ZEGA Investments LLC Buys Shares of 35,395 Diamondback Energy, Inc. (NASDAQ:FANG)

ZEGA Investments LLC purchased a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 35,395 shares of the oil and natural gas company’s stock, valued at approximately $6,132,000. Diamondback Energy accounts for approximately 1.5% of ZEGA Investments LLC’s investment portfolio, making the stock its 12th biggest holding.

A number of other large investors have also made changes to their positions in FANG. Wintrust Investments LLC purchased a new stake in shares of Diamondback Energy in the 4th quarter worth $28,000. R Squared Ltd purchased a new stake in Diamondback Energy in the fourth quarter worth about $29,000. UMB Bank n.a. raised its stake in shares of Diamondback Energy by 247.3% in the fourth quarter. UMB Bank n.a. now owns 191 shares of the oil and natural gas company’s stock worth $31,000 after buying an additional 136 shares during the period. Key Financial Inc lifted its position in shares of Diamondback Energy by 940.0% during the 4th quarter. Key Financial Inc now owns 208 shares of the oil and natural gas company’s stock valued at $34,000 after buying an additional 188 shares in the last quarter. Finally, Rakuten Securities Inc. lifted its position in shares of Diamondback Energy by 62.4% during the 4th quarter. Rakuten Securities Inc. now owns 276 shares of the oil and natural gas company’s stock valued at $45,000 after buying an additional 106 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FANG has been the subject of several analyst reports. Truist Financial increased their target price on shares of Diamondback Energy from $236.00 to $238.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Piper Sandler reduced their price objective on shares of Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Raymond James lowered 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 note on Wednesday, March 12th. Williams Trading set a $190.00 price target on Diamondback Energy in a research note on Wednesday, March 5th. Finally, Mizuho boosted their price objective 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 analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $209.92.

Diamondback Energy Price Performance

Diamondback Energy stock opened at $158.50 on Friday. Diamondback Energy, Inc. has a 52-week low of $137.09 and a 52-week high of $214.50. The company has a market cap of $45.88 billion, a price-to-earnings ratio of 9.07, a PEG ratio of 1.24 and a beta of 1.85. The firm’s fifty day moving average is $160.47 and its 200 day moving average is $170.51. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31.

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 (EPS) for the quarter, beating the consensus estimate of $3.57 by $0.07. The firm had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. Sell-side analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Thursday, March 6th were issued a $1.00 dividend. This is a boost 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 dividend yield of 2.52%. Diamondback Energy’s payout ratio is 25.32%.

Insider Transactions at Diamondback Energy

In other news, Director Frank D. Tsuru acquired 2,000 shares of the company’s stock in a transaction on Friday, February 28th. The stock was bought at an average cost of $156.51 per share, with a total value of $313,020.00. Following the completion of the purchase, the director now directly owns 5,730 shares of the company’s stock, valued at $896,802.30. This represents a 53.62 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company 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.