Diamondback Energy, Inc. (NASDAQ:FANG) Stock Position Increased by Geode Capital Management LLC

Geode Capital Management LLC grew its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 2.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,710,165 shares of the oil and natural gas company’s stock after purchasing an additional 91,605 shares during the period. Geode Capital Management LLC owned approximately 1.61% of Diamondback Energy worth $769,706,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in FANG. State Street Corp grew its holdings in Diamondback Energy by 1.3% in the 3rd quarter. State Street Corp now owns 11,858,555 shares of the oil and natural gas company’s stock worth $2,044,415,000 after buying an additional 149,871 shares in the last quarter. Boston Partners grew its stake in shares of Diamondback Energy by 12.4% in the fourth quarter. Boston Partners now owns 5,169,742 shares of the oil and natural gas company’s stock worth $849,202,000 after purchasing an additional 571,820 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of 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 period. Diamond Hill Capital Management Inc. raised its stake in shares of Diamondback Energy by 30.5% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 2,817,554 shares of the oil and natural gas company’s stock valued at $461,600,000 after purchasing an additional 658,644 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Diamondback Energy in the fourth quarter worth about $298,327,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Diamondback Energy Price Performance

FANG opened at $161.49 on Thursday. The firm has a market capitalization of $46.74 billion, a P/E ratio of 9.24, a PEG ratio of 1.24 and a beta of 1.85. The stock has a fifty day moving average of $157.61 and a 200-day moving average of $169.51. 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, Inc. has a 12-month low of $137.09 and a 12-month high of $214.50.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Tuesday, February 25th. The oil and natural gas company reported $3.64 EPS for the quarter, topping analysts’ consensus estimates of $3.57 by $0.07. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The firm had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.55 billion. Equities analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Thursday, March 6th were given a dividend of $1.00 per share. The ex-dividend date was Thursday, March 6th. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.90. This represents a $4.00 dividend on an annualized basis and a yield of 2.48%. Diamondback Energy’s payout ratio is presently 25.32%.

Insiders Place Their Bets

In related news, Director Frank D. Tsuru purchased 2,000 shares of the company’s stock in a transaction dated Friday, February 28th. The shares were acquired at an average cost of $156.51 per share, with a total value of $313,020.00. Following the completion of the purchase, 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.48% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on FANG. Mizuho raised their target price on shares of Diamondback Energy from $201.00 to $204.00 and gave the company an “outperform” rating in a research note on Tuesday, February 25th. Wolfe Research upgraded shares of Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price objective on the stock in a research note on Friday, January 3rd. Raymond James cut their target price on Diamondback Energy from $245.00 to $214.00 and set a “strong-buy” rating for the company in a research report on Wednesday, March 12th. Piper Sandler lowered their price target on Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Finally, JPMorgan Chase & Co. dropped their price objective on Diamondback Energy from $212.00 to $167.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Four investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $209.33.

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.