Mitsubishi UFJ Asset Management Co. Ltd. Boosts Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 18.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 327,284 shares of the oil and natural gas company’s stock after acquiring an additional 50,423 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.11% of Diamondback Energy worth $55,952,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in FANG. TrueMark Investments LLC lifted its stake in Diamondback Energy by 21.4% in the fourth quarter. TrueMark Investments LLC now owns 2,347 shares of the oil and natural gas company’s stock worth $385,000 after purchasing an additional 413 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of Diamondback Energy by 4.2% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 100,797 shares of the oil and natural gas company’s stock worth $16,514,000 after acquiring an additional 4,085 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. lifted its stake in shares of Diamondback Energy by 8.3% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 3,906 shares of the oil and natural gas company’s stock worth $640,000 after acquiring an additional 300 shares during the last quarter. FineMark National Bank & Trust grew its position in Diamondback Energy by 0.8% in the 4th quarter. FineMark National Bank & Trust now owns 37,027 shares of the oil and natural gas company’s stock valued at $6,066,000 after acquiring an additional 288 shares during the last quarter. Finally, Corebridge Financial Inc. grew its position in Diamondback Energy by 20.4% in the 4th quarter. Corebridge Financial Inc. now owns 71,507 shares of the oil and natural gas company’s stock valued at $11,715,000 after acquiring an additional 12,100 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Insiders Place Their Bets

In other news, Director Frank D. Tsuru acquired 2,000 shares of Diamondback Energy stock in a transaction dated Friday, February 28th. The stock was purchased at an average cost of $156.51 per share, for a total transaction of $313,020.00. Following the completion of the purchase, the director now directly owns 5,730 shares in the company, valued at $896,802.30. This trade represents a 53.62 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.48% of the stock is currently owned by insiders.

Diamondback Energy Price Performance

Shares of FANG stock opened at $157.54 on Friday. Diamondback Energy, Inc. has a fifty-two week low of $137.09 and a fifty-two week high of $214.50. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. The firm has a market capitalization of $45.60 billion, a price-to-earnings ratio of 9.02, a PEG ratio of 1.24 and a beta of 1.85. The stock’s 50-day simple moving average is $158.66 and its 200-day simple moving average is $169.73.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, topping the consensus estimate of $3.57 by $0.07. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The company had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.55 billion. As a group, equities analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Thursday, March 6th were paid a $1.00 dividend. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $4.00 dividend on an annualized basis and a yield of 2.54%. Diamondback Energy’s dividend payout ratio (DPR) is 25.32%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on FANG. Royal Bank of Canada reissued an “outperform” rating and set a $210.00 target price on shares of Diamondback Energy in a research note on Thursday, January 23rd. Morgan Stanley lowered their price objective on shares of Diamondback Energy from $227.00 to $206.00 and set an “overweight” rating for the company in a research report on Thursday. Raymond James reduced their target price on shares of Diamondback Energy from $245.00 to $214.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, March 12th. Piper Sandler lowered their price target on Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Finally, Mizuho lifted their target price on Diamondback Energy from $201.00 to $204.00 and gave the company an “outperform” rating in a research report on Tuesday, February 25th. Four research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $209.33.

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.