Laffer Tengler Investments Inc. Boosts Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Laffer Tengler Investments Inc. raised its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 1.5% during the 4th quarter, HoldingsChannel reports. The firm owned 14,007 shares of the oil and natural gas company’s stock after acquiring an additional 208 shares during the period. Laffer Tengler Investments Inc.’s holdings in Diamondback Energy were worth $2,295,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of FANG. Assenagon Asset Management S.A. grew its position in Diamondback Energy by 1,153.0% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,132,918 shares of the oil and natural gas company’s stock valued at $185,606,000 after buying an additional 1,042,505 shares during the last quarter. Zimmer Partners LP acquired a new stake in shares of Diamondback Energy in the 3rd quarter worth $87,924,000. Bank of New York Mellon Corp boosted its holdings in shares of Diamondback Energy by 13.7% in the fourth quarter. Bank of New York Mellon Corp now owns 4,163,070 shares of the oil and natural gas company’s stock valued at $682,036,000 after acquiring an additional 502,916 shares in the last quarter. Holocene Advisors LP increased its stake in shares of Diamondback Energy by 95.3% during the third quarter. Holocene Advisors LP now owns 938,474 shares of the oil and natural gas company’s stock worth $161,793,000 after acquiring an additional 457,896 shares during the period. Finally, Diamond Hill Capital Management Inc. raised its holdings in Diamondback Energy by 25.6% during the third quarter. Diamond Hill Capital Management Inc. now owns 2,158,910 shares of the oil and natural gas company’s stock worth $372,196,000 after purchasing an additional 439,579 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $145.04 on Wednesday. Diamondback Energy, Inc. has a one year low of $140.81 and a one year high of $214.50. The stock has a market cap of $41.98 billion, a PE ratio of 8.30, a price-to-earnings-growth ratio of 1.24 and a beta of 1.86. The business’s fifty day moving average price is $165.00 and its two-hundred day moving average price is $174.34. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Tuesday, February 25th. The oil and natural gas company reported $3.64 EPS for the quarter, topping analysts’ consensus estimates of $3.57 by $0.07. The firm had revenue of $3.71 billion during the quarter, compared to analysts’ expectations of $3.55 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. On average, analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 13th. Shareholders of record on Thursday, March 6th will be issued a $1.00 dividend. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.90. The ex-dividend date is Thursday, March 6th. This represents a $4.00 annualized dividend and a yield of 2.76%. Diamondback Energy’s payout ratio is 25.32%.

Analyst Ratings Changes

A number of brokerages have weighed in on FANG. Raymond James lifted their price objective on Diamondback Energy from $237.00 to $256.00 and gave the company a “strong-buy” rating in a report on Thursday, January 23rd. StockNews.com upgraded Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, November 13th. Wolfe Research raised Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price objective on the stock in a report on Friday, January 3rd. Piper Sandler reduced their target price on Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Finally, Wells Fargo & Company upped their price target on shares of Diamondback Energy from $218.00 to $219.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 17th. Four analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $216.09.

Insider Buying and Selling at Diamondback Energy

In related news, Director Frank D. Tsuru bought 2,000 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The shares were acquired at an average cost of $156.51 per share, with a total value of $313,020.00. Following the completion of the transaction, the director now owns 5,730 shares of the company’s stock, valued at approximately $896,802.30. The trade was a 53.62 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.48% of the stock is owned by company insiders.

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.