Beddow Capital Management Inc. Raises Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Beddow Capital Management Inc. lifted its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 14.3% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 12,365 shares of the oil and natural gas company’s stock after purchasing an additional 1,550 shares during the quarter. Beddow Capital Management Inc.’s holdings in Diamondback Energy were worth $2,475,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in Diamondback Energy by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 21,869,787 shares of the oil and natural gas company’s stock valued at $3,391,567,000 after buying an additional 176,208 shares during the period. Price T Rowe Associates Inc. MD raised its stake 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 valued at $1,706,076,000 after acquiring an additional 2,381,488 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Diamondback Energy by 16.0% in 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. Boston Partners boosted its holdings 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 period. Finally, Massachusetts Financial Services Co. MA grew its stake in Diamondback Energy by 10.1% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,690,181 shares of the oil and natural gas company’s stock worth $538,547,000 after purchasing an additional 247,065 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $220.00 price objective on shares of Diamondback Energy in a research note on Tuesday. Wells Fargo & Company decreased their price target on shares of Diamondback Energy from $231.00 to $230.00 and set an “overweight” rating for the company in a research note on Wednesday, August 14th. Susquehanna dropped their price objective on shares of Diamondback Energy from $245.00 to $237.00 and set a “positive” rating on the stock in a research report on Wednesday, September 4th. Morgan Stanley lifted their price objective on shares of Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Finally, Jefferies Financial Group began coverage on Diamondback Energy in a report on Monday, September 16th. They issued a “hold” rating and a $185.00 target price on the stock. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $209.71.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $181.00 on Friday. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. Diamondback Energy, Inc. has a 52 week low of $143.08 and a 52 week high of $214.50. The company has a market cap of $32.28 billion, a P/E ratio of 10.20, a PEG ratio of 1.06 and a beta of 1.89. The company has a 50-day moving average price of $192.28 and a 200 day moving average price of $195.57.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $2.19 billion. During the same quarter in the prior year, the firm posted $3.68 EPS. The company’s revenue was up 29.4% compared to the same quarter last year. Research analysts predict that Diamondback Energy, Inc. will post 19.08 earnings per share for the current year.

Diamondback Energy Increases Dividend

The firm also recently disclosed a None dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th were paid a dividend of $2.34 per share. This represents a dividend yield of 1.9%. This is a boost from Diamondback Energy’s previous None dividend of $2.26. The ex-dividend date was Thursday, August 15th. Diamondback Energy’s dividend payout ratio (DPR) 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.