Massachusetts Financial Services Co. MA Raises Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Massachusetts Financial Services Co. MA raised its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 10.1% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 2,690,181 shares of the oil and natural gas company’s stock after buying an additional 247,065 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Diamondback Energy were worth $538,547,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in FANG. Founders Capital Management grew its holdings in shares of Diamondback Energy by 404.0% during the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock worth $25,000 after purchasing an additional 101 shares during the period. First Community Trust NA purchased a new position in shares of Diamondback Energy during the 2nd quarter worth $26,000. Logan Capital Management Inc. purchased a new position in shares of Diamondback Energy during the 4th quarter worth $31,000. HHM Wealth Advisors LLC purchased a new position in shares of Diamondback Energy during the 2nd quarter worth $40,000. Finally, Hobbs Group Advisors LLC purchased a new position in shares of Diamondback Energy during the 2nd quarter worth $65,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on FANG. Piper Sandler lowered their price target on Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. Susquehanna lowered their price target on Diamondback Energy from $245.00 to $237.00 and set a “positive” rating for the company in a report on Wednesday, September 4th. Barclays increased their target price on Diamondback Energy from $214.00 to $216.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 7th. Benchmark reissued a “buy” rating and set a $154.00 target price on shares of Diamondback Energy in a research note on Tuesday, August 6th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $220.00 target price on shares of Diamondback Energy in a research note on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Diamondback Energy has a consensus rating of “Moderate Buy” and a consensus price target of $210.86.

Diamondback Energy Trading Up 1.4 %

NASDAQ:FANG opened at $174.81 on Tuesday. The stock’s 50 day moving average price is $194.20 and its 200 day moving average price is $195.81. The company has a market capitalization of $31.18 billion, a PE ratio of 9.85, a P/E/G ratio of 1.06 and a beta of 1.89. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. Diamondback Energy, Inc. has a 52-week low of $143.08 and a 52-week high of $214.50.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.51 by $0.01. The firm had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.19 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The firm’s quarterly revenue was up 29.4% compared to the same quarter last year. During the same quarter last year, the business posted $3.68 EPS. On average, research analysts anticipate that Diamondback Energy, Inc. will post 19.08 EPS for the current year.

Diamondback Energy Increases Dividend

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

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.