Smithfield Trust Co Grows Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Smithfield Trust Co raised its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 37.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 310 shares of the oil and natural gas company’s stock after purchasing an additional 85 shares during the quarter. Smithfield Trust Co’s holdings in Diamondback Energy were worth $50,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in FANG. Assenagon Asset Management S.A. lifted its holdings in Diamondback Energy by 1,153.0% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,132,918 shares of the oil and natural gas company’s stock valued at $185,606,000 after purchasing an additional 1,042,505 shares during the last quarter. Zimmer Partners LP purchased a new stake in Diamondback Energy during the third quarter valued at about $87,924,000. Bank of New York Mellon Corp lifted its holdings in Diamondback Energy by 13.7% during the fourth quarter. Bank of New York Mellon Corp now owns 4,163,070 shares of the oil and natural gas company’s stock valued at $682,036,000 after purchasing an additional 502,916 shares during the last quarter. Holocene Advisors LP lifted its holdings in shares of Diamondback Energy by 95.3% in the third quarter. Holocene Advisors LP now owns 938,474 shares of the oil and natural gas company’s stock worth $161,793,000 after buying an additional 457,896 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. lifted its holdings in shares of Diamondback Energy by 25.6% in the third quarter. Diamond Hill Capital Management Inc. now owns 2,158,910 shares of the oil and natural gas company’s stock worth $372,196,000 after buying an additional 439,579 shares in the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FANG. Piper Sandler lowered their price target on shares of Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Morgan Stanley increased their price target on shares of Diamondback Energy from $220.00 to $227.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. UBS Group raised their target price on shares of Diamondback Energy from $212.00 to $216.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Wells Fargo & Company raised their target price on shares of Diamondback Energy from $218.00 to $219.00 and gave the company an “overweight” rating in a research note on Tuesday, December 17th. Finally, Wolfe Research raised shares of Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 target price on the stock in a research note on Friday, January 3rd. Four investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $216.09.

Insider Activity

In other news, Director Frank D. Tsuru bought 2,000 shares of Diamondback Energy stock in a transaction that occurred on Friday, February 28th. The stock was bought at an average cost of $156.51 per share, with a total value of $313,020.00. Following the acquisition, the director now owns 5,730 shares of the company’s stock, valued at $896,802.30. The trade was a 53.62 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.48% of the company’s stock.

Diamondback Energy Price Performance

FANG opened at $142.70 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. The stock has a market capitalization of $41.30 billion, a P/E ratio of 8.17, a P/E/G ratio of 1.24 and a beta of 1.86. The company’s 50-day simple moving average is $164.70 and its two-hundred day simple moving average is $174.12. Diamondback Energy, Inc. has a 52-week low of $139.57 and a 52-week high of $214.50.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.57 by $0.07. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The business had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.55 billion. As a group, analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 13th. Stockholders of record on Thursday, March 6th will be given a dividend of $1.00 per share. The ex-dividend date is Thursday, March 6th. This represents a $4.00 annualized dividend and a dividend yield of 2.80%. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.90. Diamondback Energy’s dividend payout ratio is presently 25.32%.

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.