Sawtooth Solutions LLC lifted its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) by 23.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,712 shares of the oil and natural gas company's stock after acquiring an additional 693 shares during the quarter. Sawtooth Solutions LLC's holdings in Diamondback Energy were worth $450,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Gulf International Bank UK Ltd boosted its stake in shares of Diamondback Energy by 3.1% during the 2nd quarter. Gulf International Bank UK Ltd now owns 30,425 shares of the oil and natural gas company's stock worth $3,721,000 after acquiring an additional 925 shares during the period. Eidelman Virant Capital acquired a new stake in Diamondback Energy during the 2nd quarter worth approximately $270,000. Harbor Investment Advisory LLC lifted its holdings in Diamondback Energy by 44.6% during the 2nd quarter. Harbor Investment Advisory LLC now owns 3,644 shares of the oil and natural gas company's stock worth $441,000 after purchasing an additional 1,124 shares during the last quarter. Viking Fund Management LLC lifted its holdings in Diamondback Energy by 119.6% during the 2nd quarter. Viking Fund Management LLC now owns 101,000 shares of the oil and natural gas company's stock worth $12,236,000 after purchasing an additional 55,000 shares during the last quarter. Finally, Copeland Capital Management LLC lifted its holdings in Diamondback Energy by 12.1% during the 2nd quarter. Copeland Capital Management LLC now owns 175,444 shares of the oil and natural gas company's stock worth $21,255,000 after purchasing an additional 19,003 shares during the last quarter. 92.45% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on FANG shares. Mizuho dropped their price target on Diamondback Energy from $224.00 to $203.00 and set a "buy" rating for the company in a report on Thursday, August 18th. Bank of America dropped their price target on Diamondback Energy from $170.00 to $143.00 and set a "neutral" rating for the company in a report on Tuesday, July 19th. MKM Partners reissued a "buy" rating and set a $155.00 price target on shares of Diamondback Energy in a report on Wednesday, July 20th. Truist Financial lifted their price target on Diamondback Energy from $185.00 to $203.00 in a report on Tuesday, July 19th. Finally, Morgan Stanley lifted their price objective on Diamondback Energy from $170.00 to $175.00 and gave the company an "overweight" rating in a report on Monday, August 29th. Three investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $168.89.

Diamondback Energy Price Performance

Diamondback Energy (NASDAQ:FANG – Get Rating) last issued its quarterly earnings data on Monday, August 1st. The oil and natural gas company reported $7.07 earnings per share for the quarter, topping analysts' consensus estimates of $6.66 by $0.41. The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.44 billion. Diamondback Energy had a return on equity of 25.12% and a net margin of 42.23%. Diamondback Energy's quarterly revenue was up 64.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.40 EPS. On average, sell-side analysts expect that Diamondback Energy, Inc. will post 26.1 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 23rd. Investors of record on Tuesday, August 16th were given a dividend of $3.05 per share. The ex-dividend date of this dividend was Monday, August 15th. This represents a $12.20 dividend on an annualized basis and a yield of 10.09%. This is a positive change from Diamondback Energy's previous quarterly dividend of $0.70. Diamondback Energy's payout ratio is currently 14.03%.

Diamondback Energy announced that its Board of Directors has authorized a share repurchase program on Monday, August 1st that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the oil and natural gas company to reacquire up to 17.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.

Diamondback Energy Profile

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Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and 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.

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