Ziegler Capital Management LLC trimmed its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) by 1.3% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,316 shares of the oil and natural gas company's stock after selling 266 shares during the quarter. Ziegler Capital Management LLC's holdings in Diamondback Energy were worth $2,461,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently bought and sold shares of the company. Wetherby Asset Management Inc. boosted its stake in shares of Diamondback Energy by 1.4% during the fourth quarter. Wetherby Asset Management Inc. now owns 5,774 shares of the oil and natural gas company's stock valued at $622,000 after purchasing an additional 77 shares during the period. Wealthcare Advisory Partners LLC boosted its stake in shares of Diamondback Energy by 2.3% during the first quarter. Wealthcare Advisory Partners LLC now owns 3,697 shares of the oil and natural gas company's stock valued at $507,000 after purchasing an additional 83 shares during the period. Biltmore Wealth Management LLC boosted its stake in shares of Diamondback Energy by 1.6% during the first quarter. Biltmore Wealth Management LLC now owns 5,410 shares of the oil and natural gas company's stock valued at $742,000 after purchasing an additional 84 shares during the period. Barden Capital Management Inc. boosted its stake in shares of Diamondback Energy by 1.1% during the first quarter. Barden Capital Management Inc. now owns 8,718 shares of the oil and natural gas company's stock valued at $1,195,000 after purchasing an additional 91 shares during the period. Finally, Signaturefd LLC boosted its stake in shares of Diamondback Energy by 3.2% during the first quarter. Signaturefd LLC now owns 2,927 shares of the oil and natural gas company's stock valued at $401,000 after purchasing an additional 92 shares during the period. 92.45% of the stock is owned by hedge funds and other institutional investors.
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Wall Street Analyst Weigh In
A number of analysts have recently issued reports on the stock. Piper Sandler lowered their target price on shares of Diamondback Energy from $196.00 to $191.00 and set an "overweight" rating for the company in a research note on Friday, July 22nd. Mizuho decreased their price objective on Diamondback Energy from $224.00 to $203.00 and set a "buy" rating for the company in a report on Thursday, August 18th. The Goldman Sachs Group decreased their price objective on Diamondback Energy from $180.00 to $160.00 and set a "buy" rating for the company in a report on Tuesday, July 5th. Barclays lifted their price objective on Diamondback Energy from $160.00 to $180.00 and gave the company an "overweight" rating in a report on Tuesday, June 14th. Finally, Truist Financial lifted their price objective on Diamondback Energy from $185.00 to $203.00 in a report on Tuesday, July 19th. Three equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Diamondback Energy has an average rating of "Moderate Buy" and a consensus price target of $168.89.
Diamondback Energy Price Performance
Shares of FANG stock opened at $120.46 on Monday. Diamondback Energy, Inc. has a fifty-two week low of $94.81 and a fifty-two week high of $162.24. The firm has a market capitalization of $20.89 billion, a price-to-earnings ratio of 5.63, a PEG ratio of 0.21 and a beta of 2.06. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.69 and a current ratio of 0.73. The stock's 50-day simple moving average is $128.26 and its 200-day simple moving average is $131.54.
Diamondback Energy (NASDAQ:FANG – Get Rating) last issued its quarterly earnings results 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. Diamondback Energy had a return on equity of 25.12% and a net margin of 42.23%. The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.44 billion. During the same quarter in the previous year, the firm earned $2.40 earnings per share. The company's revenue was up 64.7% on a year-over-year basis. As a group, equities analysts forecast that Diamondback Energy, Inc. will post 26.1 earnings per share for the current fiscal year.
Diamondback Energy Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 23rd. Stockholders of record on Tuesday, August 16th were paid a dividend of $3.05 per share. This is a positive change from Diamondback Energy's previous quarterly dividend of $0.70. The ex-dividend date was Monday, August 15th. This represents a $12.20 dividend on an annualized basis and a dividend yield of 10.13%. Diamondback Energy's payout ratio is presently 14.03%.
Diamondback Energy announced that its Board of Directors has approved a share buyback plan on Monday, August 1st that permits the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization permits the oil and natural gas company to buy up to 17.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.
About Diamondback Energy
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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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