Holocene Advisors LP Buys 457,896 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Holocene Advisors LP raised its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 95.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 938,474 shares of the oil and natural gas company’s stock after buying an additional 457,896 shares during the period. Holocene Advisors LP’s holdings in Diamondback Energy were worth $161,793,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Diamond Hill Capital Management Inc. grew its stake in Diamondback Energy by 25.6% during 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. Bank of New York Mellon Corp increased its holdings in shares of Diamondback Energy by 16.0% during the second quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock valued at $603,038,000 after acquiring an additional 415,902 shares in the last quarter. Canada Pension Plan Investment Board raised its position in shares of Diamondback Energy by 280.8% in the 2nd 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 purchasing an additional 402,026 shares during the last quarter. American Century Companies Inc. boosted its stake in Diamondback Energy by 195.4% in the 2nd quarter. American Century Companies Inc. now owns 531,162 shares of the oil and natural gas company’s stock worth $106,333,000 after purchasing an additional 351,329 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its stake in Diamondback Energy by 17,151.2% in the 3rd quarter. International Assets Investment Management LLC now owns 340,021 shares of the oil and natural gas company’s stock worth $58,620,000 after purchasing an additional 338,050 shares in the last quarter. Institutional investors own 90.01% of the company’s stock.

Insider Buying and Selling at Diamondback Energy

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was 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 trade represents a 92.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mark Lawrence Plaumann sold 1,150 shares of the business’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total value of $208,150.00. Following the sale, the director now owns 4,712 shares in the company, valued at approximately $852,872. The trade was a 19.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.48% of the stock is owned by company insiders.

Diamondback Energy Price Performance

Shares of FANG opened at $177.59 on Monday. The firm has a market capitalization of $51.85 billion, a price-to-earnings ratio of 10.17, a PEG ratio of 1.31 and a beta of 1.89. The firm’s fifty day simple moving average is $181.95 and its 200-day simple moving average is $189.82. Diamondback Energy, Inc. has a twelve month low of $145.70 and a twelve month high of $214.50. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share for the quarter, missing the consensus estimate of $4.62 by ($1.24). Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The business had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same quarter in the previous year, the firm earned $5.49 EPS. Diamondback Energy’s revenue for the quarter was up 13.0% compared to the same quarter last year. Equities analysts forecast that Diamondback Energy, Inc. will post 16.26 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th were given a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend was Thursday, November 14th. Diamondback Energy’s dividend payout ratio (DPR) is 20.61%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on FANG shares. Susquehanna lowered their price target on Diamondback Energy from $237.00 to $233.00 and set a “positive” rating for the company in a research report on Friday, October 18th. Scotiabank dropped their target price on Diamondback Energy from $245.00 to $225.00 and set a “sector outperform” rating on the stock in a report on Thursday, October 10th. UBS Group decreased their price target on 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 lifted their target price 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, Truist Financial upped their price target on shares of Diamondback Energy from $220.00 to $230.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Diamondback Energy currently has a consensus rating of “Moderate Buy” and an average target price of $212.00.

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.