Oak Harvest Investment Services Boosts Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Oak Harvest Investment Services grew its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 16.6% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 51,061 shares of the oil and natural gas company’s stock after acquiring an additional 7,257 shares during the period. Diamondback Energy comprises 1.3% of Oak Harvest Investment Services’ investment portfolio, making the stock its 27th biggest position. Oak Harvest Investment Services’ holdings in Diamondback Energy were worth $8,803,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its stake in shares of Diamondback Energy by 38.2% during the 1st 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 purchasing an additional 2,381,488 shares during the period. Bank of New York Mellon Corp lifted its position in Diamondback Energy by 16.0% during 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 during the last quarter. Boston Partners grew its position in Diamondback Energy by 235.6% in the first quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock worth $541,844,000 after acquiring an additional 1,916,900 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Diamondback Energy by 10.1% in 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 purchasing an additional 247,065 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its stake in Diamondback Energy by 7.1% in the second quarter. Pacer Advisors Inc. now owns 2,473,831 shares of the oil and natural gas company’s stock worth $495,236,000 after buying an additional 164,732 shares in the last quarter. 90.01% of the stock is owned by institutional investors.

Diamondback Energy Trading Up 0.6 %

FANG stock opened at $176.65 on Thursday. The firm has a market cap of $31.50 billion, a PE ratio of 9.96, a price-to-earnings-growth ratio of 1.27 and a beta of 1.89. The firm has a fifty day moving average price of $183.98 and a 200 day moving average price of $193.38. The company has a debt-to-equity ratio of 0.65, a quick ratio of 3.64 and a current ratio of 3.66. Diamondback Energy, Inc. has a fifty-two week low of $145.70 and a fifty-two week high of $214.50.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, topping the consensus estimate of $4.51 by $0.01. The company had revenue of $2.48 billion for the quarter, compared to analysts’ expectations of $2.19 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The firm’s revenue for the quarter was up 29.4% on a year-over-year basis. During the same period in the previous year, the firm posted $3.68 earnings per share. Sell-side analysts anticipate that Diamondback Energy, Inc. will post 17.37 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

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

Analysts Set New Price Targets

A number of research analysts have recently issued reports on FANG shares. Truist Financial raised their price objective on Diamondback Energy from $220.00 to $230.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Susquehanna dropped their target price on shares of Diamondback Energy from $237.00 to $233.00 and set a “positive” rating for the company in a research report on Friday, October 18th. Bank of America lifted 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. Barclays upgraded shares of Diamondback Energy from an “equal weight” rating to an “overweight” rating and cut their price objective for the stock from $216.00 to $210.00 in a report on Wednesday, October 2nd. Finally, KeyCorp lowered their price target on Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $210.09.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the sale, the insider now directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.48% of the company’s stock.

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.