Mitsubishi UFJ Asset Management Co. Ltd. Boosts Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 18.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 327,284 shares of the oil and natural gas company’s stock after buying an additional 50,423 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Diamondback Energy were worth $55,952,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of FANG. TrueMark Investments LLC raised its position in Diamondback Energy by 21.4% during the fourth quarter. TrueMark Investments LLC now owns 2,347 shares of the oil and natural gas company’s stock valued at $385,000 after acquiring an additional 413 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of Diamondback Energy by 4.2% during the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 100,797 shares of the oil and natural gas company’s stock valued at $16,514,000 after purchasing an additional 4,085 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. lifted its stake in shares of Diamondback Energy by 8.3% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 3,906 shares of the oil and natural gas company’s stock valued at $640,000 after purchasing an additional 300 shares during the period. FineMark National Bank & Trust boosted its holdings in Diamondback Energy by 0.8% during the fourth quarter. FineMark National Bank & Trust now owns 37,027 shares of the oil and natural gas company’s stock worth $6,066,000 after buying an additional 288 shares in the last quarter. Finally, Corebridge Financial Inc. grew its position in Diamondback Energy by 20.4% during the fourth quarter. Corebridge Financial Inc. now owns 71,507 shares of the oil and natural gas company’s stock valued at $11,715,000 after buying an additional 12,100 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on FANG. Wolfe Research upgraded shares of Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price objective for the company in a research report on Friday, January 3rd. Piper Sandler reduced their price target on Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. UBS Group raised their price objective on Diamondback Energy from $212.00 to $216.00 and gave the company a “buy” rating in a report on Thursday, February 13th. JPMorgan Chase & Co. reduced their target price on Diamondback Energy from $212.00 to $167.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Finally, Barclays dropped their price target on shares of Diamondback Energy from $210.00 to $200.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 18th. Four investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $209.33.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, Director Frank D. Tsuru bought 2,000 shares of Diamondback Energy stock in a transaction on Friday, February 28th. The shares were bought at an average price of $156.51 per share, for a total transaction of $313,020.00. Following the completion of the transaction, the director now directly owns 5,730 shares of the company’s stock, valued at $896,802.30. This trade represents a 53.62 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 0.48% of the stock is currently owned by insiders.

Diamondback Energy Stock Down 1.7 %

Shares of NASDAQ:FANG opened at $157.54 on Friday. Diamondback Energy, Inc. has a 52-week low of $137.09 and a 52-week high of $214.50. 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 business has a fifty day moving average of $158.66 and a two-hundred day moving average of $169.73. The stock has a market cap of $45.60 billion, a P/E ratio of 9.02, a PEG 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 (EPS) for the quarter, topping the consensus estimate 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 net margin of 33.64% and a return on equity of 13.68%. On average, research analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Thursday, March 6th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.54%. The ex-dividend date was Thursday, March 6th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.90. Diamondback Energy’s payout ratio is presently 25.32%.

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.