Tocqueville Asset Management L.P. Boosts Stock Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Tocqueville Asset Management L.P. grew its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 4.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 236,912 shares of the oil and natural gas company’s stock after purchasing an additional 9,500 shares during the period. Tocqueville Asset Management L.P.’s holdings in Diamondback Energy were worth $38,813,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in FANG. Raymond James Financial Inc. purchased a new position in Diamondback Energy in the fourth quarter worth $298,327,000. Assenagon Asset Management S.A. boosted its holdings in shares of Diamondback Energy by 1,153.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,132,918 shares of the oil and natural gas company’s stock worth $185,606,000 after buying an additional 1,042,505 shares during the last quarter. Diamond Hill Capital Management Inc. grew its position in Diamondback Energy by 30.5% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 2,817,554 shares of the oil and natural gas company’s stock valued at $461,600,000 after buying an additional 658,644 shares during the period. Zimmer Partners LP purchased a new stake in Diamondback Energy during the third quarter worth about $87,924,000. Finally, Bank of New York Mellon Corp raised its position in Diamondback Energy by 13.7% in the fourth quarter. Bank of New York Mellon Corp now owns 4,163,070 shares of the oil and natural gas company’s stock worth $682,036,000 after acquiring an additional 502,916 shares during the period. 90.01% of the stock is owned by institutional investors.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $153.03 on Tuesday. Diamondback Energy, Inc. has a twelve month low of $137.09 and a twelve month high of $214.50. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The stock has a market cap of $44.29 billion, a P/E ratio of 8.76, a PEG ratio of 1.24 and a beta of 1.85. The business’s 50-day moving average price is $161.67 and its two-hundred day moving average price is $171.22.

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

Diamondback Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Thursday, March 6th were issued a dividend of $1.00 per share. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.90. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date was Thursday, March 6th. Diamondback Energy’s payout ratio is currently 25.32%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on FANG shares. Williams Trading set a $190.00 price target on shares of Diamondback Energy in a research note on Wednesday, March 5th. Wells Fargo & Company lowered their target price on Diamondback Energy from $219.00 to $215.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 12th. Raymond James cut their price target on Diamondback Energy from $245.00 to $214.00 and set a “strong-buy” rating for the company in a research note on Wednesday, March 12th. Piper Sandler lowered their price objective on Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. Finally, Morgan Stanley increased their target price on shares of Diamondback Energy from $220.00 to $227.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 19th. 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. Based on data from MarketBeat, Diamondback Energy presently has an average rating of “Moderate Buy” and an average target price of $210.33.

Insider Buying and Selling

In other Diamondback Energy news, Director Frank D. Tsuru acquired 2,000 shares of the 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 acquisition, the director now owns 5,730 shares in the company, valued at $896,802.30. The trade was a 53.62 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 0.48% of the stock is owned by company 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.