Public Sector Pension Investment Board Acquires 1,650 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Public Sector Pension Investment Board lifted its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 5.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 32,617 shares of the oil and natural gas company’s stock after purchasing an additional 1,650 shares during the quarter. Public Sector Pension Investment Board’s holdings in Diamondback Energy were worth $5,623,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its stake 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 in the last quarter. Pacer Advisors Inc. boosted its holdings in shares of Diamondback Energy by 9.3% in the 3rd quarter. Pacer Advisors Inc. now owns 2,704,520 shares of the oil and natural gas company’s stock valued at $466,259,000 after buying an additional 230,689 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Diamondback Energy by 10.1% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,690,181 shares of the oil and natural gas company’s stock valued at $538,547,000 after buying an additional 247,065 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Diamondback Energy by 4.0% during the second quarter. Dimensional Fund Advisors LP now owns 2,282,557 shares of the oil and natural gas company’s stock worth $456,930,000 after buying an additional 87,288 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. raised its position in Diamondback Energy by 25.6% during the third quarter. Diamond Hill Capital Management Inc. now owns 2,158,910 shares of the oil and natural gas company’s stock worth $372,196,000 after acquiring an additional 439,579 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Truist Financial lifted their price objective on shares of Diamondback Energy from $220.00 to $230.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. BMO Capital Markets raised Diamondback Energy from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $205.00 to $215.00 in a research report on Friday, October 4th. Johnson Rice cut Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, September 24th. Jefferies Financial Group started coverage on Diamondback Energy in a report on Monday, September 16th. They set a “hold” rating and a $185.00 target price on the stock. Finally, Piper Sandler raised their price target on Diamondback Energy from $240.00 to $252.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $212.00.

Diamondback Energy Stock Performance

Shares of FANG opened at $177.59 on Monday. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. The firm’s fifty day simple moving average is $181.95 and its two-hundred day simple moving average is $189.82. Diamondback Energy, Inc. has a 12 month low of $145.70 and a 12 month high of $214.50. The stock has a market capitalization of $51.85 billion, a P/E ratio of 10.17, a price-to-earnings-growth ratio of 1.31 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 EPS for the quarter, missing the consensus estimate of $4.62 by ($1.24). The business had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.43 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The firm’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $5.49 EPS. As a group, analysts predict that Diamondback Energy, Inc. will post 16.26 EPS for the current year.

Diamondback Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th were paid a $0.90 dividend. The ex-dividend date was Thursday, November 14th. This represents a $3.60 annualized dividend and a dividend yield of 2.03%. Diamondback Energy’s dividend payout ratio is currently 20.61%.

Insider Activity at Diamondback Energy

In related news, Director Mark Lawrence Plaumann sold 1,150 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total transaction of $208,150.00. Following the transaction, the director now directly owns 4,712 shares of the company’s stock, valued at approximately $852,872. This represents a 19.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the transaction, the insider now owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. The trade was a 92.72 % decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is owned by corporate insiders.

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.