Panagora Asset Management Inc. Buys 2,362 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Panagora Asset Management Inc. increased its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 25.5% during the fourth quarter, Holdings Channel reports. The firm owned 11,638 shares of the oil and natural gas company’s stock after acquiring an additional 2,362 shares during the period. Panagora Asset Management Inc.’s holdings in Diamondback Energy were worth $1,805,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Orion Portfolio Solutions LLC boosted its holdings in shares of Diamondback Energy by 0.8% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 14,477 shares of the oil and natural gas company’s stock valued at $2,242,000 after purchasing an additional 115 shares in the last quarter. Private Advisor Group LLC boosted its stake in Diamondback Energy by 12.4% in the third quarter. Private Advisor Group LLC now owns 24,155 shares of the oil and natural gas company’s stock valued at $3,741,000 after buying an additional 2,673 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its stake in Diamondback Energy by 9.2% in the third quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 5,901 shares of the oil and natural gas company’s stock valued at $963,000 after buying an additional 498 shares in the last quarter. Larson Financial Group LLC raised its stake in Diamondback Energy by 47.6% during the third quarter. Larson Financial Group LLC now owns 1,795 shares of the oil and natural gas company’s stock worth $278,000 after acquiring an additional 579 shares in the last quarter. Finally, ORG Partners LLC raised its stake in Diamondback Energy by 206.9% during the third quarter. ORG Partners LLC now owns 2,148 shares of the oil and natural gas company’s stock worth $333,000 after acquiring an additional 1,448 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

FANG has been the topic of several research reports. Mizuho lifted their price target on shares of Diamondback Energy from $217.00 to $222.00 and gave the company a “buy” rating in a report on Monday, May 13th. Royal Bank of Canada boosted their target price on shares of Diamondback Energy from $195.00 to $220.00 and gave the stock an “outperform” rating in a research note on Monday, May 6th. Bank of America upgraded Diamondback Energy from an “underperform” rating to a “neutral” rating and increased their price target for the company from $129.00 to $170.00 in a research note on Monday, February 12th. Barclays assumed coverage on Diamondback Energy in a research report on Wednesday, April 10th. They set an “equal weight” rating and a $214.00 price objective on the stock. Finally, BMO Capital Markets increased their target price on Diamondback Energy from $167.00 to $175.00 and gave the company a “market perform” rating in a research report on Tuesday, February 13th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Diamondback Energy presently has an average rating of “Moderate Buy” and a consensus target price of $205.95.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $196.56 on Wednesday. The firm has a 50 day moving average of $199.92 and a 200-day moving average of $173.97. The company has a market cap of $35.05 billion, a price-to-earnings ratio of 11.08 and a beta of 1.91. The company has a quick ratio of 0.89, a current ratio of 0.92 and a debt-to-equity ratio of 0.37. Diamondback Energy, Inc. has a 52 week low of $123.41 and a 52 week high of $211.96.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 EPS for the quarter, beating 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 business had revenue of $2.23 billion during the quarter, compared to analyst estimates of $2.10 billion. During the same period in the previous year, the company posted $4.10 EPS. The firm’s revenue was up 15.7% compared to the same quarter last year. On average, equities analysts forecast that Diamondback Energy, Inc. will post 19.01 earnings per share for the current year.

Diamondback Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Investors of record on Wednesday, May 15th will be given a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 1.83%. The ex-dividend date of this dividend is Tuesday, May 14th. Diamondback Energy’s payout ratio is currently 20.29%.

Insider Buying and Selling at Diamondback Energy

In other news, CAO Teresa L. Dick sold 2,000 shares of the stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $192.00, for a total value of $384,000.00. Following the completion of the sale, the chief accounting officer now owns 96,523 shares in the company, valued at $18,532,416. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CAO Teresa L. Dick sold 2,000 shares of Diamondback Energy stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $192.00, for a total transaction of $384,000.00. Following the sale, the chief accounting officer now directly owns 96,523 shares in the company, valued at $18,532,416. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Travis D. Stice sold 30,000 shares of the business’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $200.00, for a total value of $6,000,000.00. Following the completion of the transaction, the chief executive officer now directly owns 446,610 shares in the company, valued at approximately $89,322,000. The disclosure for this sale can be found here. In the last three months, insiders have sold 58,575 shares of company stock worth $11,491,006. Corporate insiders own 0.43% of the company’s stock.

Diamondback Energy Company Profile

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.