Diamondback Energy, Inc. (NASDAQ:FANG) Stock Holdings Increased by Covenant Asset Management LLC

Covenant Asset Management LLC lifted its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 0.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,772 shares of the oil and natural gas company’s stock after purchasing an additional 78 shares during the quarter. Covenant Asset Management LLC’s holdings in Diamondback Energy were worth $3,236,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in FANG. O Shaughnessy Asset Management LLC lifted its position in shares of Diamondback Energy by 27.5% in the first quarter. O Shaughnessy Asset Management LLC now owns 11,266 shares of the oil and natural gas company’s stock worth $2,233,000 after purchasing an additional 2,432 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Diamondback Energy in the first quarter valued at approximately $971,000. Natixis bought a new stake in Diamondback Energy in the first quarter worth approximately $195,000. CreativeOne Wealth LLC raised its holdings in shares of Diamondback Energy by 110.0% during the 1st quarter. CreativeOne Wealth LLC now owns 5,060 shares of the oil and natural gas company’s stock valued at $1,003,000 after purchasing an additional 2,650 shares in the last quarter. Finally, Axxcess Wealth Management LLC bought a new position in shares of Diamondback Energy during the 1st quarter valued at $219,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, Director Mark Lawrence Plaumann sold 1,150 shares of Diamondback Energy stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total transaction of $208,150.00. Following the sale, the director now directly owns 4,712 shares of the company’s stock, valued at approximately $852,872. The trade was a 19.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction that occurred on 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 sale, the insider now directly owns 1,037,819 shares in the company, valued at $181,732,485.09. The trade was a 92.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.48% of the company’s stock.

Diamondback Energy Stock Up 0.8 %

FANG stock opened at $182.92 on Friday. Diamondback Energy, Inc. has a twelve month low of $145.70 and a twelve month high of $214.50. The company has a market cap of $53.41 billion, a PE ratio of 10.47, a price-to-earnings-growth ratio of 1.32 and a beta of 1.89. The business’s 50-day simple moving average is $181.89 and its 200 day simple moving average is $190.94. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG) last released its earnings results 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). Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The firm had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same period last year, the business earned $5.49 earnings per share. The firm’s quarterly revenue was up 13.0% compared to the same quarter last year. On average, research analysts anticipate that Diamondback Energy, Inc. will post 16.37 earnings per share for the current year.

Diamondback Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th were issued a dividend of $0.90 per share. This represents a $3.60 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend was Thursday, November 14th. Diamondback Energy’s payout ratio is 20.61%.

Analysts Set New Price Targets

Several research firms have commented on FANG. JPMorgan Chase & Co. initiated coverage on shares of Diamondback Energy in a research report on Wednesday, October 2nd. They set an “overweight” rating and a $182.00 target price on the stock. Morgan Stanley increased their price objective on Diamondback Energy from $185.00 to $198.00 and gave the company an “overweight” rating in a report on Monday, September 16th. Truist Financial upped their target price on Diamondback Energy from $220.00 to $230.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. BMO Capital Markets raised shares of Diamondback Energy from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $205.00 to $215.00 in a research report on Friday, October 4th. Finally, Scotiabank decreased their price objective on shares of Diamondback Energy from $245.00 to $225.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. One analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Diamondback Energy has a consensus rating of “Moderate Buy” and an average price target of $212.00.

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.