Envestnet Portfolio Solutions Inc. bought a new stake in Diamondback Energy, Inc. (NASDAQ:FANG – Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 5,769 shares of the oil and natural gas company’s stock, valued at approximately $894,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in FANG. Massachusetts Financial Services Co. MA grew its stake in shares of Diamondback Energy by 39.9% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,007,599 shares of the oil and natural gas company’s stock worth $465,817,000 after purchasing an additional 858,446 shares during the period. Diamond Hill Capital Management Inc. acquired a new stake in shares of Diamondback Energy during the third quarter worth $128,720,000. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Diamondback Energy during the first quarter worth $73,608,000. First Trust Advisors LP grew its stake in shares of Diamondback Energy by 79.9% during the first quarter. First Trust Advisors LP now owns 922,243 shares of the oil and natural gas company’s stock worth $126,421,000 after purchasing an additional 409,637 shares during the period. Finally, Palo Duro Investment Partners LP acquired a new stake in shares of Diamondback Energy during the first quarter worth $47,086,000. 87.84% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of equities research analysts recently commented on FANG shares. Bank Of America (Bofa) decreased their price objective on Diamondback Energy from $147.00 to $129.00 and set an “underperform” rating for the company in a research note on Thursday, January 18th. Piper Sandler increased their price target on Diamondback Energy from $201.00 to $222.00 and gave the stock an “overweight” rating in a report on Tuesday, February 13th. Truist Financial increased their price target on Diamondback Energy from $215.00 to $225.00 and gave the stock a “buy” rating in a report on Wednesday, November 8th. Bank of America upgraded Diamondback Energy from an “underperform” rating to a “neutral” rating and increased their price target for the stock from $129.00 to $170.00 in a report on Monday, February 12th. Finally, UBS Group increased their price target on Diamondback Energy from $183.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $183.05.
Read Our Latest Stock Analysis on FANG
Diamondback Energy Stock Performance
FANG opened at $176.36 on Friday. Diamondback Energy, Inc. has a 12-month low of $119.01 and a 12-month high of $183.96. The stock has a market cap of $31.57 billion, a price-to-earnings ratio of 10.17, a PEG ratio of 0.44 and a beta of 1.89. The business has a 50 day moving average of $158.31 and a 200-day moving average of $156.09. The company has a quick ratio of 0.86, a current ratio of 0.77 and a debt-to-equity ratio of 0.38.
Diamondback Energy (NASDAQ:FANG – Get Free Report) last released its quarterly earnings data on Tuesday, February 20th. The oil and natural gas company reported $4.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.61 by $0.13. The company had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.16 billion. Diamondback Energy had a return on equity of 19.56% and a net margin of 37.36%. The business’s revenue was up 9.8% on a year-over-year basis. During the same period last year, the firm posted $5.29 earnings per share. On average, equities research analysts expect that Diamondback Energy, Inc. will post 18.29 earnings per share for the current year.
Diamondback Energy Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 12th. Stockholders of record on Tuesday, March 5th will be paid a dividend of $3.08 per share. The ex-dividend date is Monday, March 4th. This represents a $12.32 dividend on an annualized basis and a dividend yield of 6.99%. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.84. Diamondback Energy’s dividend payout ratio (DPR) is 19.38%.
About Diamondback Energy
Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition,…
Read More: Envestnet Portfolio Solutions Inc. Buys Shares of 5,769 Diamondback Energy, Inc.