Peloton Wealth Strategists Increases Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Peloton Wealth Strategists lifted its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 48.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,545 shares of the oil and natural gas company’s stock after purchasing an additional 1,475 shares during the period. Peloton Wealth Strategists’ holdings in Diamondback Energy were worth $745,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Swedbank AB grew its holdings in shares of Diamondback Energy by 28.0% in the fourth quarter. Swedbank AB now owns 198,283 shares of the oil and natural gas company’s stock worth $32,485,000 after purchasing an additional 43,361 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. grew its holdings in shares of Diamondback Energy by 631.1% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 43,148 shares of the oil and natural gas company’s stock worth $7,069,000 after purchasing an additional 37,246 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Diamondback Energy by 48.5% in the third quarter. Franklin Resources Inc. now owns 146,870 shares of the oil and natural gas company’s stock worth $28,008,000 after purchasing an additional 47,951 shares during the last quarter. Tectonic Advisors LLC grew its holdings in shares of Diamondback Energy by 38.2% in the fourth quarter. Tectonic Advisors LLC now owns 31,467 shares of the oil and natural gas company’s stock worth $5,155,000 after purchasing an additional 8,704 shares during the last quarter. Finally, Benjamin Edwards Inc. grew its holdings in shares of Diamondback Energy by 368.1% in the third quarter. Benjamin Edwards Inc. now owns 9,784 shares of the oil and natural gas company’s stock worth $1,687,000 after purchasing an additional 7,694 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors.

Diamondback Energy Price Performance

Diamondback Energy stock opened at $155.59 on Friday. The company’s fifty day moving average price is $165.34 and its 200 day moving average price is $175.63. Diamondback Energy, Inc. has a 1 year low of $151.00 and a 1 year high of $214.50. The stock has a market capitalization of $45.43 billion, a P/E ratio of 8.91, a P/E/G ratio of 1.24 and a beta of 1.86. 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 released its quarterly earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.57 by $0.07. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The firm had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.55 billion. As a group, equities research analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 13th. Investors of record on Thursday, March 6th will be paid a $1.00 dividend. The ex-dividend date is Thursday, March 6th. This represents a $4.00 dividend on an annualized basis and a yield of 2.57%. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.90. Diamondback Energy’s dividend payout ratio (DPR) is currently 25.32%.

Analysts Set New Price Targets

A number of research analysts have recently commented on FANG shares. Piper Sandler cut their price target on shares of Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Royal Bank of Canada reiterated an “outperform” rating and set a $210.00 target price on shares of Diamondback Energy in a report on Thursday, January 23rd. Morgan Stanley increased their target price on shares of Diamondback Energy from $220.00 to $227.00 and gave the stock an “overweight” rating in a report on Wednesday, February 19th. The Goldman Sachs Group started coverage on shares of Diamondback Energy in a research report on Monday, December 2nd. They set a “buy” rating and a $227.00 price target for the company. Finally, UBS Group raised their price target on shares of Diamondback Energy from $212.00 to $216.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Four equities research 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 company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $216.09.

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.