First Horizon Advisors Inc. Has $50,000 Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

First Horizon Advisors Inc. increased its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 37.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 320 shares of the oil and natural gas company’s stock after purchasing an additional 87 shares during the quarter. First Horizon Advisors Inc.’s holdings in Diamondback Energy were worth $50,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of FANG. Massachusetts Financial Services Co. MA increased its stake in shares of Diamondback Energy by 39.9% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,007,599 shares of the oil and natural gas company’s stock valued at $465,817,000 after buying an additional 858,446 shares during the period. Diamond Hill Capital Management Inc. bought a new stake in Diamondback Energy during the 3rd quarter worth about $128,720,000. Wellington Management Group LLP lifted its position in Diamondback Energy by 4.8% during the 3rd quarter. Wellington Management Group LLP now owns 14,266,640 shares of the oil and natural gas company’s stock valued at $2,209,617,000 after purchasing an additional 648,317 shares during the period. Raymond James & Associates boosted its stake in shares of Diamondback Energy by 143.0% in the 4th quarter. Raymond James & Associates now owns 981,284 shares of the oil and natural gas company’s stock valued at $152,177,000 after purchasing an additional 577,514 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its position in shares of Diamondback Energy by 286.1% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 595,694 shares of the oil and natural gas company’s stock worth $92,380,000 after buying an additional 441,411 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Diamondback Energy Stock Down 0.2 %

FANG stock opened at $203.68 on Wednesday. The business has a 50-day moving average of $196.55 and a 200-day moving average of $171.35. Diamondback Energy, Inc. has a fifty-two week low of $123.41 and a fifty-two week high of $211.96. The stock has a market capitalization of $36.33 billion, a P/E ratio of 11.48 and a beta of 1.91. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.89.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share for the quarter, topping analysts’ consensus estimates of $4.29 by $0.21. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The firm had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.10 billion. During the same quarter in the prior year, the firm posted $4.10 EPS. The business’s revenue was up 15.7% on a year-over-year basis. On average, sell-side analysts anticipate that Diamondback Energy, Inc. will post 18.91 earnings per share for the current fiscal year.

Diamondback Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Shareholders of record on Wednesday, May 15th will be paid a $0.90 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $3.60 annualized dividend and a yield of 1.77%. Diamondback Energy’s payout ratio is currently 20.29%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on FANG shares. Truist Financial raised their price objective on shares of Diamondback Energy from $248.00 to $250.00 and gave the company a “buy” rating in a research note on Monday, April 22nd. BMO Capital Markets lifted their price objective on Diamondback Energy from $167.00 to $175.00 and gave the stock a “market perform” rating in a research note on Tuesday, February 13th. Bank Of America (Bofa) reduced their target price on Diamondback Energy from $147.00 to $129.00 and set an “underperform” rating on the stock in a report on Thursday, January 18th. Bank of America upgraded Diamondback Energy from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $129.00 to $170.00 in a research report on Monday, February 12th. Finally, Mizuho increased their price target on shares of Diamondback Energy from $200.00 to $217.00 and gave the company a “buy” rating in a research report on Thursday, April 11th. One analyst has rated the stock with a sell rating, four have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $205.68.

Insiders Place Their Bets

In other news, COO Daniel N. Wesson sold 6,000 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $192.17, for a total value of $1,153,020.00. Following the completion of the transaction, the chief operating officer now owns 78,218 shares in the company, valued at approximately $15,031,153.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, COO Daniel N. Wesson sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $192.17, for a total transaction of $1,153,020.00. Following the sale, the chief operating officer now owns 78,218 shares in the company, valued at approximately $15,031,153.06. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Hof Matthew Kaes Van’t sold 12,000 shares of the firm’s stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $190.82, for a total transaction of $2,289,840.00. Following the completion of the transaction, the chief financial officer now directly owns 185,882 shares of the company’s stock, valued at $35,470,003.24. The disclosure for this sale can be found here. Insiders have sold 58,575 shares of company stock valued at $11,491,006 in the last three months. 0.43% of the stock is currently owned by corporate insiders.

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.