Victory Capital Management Inc. Increases Stock Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Victory Capital Management Inc. grew its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 14.5% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 749,104 shares of the oil and natural gas company’s stock after purchasing an additional 94,656 shares during the quarter. Victory Capital Management Inc.’s holdings in Diamondback Energy were worth $129,146,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in FANG. Envestnet Portfolio Solutions Inc. lifted its position in Diamondback Energy by 25.5% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 8,419 shares of the oil and natural gas company’s stock valued at $1,668,000 after purchasing an additional 1,709 shares in the last quarter. Atomi Financial Group Inc. purchased a new position in shares of Diamondback Energy during the 1st quarter valued at about $303,000. Concurrent Investment Advisors LLC grew its stake in shares of Diamondback Energy by 18.6% during the 1st quarter. Concurrent Investment Advisors LLC now owns 2,135 shares of the oil and natural gas company’s stock valued at $423,000 after acquiring an additional 335 shares during the period. QRG Capital Management Inc. increased its holdings in Diamondback Energy by 213.8% in the 1st quarter. QRG Capital Management Inc. now owns 6,542 shares of the oil and natural gas company’s stock worth $1,297,000 after acquiring an additional 4,457 shares in the last quarter. Finally, Avantax Advisory Services Inc. raised its stake in Diamondback Energy by 2.3% during the 1st quarter. Avantax Advisory Services Inc. now owns 5,118 shares of the oil and natural gas company’s stock worth $1,014,000 after acquiring an additional 114 shares during the period. Institutional investors own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. started coverage on shares of Diamondback Energy in a research report on Wednesday, October 2nd. They issued an “overweight” rating and a $182.00 price target for the company. Barclays upgraded Diamondback Energy from an “equal weight” rating to an “overweight” rating and cut their price target for the stock from $216.00 to $210.00 in a research note on Wednesday, October 2nd. KeyCorp decreased their price target on Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. Jefferies Financial Group started coverage on Diamondback Energy in a research note on Monday, September 16th. They issued a “hold” rating and a $185.00 price objective for the company. Finally, Truist Financial lifted their target price on Diamondback Energy from $220.00 to $230.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $209.64.

Insider Activity

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the sale, the insider now owns 1,037,819 shares in the company, valued at $181,732,485.09. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.48% of the company’s stock.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $179.91 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. The stock’s fifty day moving average is $181.45 and its 200 day moving average is $191.96. The firm has a market capitalization of $52.53 billion, a PE ratio of 10.30, a PEG ratio of 1.26 and a beta of 1.89. 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 announced its earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share for the quarter, missing the consensus estimate of $4.62 by ($1.24). Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The firm had revenue of $2.65 billion during the quarter, compared to analysts’ expectations of $2.43 billion. During the same period in the prior year, the company posted $5.49 EPS. The company’s revenue was up 13.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Diamondback Energy, Inc. will post 17 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th will be given a dividend of $0.90 per share. The ex-dividend date is Thursday, November 14th. This represents a $3.60 annualized dividend and a dividend yield of 2.00%. Diamondback Energy’s dividend payout ratio (DPR) is presently 20.61%.

Diamondback Energy 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.