Hodges Capital Management Inc. Boosts Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Hodges Capital Management Inc. boosted its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 27.1% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 8,260 shares of the oil and natural gas company’s stock after buying an additional 1,762 shares during the quarter. Hodges Capital Management Inc.’s holdings in Diamondback Energy were worth $1,637,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Acadian Asset Management LLC purchased a new position in shares of Diamondback Energy during the 3rd quarter worth $103,000. LPL Financial LLC lifted its stake in shares of Diamondback Energy by 9.9% during the 3rd quarter. LPL Financial LLC now owns 101,213 shares of the oil and natural gas company’s stock worth $15,676,000 after purchasing an additional 9,103 shares during the period. Mariner LLC lifted its stake in shares of Diamondback Energy by 1.9% during the 3rd quarter. Mariner LLC now owns 16,562 shares of the oil and natural gas company’s stock worth $2,565,000 after purchasing an additional 313 shares during the period. Cary Street Partners Investment Advisory LLC lifted its stake in shares of Diamondback Energy by 559.0% during the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 257 shares of the oil and natural gas company’s stock worth $40,000 after purchasing an additional 218 shares during the period. Finally, O Shaughnessy Asset Management LLC lifted its stake in shares of Diamondback Energy by 12.4% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 7,280 shares of the oil and natural gas company’s stock worth $1,128,000 after purchasing an additional 806 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Stock Up 0.5 %

Shares of Diamondback Energy stock opened at $200.19 on Friday. The business has a 50-day moving average of $196.76 and a 200-day moving average of $181.50. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.92 and a quick ratio of 0.89. The company has a market capitalization of $35.70 billion, a PE ratio of 11.28, a P/E/G ratio of 1.09 and a beta of 1.90. Diamondback Energy, Inc. has a 1-year low of $125.73 and a 1-year high of $211.96.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 earnings per share for the quarter, beating the consensus estimate of $4.29 by $0.21. The company had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.10 billion. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The company’s revenue was up 15.7% on a year-over-year basis. During the same period last year, the firm earned $4.10 earnings per share. As a group, equities analysts forecast that Diamondback Energy, Inc. will post 19.06 EPS for the current fiscal year.

Diamondback Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 22nd. Stockholders of record on Wednesday, May 15th were paid a dividend of $0.90 per share. The ex-dividend date was Tuesday, May 14th. This represents a $3.60 annualized dividend and a dividend yield of 1.80%. Diamondback Energy’s dividend payout ratio is presently 20.29%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Truist Financial increased their price target on Diamondback Energy from $248.00 to $250.00 and gave the stock a “buy” rating in a research note on Monday, April 22nd. Barclays initiated coverage on Diamondback Energy in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $214.00 target price on the stock. Mizuho increased their target price on Diamondback Energy from $217.00 to $222.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Morgan Stanley cut their target price on Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating on the stock in a research report on Monday, April 15th. Finally, Susquehanna increased their target price on Diamondback Energy from $212.00 to $245.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. One analyst has rated the stock with a sell rating, four have issued a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $209.35.

Insider Activity

In other news, CEO Travis D. Stice sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the completion of the sale, the chief executive officer now directly owns 446,610 shares in the company, valued at $89,322,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Jere W. Thompson III sold 900 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $199.90, for a total value of $179,910.00. Following the completion of the sale, the vice president now directly owns 7,585 shares of the company’s stock, valued at $1,516,241.50. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Travis D. Stice sold 30,000 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total value of $6,000,000.00. Following the completion of the sale, the chief executive officer now directly owns 446,610 shares of the company’s stock, valued at $89,322,000. The disclosure for this sale can be found here. Insiders sold 36,900 shares of company stock worth $7,362,750 over the last ninety days. Corporate insiders own 0.48% of the company’s stock.

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.