Investment Management Corp of Ontario Has $1.52 Million Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Investment Management Corp of Ontario lifted its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 31.2% in the 3rd quarter, Holdings Channel reports. The firm owned 8,841 shares of the oil and natural gas company’s stock after buying an additional 2,100 shares during the quarter. Investment Management Corp of Ontario’s holdings in Diamondback Energy were worth $1,524,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Kingswood Wealth Advisors LLC bought a new stake in shares of Diamondback Energy during the 2nd quarter worth about $213,000. Park Avenue Securities LLC increased its holdings in shares of Diamondback Energy by 25.4% during the 2nd quarter. Park Avenue Securities LLC now owns 5,313 shares of the oil and natural gas company’s stock worth $1,064,000 after purchasing an additional 1,077 shares during the period. Valeo Financial Advisors LLC raised its position in shares of Diamondback Energy by 17.7% during the second quarter. Valeo Financial Advisors LLC now owns 2,424 shares of the oil and natural gas company’s stock valued at $485,000 after buying an additional 365 shares during the last quarter. QRG Capital Management Inc. lifted its stake in shares of Diamondback Energy by 12.9% in the second quarter. QRG Capital Management Inc. now owns 7,389 shares of the oil and natural gas company’s stock valued at $1,479,000 after buying an additional 847 shares during the period. Finally, SG Americas Securities LLC grew its position in Diamondback Energy by 602.0% during the second quarter. SG Americas Securities LLC now owns 46,193 shares of the oil and natural gas company’s stock worth $9,247,000 after buying an additional 39,613 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

Diamondback Energy Price Performance

Diamondback Energy stock opened at $172.68 on Friday. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The firm’s 50-day simple moving average is $181.46 and its 200 day simple moving average is $189.28. Diamondback Energy, Inc. has a 52 week low of $145.70 and a 52 week high of $214.50. The firm has a market capitalization of $50.42 billion, a PE ratio of 9.88, a P/E/G ratio of 1.30 and a beta of 1.88.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 EPS for the quarter, missing the consensus estimate of $4.62 by ($1.24). The company had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.43 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The business’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same period last year, the company posted $5.49 EPS. On average, equities research analysts predict that Diamondback Energy, Inc. will post 16.26 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Investors of record on Thursday, November 14th were given a $0.90 dividend. This represents a $3.60 annualized dividend and a yield of 2.08%. The ex-dividend date of this dividend was Thursday, November 14th. Diamondback Energy’s dividend payout ratio is currently 20.61%.

Insider Buying and Selling

In other news, 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 transaction, the insider now owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. The trade was a 92.72 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Mark Lawrence Plaumann sold 1,150 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total value of $208,150.00. Following the completion of the transaction, the director now directly owns 4,712 shares in the company, valued at $852,872. This represents a 19.62 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on FANG shares. BMO Capital Markets raised Diamondback Energy from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $205.00 to $215.00 in a report on Friday, October 4th. Benchmark reissued a “buy” rating and set a $195.00 price objective on shares of Diamondback Energy in a report on Tuesday, October 29th. UBS Group lowered their price target on shares of Diamondback Energy from $247.00 to $223.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Piper Sandler increased their price objective on shares of Diamondback Energy from $240.00 to $252.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Finally, Citigroup began coverage on shares of Diamondback Energy in a report on Monday, October 14th. They set a “neutral” rating and a $195.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $212.65.

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.