FineMark National Bank & Trust Has $6.07 Million Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

FineMark National Bank & Trust raised its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 0.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 37,027 shares of the oil and natural gas company’s stock after purchasing an additional 288 shares during the quarter. FineMark National Bank & Trust’s holdings in Diamondback Energy were worth $6,066,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Corebridge Financial Inc. boosted its stake in Diamondback Energy by 20.4% during the fourth quarter. Corebridge Financial Inc. now owns 71,507 shares of the oil and natural gas company’s stock worth $11,715,000 after buying an additional 12,100 shares in the last quarter. LPL Financial LLC lifted its holdings in shares of Diamondback Energy by 5.4% during the 4th quarter. LPL Financial LLC now owns 181,642 shares of the oil and natural gas company’s stock worth $29,758,000 after acquiring an additional 9,334 shares during the period. Fox Run Management L.L.C. acquired a new stake in shares of Diamondback Energy during the 4th quarter valued at about $412,000. KLP Kapitalforvaltning AS bought a new stake in Diamondback Energy in the fourth quarter valued at about $10,665,000. Finally, Mizuho Securities USA LLC increased its stake in Diamondback Energy by 45.8% in the fourth quarter. Mizuho Securities USA LLC now owns 17,711 shares of the oil and natural gas company’s stock valued at $2,902,000 after acquiring an additional 5,563 shares during the period. Institutional investors own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on FANG shares. Wells Fargo & Company decreased their price objective on Diamondback Energy from $219.00 to $215.00 and set an “overweight” rating on the stock in a report on Wednesday, March 12th. Morgan Stanley boosted their price target on Diamondback Energy from $220.00 to $227.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Piper Sandler dropped their price objective on Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Royal Bank of Canada restated an “outperform” rating and issued a $210.00 target price on shares of Diamondback Energy in a research note on Thursday, January 23rd. Finally, The Goldman Sachs Group started coverage on shares of Diamondback Energy in a research report on Monday, December 2nd. They set a “buy” rating and a $227.00 target price for the company. Four analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $209.92.

Diamondback Energy Trading Up 1.6 %

NASDAQ FANG opened at $161.01 on Tuesday. Diamondback Energy, Inc. has a 52 week low of $137.09 and a 52 week high of $214.50. 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’s 50 day moving average price is $160.14 and its two-hundred day moving average price is $170.13. The stock has a market capitalization of $46.60 billion, a price-to-earnings ratio of 9.22, a PEG ratio of 1.24 and a beta of 1.85.

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. The business had revenue of $3.71 billion for the quarter, compared to analyst estimates of $3.55 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. As a group, analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Thursday, March 6th were issued a $1.00 dividend. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $4.00 annualized dividend and a dividend yield of 2.48%. Diamondback Energy’s dividend payout ratio (DPR) is presently 25.32%.

Insider Activity at Diamondback Energy

In other news, Director Frank D. Tsuru bought 2,000 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was 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. This represents a 53.62 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 0.48% of the stock is owned by company insiders.

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.