Korea Investment CORP Decreases Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Korea Investment CORP trimmed its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 25.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 160,335 shares of the oil and natural gas company’s stock after selling 55,001 shares during the quarter. Korea Investment CORP owned approximately 0.05% of Diamondback Energy worth $26,268,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. TrueMark Investments LLC raised its stake in Diamondback Energy by 21.4% in the fourth quarter. TrueMark Investments LLC now owns 2,347 shares of the oil and natural gas company’s stock worth $385,000 after buying an additional 413 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of Diamondback Energy by 4.2% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 100,797 shares of the oil and natural gas company’s stock worth $16,514,000 after purchasing an additional 4,085 shares during the period. Meiji Yasuda Asset Management Co Ltd. boosted its holdings in shares of Diamondback Energy by 8.3% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 3,906 shares of the oil and natural gas company’s stock valued at $640,000 after acquiring an additional 300 shares during the last quarter. FineMark National Bank & Trust grew its position in Diamondback Energy by 0.8% during the 4th quarter. FineMark National Bank & Trust now owns 37,027 shares of the oil and natural gas company’s stock worth $6,066,000 after purchasing an additional 288 shares during the period. Finally, Corebridge Financial Inc. grew its holdings 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 acquiring an additional 12,100 shares during the period. 90.01% of the stock is currently owned by institutional investors.

Diamondback Energy Price Performance

NASDAQ:FANG opened at $157.54 on Friday. The firm has a market cap of $45.60 billion, a price-to-earnings ratio of 9.02, a price-to-earnings-growth ratio of 1.24 and a beta of 1.85. Diamondback Energy, Inc. has a 12-month low of $137.09 and a 12-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. The company’s 50-day moving average is $158.66 and its two-hundred day moving average is $169.73.

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

Diamondback Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Shareholders of record on Thursday, March 6th were paid a dividend of $1.00 per share. The ex-dividend date of this dividend was Thursday, March 6th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.90. This represents a $4.00 annualized dividend and a yield of 2.54%. Diamondback Energy’s dividend payout ratio is currently 25.32%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $210.00 target price on shares of Diamondback Energy in a research note on Thursday, January 23rd. Raymond James decreased their price objective on shares of 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. Mizuho raised their target price on Diamondback Energy from $201.00 to $204.00 and gave the company an “outperform” rating in a research report on Tuesday, February 25th. JPMorgan Chase & Co. cut their price target on Diamondback Energy from $212.00 to $167.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Finally, The Goldman Sachs Group began coverage on Diamondback Energy in a research report on Monday, December 2nd. They set a “buy” rating and a $227.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $209.33.

Insider Activity

In other Diamondback Energy news, Director Frank D. Tsuru bought 2,000 shares of the business’s stock in a transaction dated Friday, February 28th. The shares were acquired at an average price of $156.51 per share, with a total value of $313,020.00. Following the purchase, the director now owns 5,730 shares in the company, valued at approximately $896,802.30. The trade was a 53.62 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.48% of the company’s stock.

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.