Adell Harriman & Carpenter Inc. Purchases 1,400 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Adell Harriman & Carpenter Inc. raised its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 29.1% during the third quarter, HoldingsChannel.com reports. The fund owned 6,207 shares of the oil and natural gas company’s stock after buying an additional 1,400 shares during the quarter. Adell Harriman & Carpenter Inc.’s holdings in Diamondback Energy were worth $1,070,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD lifted its stake in Diamondback Energy by 38.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock valued at $1,706,076,000 after buying an additional 2,381,488 shares during the period. Bank of New York Mellon Corp grew its holdings 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 worth $603,038,000 after purchasing an additional 415,902 shares during the period. Boston Partners raised its holdings in shares of Diamondback Energy by 235.6% during the first quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock valued at $541,844,000 after purchasing an additional 1,916,900 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Diamondback Energy by 10.1% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,690,181 shares of the oil and natural gas company’s stock worth $538,547,000 after buying an additional 247,065 shares during the period. Finally, Pacer Advisors Inc. increased its holdings in shares of Diamondback Energy by 7.1% during the second quarter. Pacer Advisors Inc. now owns 2,473,831 shares of the oil and natural gas company’s stock valued at $495,236,000 after acquiring an additional 164,732 shares in the last quarter. 90.01% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

FANG has been the topic of a number of recent research reports. Piper Sandler raised their price objective on shares of Diamondback Energy from $240.00 to $252.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Wolfe Research started coverage on Diamondback Energy in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. Morgan Stanley upped their target price on shares of Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a research note on Monday, September 16th. UBS Group reduced their price objective on shares of Diamondback Energy from $247.00 to $223.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $220.00 price target on shares of Diamondback Energy in a report on Tuesday, September 17th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $210.09.

Diamondback Energy Price Performance

FANG opened at $175.64 on Wednesday. The stock has a 50-day moving average price of $184.27 and a 200-day moving average price of $193.50. The stock has a market capitalization of $31.32 billion, a P/E ratio of 9.90, a PEG ratio of 1.27 and a beta of 1.89. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65. 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 analysts’ consensus estimates of $4.51 by $0.01. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The company had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same quarter last year, the firm posted $3.68 earnings per share. The firm’s revenue was up 29.4% on a year-over-year basis. Equities analysts predict that Diamondback Energy, Inc. will post 17.37 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

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

Insider Buying and Selling at Diamondback Energy

In related 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 directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.48% of the company’s stock.

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.