Amalgamated Bank increased its holdings in Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) by 0.2% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 62,527 shares of the oil and natural gas company’s stock after buying an additional 117 shares during the period. Amalgamated Bank’s holdings in Diamondback Energy were worth $8,571,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also modified their holdings of the business. Livforsakringsbolaget Skandia Omsesidigt acquired a new position in shares of Diamondback Energy in the 1st quarter valued at about $219,000. Offit Capital Advisors LLC acquired a new position in shares of Diamondback Energy in the 1st quarter valued at about $202,000. Brasada Capital Management LP boosted its holdings in shares of Diamondback Energy by 26.7% in the 1st quarter. Brasada Capital Management LP now owns 13,222 shares of the oil and natural gas company’s stock valued at $1,812,000 after buying an additional 2,790 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in Diamondback Energy by 57.7% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,823 shares of the oil and natural gas company’s stock valued at $2,718,000 after purchasing an additional 7,253 shares during the period. Finally, Walleye Capital LLC boosted its stake in Diamondback Energy by 338.4% during the 1st quarter. Walleye Capital LLC now owns 148,685 shares of the oil and natural gas company’s stock valued at $20,382,000 after purchasing an additional 114,772 shares during the period. 92.45% of the stock is owned by institutional investors and hedge funds.
Diamondback Energy Stock Down 1.5 %
NASDAQ FANG opened at $132.62 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.73 and a quick ratio of 0.69. The company’s 50 day simple moving average is $126.48 and its 200 day simple moving average is $132.24. Diamondback Energy, Inc. has a 12 month low of $77.21 and a 12 month high of $162.24. The company has a market capitalization of $23.00 billion, a P/E ratio of 6.20, a PEG ratio of 0.23 and a beta of 2.06.
Diamondback Energy announced that its board has initiated a share buyback plan on Monday, August 1st that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the oil and natural gas company to reacquire up to 17.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
Diamondback Energy Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 23rd. Stockholders of record on Tuesday, August 16th were issued a dividend of $3.05 per share. The ex-dividend date of this dividend was Monday, August 15th. This represents a $12.20 dividend on an annualized basis and a dividend yield of 9.20%. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.70. Diamondback Energy’s payout ratio is currently 14.03%.
Wall Street Analysts Forecast Growth
FANG has been the subject of a number of analyst reports. Morgan Stanley boosted their target price on shares of Diamondback Energy from $170.00 to $175.00 and gave the company an “overweight” rating in a research note on Monday, August 29th. Truist Financial boosted their target price on shares of Diamondback Energy from $185.00 to $203.00 in a research note on Tuesday, July 19th. Citigroup boosted their target price on shares of Diamondback Energy to $148.00 in a research note on Monday, July 4th. The Goldman Sachs Group reduced their target price on shares of Diamondback Energy from $180.00 to $160.00 and set a “buy” rating for the company in a research note on Tuesday, July 5th. Finally, Mizuho reduced their target price on shares of Diamondback Energy from $224.00 to $203.00 and set a “buy” rating for the company in a research note on Thursday, August 18th. Three research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $168.58.
Diamondback Energy Company Profile
Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and 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.
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