Proficio Capital Partners LLC Purchases New Shares in Diamondback Energy, Inc. (NASDAQ:FANG)

Proficio Capital Partners LLC purchased a new stake in Diamondback Energy, Inc. (NASDAQ:FANG) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 209,523 shares of the oil and natural gas company’s stock, valued at approximately $34,326,000. Proficio Capital Partners LLC owned 0.07% of Diamondback Energy at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Financial Advocates Investment Management boosted its stake in Diamondback Energy by 3.0% in the 3rd quarter. Financial Advocates Investment Management now owns 1,907 shares of the oil and natural gas company’s stock valued at $329,000 after purchasing an additional 55 shares during the period. Lakewood Asset Management LLC boosted its stake in Diamondback Energy by 0.5% in the 4th quarter. Lakewood Asset Management LLC now owns 11,340 shares of the oil and natural gas company’s stock valued at $1,858,000 after purchasing an additional 60 shares during the period. West Family Investments Inc. raised its holdings in Diamondback Energy by 3.4% in the 3rd quarter. West Family Investments Inc. now owns 1,852 shares of the oil and natural gas company’s stock valued at $319,000 after acquiring an additional 61 shares in the last quarter. Magnolia Capital Advisors LLC raised its holdings in Diamondback Energy by 2.0% in the 4th quarter. Magnolia Capital Advisors LLC now owns 3,247 shares of the oil and natural gas company’s stock valued at $532,000 after acquiring an additional 64 shares in the last quarter. Finally, Citizens Financial Group Inc. RI raised its holdings in Diamondback Energy by 2.4% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 2,795 shares of the oil and natural gas company’s stock valued at $482,000 after acquiring an additional 65 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FANG has been the subject of several analyst reports. Morgan Stanley lifted their price objective on Diamondback Energy from $220.00 to $227.00 and gave the company an “overweight” rating in a report on Wednesday, February 19th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $210.00 price objective on shares of Diamondback Energy in a report on Thursday, January 23rd. Truist Financial lifted their price objective on Diamondback Energy from $236.00 to $238.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. Wolfe Research raised Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price objective for the company in a report on Friday, January 3rd. Finally, JPMorgan Chase & Co. lifted their price objective on Diamondback Energy from $191.00 to $195.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Four investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $216.09.

Diamondback Energy Price Performance

Shares of FANG opened at $158.96 on Friday. Diamondback Energy, Inc. has a 12-month low of $151.00 and a 12-month high of $214.50. The business has a 50-day simple moving average of $165.42 and a two-hundred day simple moving average of $175.33. 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 $46.41 billion, a PE ratio of 9.10, a PEG ratio of 1.24 and a beta of 1.86.

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

Diamondback Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 13th. Shareholders of record on Thursday, March 6th will be given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend is Thursday, March 6th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.90. Diamondback Energy’s payout ratio is 25.32%.

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.