Portside Wealth Group LLC Raises Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Portside Wealth Group LLC raised its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 6.3% in the third quarter, Holdings Channel reports. The institutional investor owned 2,571 shares of the oil and natural gas company’s stock after buying an additional 153 shares during the quarter. Portside Wealth Group LLC’s holdings in Diamondback Energy were worth $443,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its position in shares of Diamondback Energy by 38.2% in the first 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 during the period. Boston Partners grew its position in shares of Diamondback Energy by 235.6% during the 1st 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 bought a new position in shares of Diamondback Energy in the first quarter worth $87,940,000. Bank of New York Mellon Corp raised its position in shares of Diamondback Energy by 16.0% in 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 boosted its stake in Diamondback Energy by 280.8% during the second 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 period. 90.01% of the stock is currently owned by institutional investors.

Diamondback Energy Stock Performance

Diamondback Energy stock opened at $181.88 on Friday. Diamondback Energy, Inc. has a 1-year low of $145.70 and a 1-year high of $214.50. The firm has a market cap of $53.61 billion, a P/E ratio of 10.41, a P/E/G ratio of 1.26 and a beta of 1.89. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65. The firm has a 50-day moving average of $181.77 and a 200-day moving average of $192.33.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). The business had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.43 billion. Diamondback Energy had a return on equity of 17.64% and a net margin of 33.64%. Diamondback Energy’s quarterly revenue was up 13.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.49 earnings per share. Sell-side analysts expect that Diamondback Energy, Inc. will post 17.1 EPS for the current year.

Diamondback Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th will be issued a $0.90 dividend. The ex-dividend date is Thursday, November 14th. This represents a $3.60 annualized dividend and a yield of 1.98%. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.61%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FANG. Piper Sandler raised their price target on Diamondback Energy from $240.00 to $252.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. UBS Group lowered their target price on shares of Diamondback Energy from $247.00 to $223.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. KeyCorp cut their price target on shares of Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Truist Financial raised their price objective on shares of Diamondback Energy from $220.00 to $230.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Finally, BMO Capital Markets upgraded shares of Diamondback Energy from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $205.00 to $215.00 in a research report on Friday, October 4th. Two analysts have rated the stock with a sell rating, four have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Diamondback Energy currently has a consensus rating of “Moderate Buy” and an average price target of $209.64.

Insider Transactions at Diamondback Energy

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the transaction, the insider now directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.48% of the company’s stock.

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.