Diamond Hill Capital Management Inc. Buys 71,849 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Diamond Hill Capital Management Inc. grew its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 4.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,719,331 shares of the oil and natural gas company’s stock after acquiring an additional 71,849 shares during the quarter. Diamondback Energy accounts for 1.5% of Diamond Hill Capital Management Inc.’s portfolio, making the stock its 29th biggest holding. Diamond Hill Capital Management Inc. owned about 0.96% of Diamondback Energy worth $344,193,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Founders Capital Management boosted its holdings in Diamondback Energy by 404.0% in the first quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock worth $25,000 after acquiring an additional 101 shares in the last quarter. First Community Trust NA bought a new position in shares of Diamondback Energy during the second quarter valued at $26,000. Logan Capital Management Inc. bought a new position in shares of Diamondback Energy during the fourth quarter valued at $31,000. HHM Wealth Advisors LLC bought a new position in shares of Diamondback Energy during the second quarter valued at $40,000. Finally, Edmond DE Rothschild Holding S.A. bought a new position in shares of Diamondback Energy during the fourth quarter valued at $54,000. 90.01% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. UBS Group upped their price target on Diamondback Energy from $245.00 to $247.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Truist Financial increased their target price on Diamondback Energy from $249.00 to $255.00 and gave the company a “buy” rating in a report on Wednesday, August 7th. Sanford C. Bernstein lowered their target price on Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating on the stock in a report on Wednesday, July 17th. Scotiabank lowered their target price on Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. Finally, Wells Fargo & Company lowered their target price on Diamondback Energy from $231.00 to $230.00 and set an “overweight” rating on the stock in a report on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $211.45.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $172.42 on Friday. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65. Diamondback Energy, Inc. has a 12-month low of $143.08 and a 12-month high of $214.50. The stock has a 50-day moving average price of $194.77 and a 200 day moving average price of $195.75. The stock has a market capitalization of $30.76 billion, a P/E ratio of 9.72, a P/E/G ratio of 1.06 and a beta of 1.89.

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

Diamondback Energy Increases Dividend

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

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.