Diamondback Energy, Inc. (NASDAQ:FANG) Shares Purchased by Westwood Holdings Group Inc.

Key Points

• Westwood Holdings Group Inc. increased its stake in Diamondback Energy by 7.6%, bringing their total holdings to $4.81 million as of the end of the most recent quarter.
• Diamondback Energy declared a quarterly dividend of $1.00 per share, representing an annualized dividend yield of 2.8%, with pay date set for August 21st.
• Despite reporting a miss on EPS estimates at $2.67, Diamondback Energy's revenue for the quarter was up by 48.1% year-over-year at $3.68 billion.

Westwood Holdings Group Inc. grew its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 7.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 30,096 shares of the oil and natural gas company's stock after buying an additional 2,120 shares during the period. Westwood Holdings Group Inc.'s holdings in Diamondback Energy were worth $4,812,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in FANG. BankPlus Trust Department purchased a new position in shares of Diamondback Energy during the 1st quarter worth about $27,000. Pinnacle Bancorp Inc. boosted its stake in shares of Diamondback Energy by 95.7% during the 1st quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock worth $29,000 after purchasing an additional 88 shares during the period. Grove Bank & Trust boosted its stake in shares of 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 purchasing an additional 80 shares during the period. WASHINGTON TRUST Co boosted its stake in shares of Diamondback Energy by 119.8% during the 1st quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock worth $32,000 after purchasing an additional 109 shares during the period. Finally, Fourth Dimension Wealth LLC purchased a new position in shares of Diamondback Energy during the 4th quarter worth about $33,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on FANG shares. Piper Sandler lifted their price target on shares of Diamondback Energy from $225.00 to $228.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Royal Bank Of Canada started coverage on shares of Diamondback Energy in a research note on Friday, May 2nd. They set an "outperform" rating and a $180.00 price target for the company. Wall Street Zen cut shares of Diamondback Energy from a "hold" rating to a "sell" rating in a research note on Saturday. Raymond James Financial lifted their price objective on shares of Diamondback Energy from $204.00 to $221.00 and gave the company a "strong-buy" rating in a report on Tuesday, July 22nd. Finally, Bank of America lifted their price objective on shares of Diamondback Energy from $165.00 to $170.00 and gave the company a "buy" rating in a report on Friday, May 23rd. One research analyst has rated the stock with a sell rating, one has given a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Diamondback Energy currently has an average rating of "Moderate Buy" and a consensus target price of $191.59.

Diamondback Energy Stock Up 0.6%

Shares of NASDAQ FANG traded up $0.91 during trading hours on Friday, hitting $142.03. 1,684,584 shares of the stock were exchanged, compared to its average volume of 2,040,675. The company has a quick ratio of 0.83, a current ratio of 0.55 and a debt-to-equity ratio of 0.35. The company has a market cap of $41.12 billion, a PE ratio of 10.09 and a beta of 1.09. The firm has a fifty day moving average price of $143.67 and a 200-day moving average price of $145.94. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $202.87.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.72 by ($0.05). Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.35 billion. During the same quarter in the previous year, the company posted $4.52 EPS. The company's revenue for the quarter was up 48.1% compared to the same quarter last year. On average, sell-side analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th will be paid a dividend of $1.00 per share. The ex-dividend date is Thursday, August 14th. This represents a $4.00 dividend on an annualized basis and a yield of 2.8%. Diamondback Energy's dividend payout ratio is presently 28.43%.

Insider Transactions 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 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 owned 120,645 shares in the company, valued at approximately $17,214,835.05. This represents a 7.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.70% of the company's stock.

Diamondback Energy 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.