Inspire Investing LLC Purchases 22,684 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Inspire Investing LLC boosted its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 99.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 45,478 shares of the oil and natural gas company’s stock after acquiring an additional 22,684 shares during the period. Diamondback Energy makes up approximately 0.8% of Inspire Investing LLC’s investment portfolio, making the stock its 14th largest holding. Inspire Investing LLC’s holdings in Diamondback Energy were worth $7,840,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its position in Diamondback Energy by 38.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock valued at $1,706,076,000 after acquiring an additional 2,381,488 shares in the last quarter. Boston Partners lifted its holdings in shares of Diamondback Energy by 235.6% in the first quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock valued at $541,844,000 after purchasing an additional 1,916,900 shares in the last quarter. Homestead Advisers Corp acquired a new position in shares of Diamondback Energy during the first quarter worth about $87,940,000. Bank of New York Mellon Corp grew its holdings in shares of Diamondback Energy by 16.0% during the second quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock worth $603,038,000 after buying an additional 415,902 shares in the last quarter. Finally, Canada Pension Plan Investment Board raised its position in Diamondback Energy by 280.8% in the 2nd quarter. Canada Pension Plan Investment Board now owns 545,202 shares of the oil and natural gas company’s stock valued at $109,144,000 after buying an additional 402,026 shares during the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently weighed in on FANG. Morgan Stanley raised their price target on shares of Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. JPMorgan Chase & Co. initiated coverage on shares of Diamondback Energy in a research note on Wednesday, October 2nd. They issued an “overweight” rating and a $182.00 price target on the stock. Barclays upgraded shares of Diamondback Energy from an “equal weight” rating to an “overweight” rating and reduced their price objective for the stock from $216.00 to $210.00 in a research note on Wednesday, October 2nd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $220.00 target price on shares of Diamondback Energy in a research report on Tuesday, September 17th. Finally, Wolfe Research began coverage on Diamondback Energy in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Diamondback Energy presently has a consensus rating of “Moderate Buy” and an average price target of $208.59.

Diamondback Energy Stock Up 0.5 %

FANG stock opened at $194.96 on Friday. The business’s fifty day moving average price is $187.20 and its two-hundred day moving average price is $195.27. The stock has a market capitalization of $34.77 billion, a price-to-earnings ratio of 10.99, a PEG ratio of 1.22 and a beta of 1.89. Diamondback Energy, Inc. has a fifty-two week low of $145.70 and a fifty-two week high of $214.50. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, topping analysts’ consensus estimates of $4.51 by $0.01. The business had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.19 billion. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. Diamondback Energy’s revenue for the quarter was up 29.4% compared to the same quarter last year. During the same period last year, the firm earned $3.68 earnings per share. On average, equities analysts anticipate that Diamondback Energy, Inc. will post 19.08 earnings per share for the current year.

Diamondback Energy Increases Dividend

The business also recently declared a None dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were paid a $2.34 dividend. This is a boost from Diamondback Energy’s previous None dividend of $2.26. This represents a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, August 15th. Diamondback Energy’s payout ratio is 20.29%.

Insider Buying and Selling

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the transaction, the insider now owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.48% of the stock is currently owned by company 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.