Los Angeles Capital Management LLC Reduces Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Los Angeles Capital Management LLC decreased its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 22.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 32,612 shares of the oil and natural gas company’s stock after selling 9,573 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Diamondback Energy were worth $5,343,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Assenagon Asset Management S.A. grew its stake in shares of Diamondback Energy by 1,153.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,132,918 shares of the oil and natural gas company’s stock worth $185,606,000 after acquiring an additional 1,042,505 shares during the period. Zimmer Partners LP bought a new stake in Diamondback Energy in the 3rd quarter worth approximately $87,924,000. Bank of New York Mellon Corp raised its stake in Diamondback Energy by 13.7% during the 4th 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 buying an additional 502,916 shares during the last quarter. Holocene Advisors LP lifted its holdings in shares of Diamondback Energy by 95.3% during the 3rd quarter. Holocene Advisors LP now owns 938,474 shares of the oil and natural gas company’s stock valued at $161,793,000 after buying an additional 457,896 shares during the period. Finally, Diamond Hill Capital Management Inc. boosted its stake in shares of Diamondback Energy by 25.6% in the 3rd 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 during the last quarter. Institutional investors own 90.01% of the company’s stock.

Diamondback Energy Trading Up 0.3 %

Diamondback Energy stock opened at $152.43 on Thursday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. The firm’s 50 day moving average price is $165.28 and its 200-day moving average price is $175.77. Diamondback Energy, Inc. has a 1 year low of $151.00 and a 1 year high of $214.50. The stock has a market cap of $44.51 billion, a P/E ratio of 8.73, a PEG ratio of 1.24 and a beta of 1.86.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 EPS for the quarter, topping 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. On average, equities analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 13th. Investors of record on Thursday, March 6th will be paid a dividend of $1.00 per share. The ex-dividend date is Thursday, March 6th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.90. This represents a $4.00 dividend on an annualized basis and a yield of 2.62%. Diamondback Energy’s dividend payout ratio is presently 25.32%.

Analysts Set New Price Targets

A number of analysts recently commented on FANG shares. Morgan Stanley upped their price objective on Diamondback Energy from $220.00 to $227.00 and gave the company an “overweight” rating in a research report on Wednesday, February 19th. The Goldman Sachs Group assumed coverage on shares of Diamondback Energy in a research report on Monday, December 2nd. They set a “buy” rating and a $227.00 price target for the company. Piper Sandler dropped their price objective 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. Raymond James upped their target price on shares of Diamondback Energy from $237.00 to $256.00 and gave the company a “strong-buy” rating in a report on Thursday, January 23rd. Finally, Truist Financial increased their price target on shares of Diamondback Energy from $236.00 to $238.00 and gave the stock a “buy” rating in a research report on Wednesday, February 19th. Four investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $216.09.

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.