Summit Global Investments Grows Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Summit Global Investments boosted its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 325.7% in the 4th quarter, HoldingsChannel.com reports. The fund owned 4,998 shares of the oil and natural gas company’s stock after buying an additional 3,824 shares during the period. Summit Global Investments’ holdings in Diamondback Energy were worth $819,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Diamondback Energy in the third quarter worth about $585,000. First Horizon Advisors Inc. grew its holdings in Diamondback Energy by 32.9% during the 3rd quarter. First Horizon Advisors Inc. now owns 460 shares of the oil and natural gas company’s stock valued at $79,000 after buying an additional 114 shares in the last quarter. Citizens Financial Group Inc. RI increased its stake 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 worth $482,000 after acquiring an additional 65 shares during the last quarter. Eagle Asset Management Inc. raised its holdings in shares of Diamondback Energy by 38.1% during the 3rd quarter. Eagle Asset Management Inc. now owns 11,615 shares of the oil and natural gas company’s stock worth $2,113,000 after acquiring an additional 3,203 shares in the last quarter. Finally, Cerity Partners LLC boosted its position in shares of Diamondback Energy by 135.3% during the 3rd quarter. Cerity Partners LLC now owns 52,984 shares of the oil and natural gas company’s stock valued at $9,134,000 after acquiring an additional 30,468 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Wolfe Research raised shares of Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price target on the stock in a research note on Friday, January 3rd. JPMorgan Chase & Co. lowered their price target on shares of Diamondback Energy from $212.00 to $167.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Mizuho lifted their price target on Diamondback Energy from $201.00 to $204.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 25th. Wells Fargo & Company decreased their price objective on Diamondback Energy from $219.00 to $215.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 12th. Finally, The Goldman Sachs Group began coverage on Diamondback Energy in a report on Monday, December 2nd. They issued a “buy” rating and a $227.00 target price for the company. Four investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $209.92.

Diamondback Energy Price Performance

Shares of FANG stock opened at $158.50 on Monday. Diamondback Energy, Inc. has a twelve month low of $137.09 and a twelve month high of $214.50. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. The stock has a fifty day simple moving average of $160.47 and a two-hundred day simple moving average of $170.29. The stock has a market capitalization of $45.88 billion, a price-to-earnings ratio of 9.07, a P/E/G ratio of 1.24 and a beta of 1.85.

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

Diamondback Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Thursday, March 6th were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.52%. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.90. The ex-dividend date was Thursday, March 6th. Diamondback Energy’s dividend payout ratio (DPR) is presently 25.32%.

Insider Buying and Selling

In related news, Director Frank D. Tsuru purchased 2,000 shares of Diamondback Energy stock in a transaction dated Friday, February 28th. The stock was purchased at an average cost of $156.51 per share, with a total value of $313,020.00. Following the transaction, the director now owns 5,730 shares in the company, valued at approximately $896,802.30. The trade was a 53.62 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.48% of the stock is currently owned by insiders.

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.