Davidson Capital Management Inc. Acquires 1,666 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Davidson Capital Management Inc. lifted its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 11.1% during the 2nd quarter, Holdings Channel.com reports. The firm owned 16,611 shares of the oil and natural gas company’s stock after buying an additional 1,666 shares during the quarter. Diamondback Energy accounts for about 1.0% of Davidson Capital Management Inc.’s investment portfolio, making the stock its 17th largest holding. Davidson Capital Management Inc.’s holdings in Diamondback Energy were worth $3,325,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in FANG. Price T Rowe Associates Inc. MD increased its holdings in shares of Diamondback Energy by 38.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock worth $1,706,076,000 after buying an additional 2,381,488 shares during the period. Boston Partners lifted its position in Diamondback Energy by 235.6% in the first quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock valued at $541,844,000 after purchasing an additional 1,916,900 shares during the last quarter. Homestead Advisers Corp bought a new stake in Diamondback Energy in the first quarter valued at approximately $87,940,000. Bank of New York Mellon Corp boosted its stake in shares of Diamondback Energy by 16.0% during the second quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock valued at $603,038,000 after purchasing an additional 415,902 shares during the period. Finally, Lord Abbett & CO. LLC bought a new position in shares of Diamondback Energy in the first quarter worth approximately $77,510,000. 90.01% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have weighed in on FANG shares. Susquehanna dropped their price target on shares of Diamondback Energy from $245.00 to $237.00 and set a “positive” rating for the company in a research report on Wednesday, September 4th. Truist Financial increased their target price on shares of Diamondback Energy from $249.00 to $255.00 and gave the stock a “buy” rating in a report on Wednesday, August 7th. Piper Sandler lowered their price target on Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating for the company in a research report on Thursday, August 15th. Morgan Stanley increased their price objective on Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Sanford C. Bernstein reduced their target price on Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 17th. One analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $209.71.

Diamondback Energy Price Performance

FANG stock opened at $181.63 on Friday. The company has a debt-to-equity ratio of 0.65, a quick ratio of 3.64 and a current ratio of 3.66. The firm has a 50 day moving average price of $192.75 and a 200-day moving average price of $195.55. Diamondback Energy, Inc. has a 52-week low of $143.08 and a 52-week high of $214.50. The firm has a market capitalization of $32.39 billion, a price-to-earnings ratio of 10.24, a PEG ratio of 1.06 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, topping the consensus estimate of $4.51 by $0.01. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The business had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.19 billion. During the same period in the previous year, the company posted $3.68 earnings per share. The company’s revenue for the quarter was up 29.4% compared to the same quarter last year. Equities research analysts forecast that Diamondback Energy, Inc. will post 19.08 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently disclosed a None dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were given a dividend of $2.34 per share. This represents a yield of 1.9%. This is an increase from Diamondback Energy’s previous None dividend of $2.26. The ex-dividend date was Thursday, August 15th. Diamondback Energy’s dividend payout ratio is 20.29%.

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.