Diamondback Energy, Inc. (NASDAQ:FANG) Shares Bought by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. raised its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 4.5% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 69,378 shares of the oil and natural gas company’s stock after buying an additional 3,003 shares during the period. Pinnacle Associates Ltd.’s holdings in Diamondback Energy were worth $11,961,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of FANG. First Trust Direct Indexing L.P. increased its position in shares of Diamondback Energy by 2.5% during the third quarter. First Trust Direct Indexing L.P. now owns 5,720 shares of the oil and natural gas company’s stock worth $986,000 after purchasing an additional 141 shares in the last quarter. Adell Harriman & Carpenter Inc. increased its position in shares of Diamondback Energy by 29.1% during the third quarter. Adell Harriman & Carpenter Inc. now owns 6,207 shares of the oil and natural gas company’s stock worth $1,070,000 after purchasing an additional 1,400 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its position in shares of Diamondback Energy by 111.1% during the third quarter. China Universal Asset Management Co. Ltd. now owns 2,263 shares of the oil and natural gas company’s stock worth $390,000 after purchasing an additional 1,191 shares in the last quarter. Pallas Capital Advisors LLC increased its position in shares of Diamondback Energy by 21.1% during the third quarter. Pallas Capital Advisors LLC now owns 12,368 shares of the oil and natural gas company’s stock worth $2,238,000 after purchasing an additional 2,152 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its position in shares of Diamondback Energy by 6.0% during the third quarter. Nisa Investment Advisors LLC now owns 54,813 shares of the oil and natural gas company’s stock worth $9,450,000 after purchasing an additional 3,127 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on FANG shares. Royal Bank of Canada reiterated an “outperform” rating and set a $220.00 target price on shares of Diamondback Energy in a research report on Tuesday, September 17th. Bank of America boosted their price target on Diamondback Energy from $201.00 to $215.00 and gave the company a “neutral” rating in a research report on Tuesday, July 23rd. Jefferies Financial Group started coverage on Diamondback Energy in a research report on Monday, September 16th. They issued a “hold” rating and a $185.00 price target on the stock. Piper Sandler boosted their price target on Diamondback Energy from $240.00 to $252.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Finally, Citigroup started coverage on Diamondback Energy in a research report on Monday, October 14th. They issued a “neutral” rating and a $195.00 price target on the stock. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $210.09.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $176.65 on Thursday. The business’s 50 day simple moving average is $183.98 and its 200-day simple moving average is $193.38. The firm has a market capitalization of $31.50 billion, a price-to-earnings ratio of 9.96, a price-to-earnings-growth ratio of 1.27 and a beta of 1.89. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64. Diamondback Energy, Inc. has a 12 month low of $145.70 and a 12 month high of $214.50.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly 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. The business had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.19 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The company’s quarterly revenue was up 29.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.68 EPS. As a group, equities analysts forecast that Diamondback Energy, Inc. will post 17.37 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently announced a None dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 15th were issued a dividend of $2.34 per share. This represents a yield of 1.9%. The ex-dividend date of this dividend was Thursday, August 15th. This is a boost from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s dividend payout ratio is 20.29%.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the sale, the insider now owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.48% of the stock is owned by insiders.

Diamondback Energy Company Profile

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.