Baird Financial Group Inc. Has $33.65 Million Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Baird Financial Group Inc. lowered its stake in Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) by 2.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 279,383 shares of the oil and natural gas company’s stock after selling 7,619 shares during the period. Baird Financial Group Inc.’s holdings in Diamondback Energy were worth $33,654,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Carolinas Wealth Consulting LLC boosted its position in Diamondback Energy by 366.7% in the first quarter. Carolinas Wealth Consulting LLC now owns 224 shares of the oil and natural gas company’s stock valued at $31,000 after buying an additional 176 shares in the last quarter. Adirondack Trust Co. boosted its position in Diamondback Energy by 275.0% in the third quarter. Adirondack Trust Co. now owns 225 shares of the oil and natural gas company’s stock valued at $27,000 after buying an additional 165 shares in the last quarter. Private Trust Co. NA acquired a new stake in Diamondback Energy in the second quarter valued at approximately $28,000. SOA Wealth Advisors LLC. lifted its holdings in shares of Diamondback Energy by 72.1% during the third quarter. SOA Wealth Advisors LLC. now owns 241 shares of the oil and natural gas company’s stock worth $29,000 after purchasing an additional 101 shares during the period. Finally, First Personal Financial Services acquired a new position in shares of Diamondback Energy during the third quarter worth $32,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Truist Financial lifted their price target on shares of Diamondback Energy from $203.00 to $209.00 and gave the stock a “buy” rating in a report on Friday, November 18th. Raymond James lifted their price target on shares of Diamondback Energy from $200.00 to $205.00 and gave the stock a “strong-buy” rating in a report on Thursday, January 26th. KeyCorp cut their price target on shares of Diamondback Energy from $182.00 to $171.00 and set an “overweight” rating on the stock in a report on Thursday, December 8th. Roth Capital reiterated a “buy” rating on shares of Diamondback Energy in a report on Wednesday, February 22nd. Finally, Wells Fargo & Company cut their price target on shares of Diamondback Energy from $181.00 to $174.00 and set an “overweight” rating on the stock in a report on Wednesday, March 1st. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $180.65.

Insider Activity

In other news, VP Matt Zmigrosky sold 2,012 shares of Diamondback Energy stock in a transaction dated Wednesday, December 21st. The shares were sold at an average price of $136.96, for a total transaction of $275,563.52. Following the completion of the transaction, the vice president now directly owns 23,623 shares in the company, valued at $3,235,406.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.42% of the company’s stock.

Diamondback Energy Trading Up 0.8 %

FANG opened at $132.64 on Wednesday. Diamondback Energy, Inc. has a 1-year low of $103.71 and a 1-year high of $168.95. The company has a current ratio of 0.81, a quick ratio of 0.77 and a debt-to-equity ratio of 0.40. The company has a market cap of $24.35 billion, a P/E ratio of 5.39, a price-to-earnings-growth ratio of 0.28 and a beta of 2.03. The company has a fifty day moving average price of $142.38 and a two-hundred day moving average price of $141.65.

Diamondback Energy (NASDAQ:FANG – Get Rating) last posted its quarterly earnings results on Tuesday, February 21st. The oil and natural gas company reported $5.29 earnings per share for the quarter, beating the consensus estimate of $5.20 by $0.09. Diamondback Energy had a net margin of 45.48% and a return on equity of 29.29%. The firm had revenue of $2.03 billion during the quarter, compared to the consensus estimate of $2.09 billion. During the same period in the previous year, the firm posted $3.63 earnings per share. The business’s revenue was up .4% compared to the same quarter last year. Analysts predict that Diamondback Energy, Inc. will post 22.24 EPS for the current fiscal year.

Diamondback Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Friday, March 3rd were issued a dividend of $2.95 per share. This represents a $11.80 dividend on an annualized basis and a dividend yield of 8.90%. The ex-dividend date of this dividend was Thursday, March 2nd. Diamondback Energy’s dividend payout ratio is currently 12.99%.

About Diamondback Energy

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Diamondback Energy, Inc is an independent oil and natural gas company, which engages in the acquisition, development, exploration, and exploitation of unconventional, onshore oil, and natural gas reserves. It operates through the Upstream and Midstream Services segments. The Upstream segment focuses on the Permian Basin operations in West Texas.