC now owns 45,988 shares of the oil and natural gas company's stock valued at $6,913,000 after buying an additional 3,082 shares during the period. Franklin Resources Inc. boosted its position in Diamondback Energy by 29.6% in the 4th quarter. Franklin Resources Inc. now owns 83,033 shares of the oil and natural gas company's stock valued at $12,482,000 after buying an additional 18,987 shares during the period. Brandywine Global Investment Management LLC purchased a new stake in shares of Diamondback Energy in the 4th quarter worth approximately $30,207,000. Finally, O Shaughnessy Asset Management LLC lifted its position in shares of Diamondback Energy by 1.0% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 18,602 shares of the oil and natural gas company's stock worth $2,796,000 after purchasing an additional 191 shares during the period. 90.01% of the stock is owned by hedge funds and other institutional investors.

Diamondback Energy Trading Up 2.9%

NASDAQ:FANG opened at $198.20 on Tuesday. Diamondback Energy, Inc. has a 52 week low of $134.30 and a 52 week high of $214.51. The firm has a 50 day moving average of $195.99 and a 200 day moving average of $174.25. The company has a quick ratio of 0.55, a current ratio of 0.56 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $55.76 billion, a price-to-earnings ratio of 230.47 and a beta of 0.42.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 EPS for the quarter, beating analysts' consensus estimates of $3.74 by $0.49. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The company had revenue of $4.24 billion during the quarter, compared to analysts' expectations of $3.83 billion. During the same quarter in the prior year, the company posted $4.54 earnings per share. Diamondback Energy's revenue for the quarter was up 4.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Diamondback Energy, Inc. will post 19.65 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were given a dividend of $1.10 per share. The ex-dividend date of this dividend was Thursday, May 14th. This is a positive change from Diamondback Energy's previous quarterly dividend of $1.05. This represents a $4.40 dividend on an annualized basis and a yield of 2.2%. Diamondback Energy's dividend payout ratio is currently 511.63%.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, CFO Jere W. Thompson III sold 750 shares of the company's stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $182.47, for a total transaction of $136,852.50. Following the transaction, the chief financial officer owned 19,975 shares in the company, valued at approximately $3,644,838.25. This represents a 3.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Teresa L. Dick sold 7,000 shares of the company's stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the transaction, the chief accounting officer owned 85,755 shares in the company, valued at $17,228,179.50. The trade was a 7.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 78,464 shares of company stock valued at $14,946,406 over the last three months. Company insiders own 0.64% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Morgan Stanley upped their price target on shares of Diamondback Energy from $224.00 to $229.00 and gave the stock an "overweight" rating in a research report on Friday, May 22nd. Susquehanna upped their price target on shares of Diamondback Energy from $231.00 to $245.00 and gave the stock a "positive" rating in a research report on Wednesday, May 6th. Freedom Capital raised shares of Diamondback Energy to a "strong-buy" rating in a research report on Tuesday, March 10th. Wall Street Zen raised shares of Diamondback Energy from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. Finally, Truist Financial set a $242.00 price target on shares of Diamondback Energy in a research report on Wednesday, May 6th. Four analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Diamondback Energy has an average rating of "Moderate Buy" and an average price target of $223.26.

Diamondback Energy Profile

Diamondback Energy, Inc NASDAQ: FANG is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback's activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.

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