AIA Group Ltd Acquires New Position in Diamondback Energy, Inc. (NASDAQ:FANG)

AIA Group Ltd acquired a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 8,774 shares of the oil and natural gas company’s stock, valued at approximately $1,361,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Raymond James Trust N.A. lifted its holdings in shares of Diamondback Energy by 145.2% in the fourth quarter. Raymond James Trust N.A. now owns 11,993 shares of the oil and natural gas company’s stock valued at $1,860,000 after purchasing an additional 7,102 shares in the last quarter. Sequoia Financial Advisors LLC raised its position in shares of Diamondback Energy by 613.7% in the fourth quarter. Sequoia Financial Advisors LLC now owns 15,401 shares of the oil and natural gas company’s stock valued at $2,388,000 after buying an additional 13,243 shares during the last quarter. Raymond James & Associates lifted its stake in shares of Diamondback Energy by 143.0% during the fourth quarter. Raymond James & Associates now owns 981,284 shares of the oil and natural gas company’s stock valued at $152,177,000 after buying an additional 577,514 shares during the period. Morgan Stanley boosted its position in Diamondback Energy by 2.6% during the third quarter. Morgan Stanley now owns 3,494,159 shares of the oil and natural gas company’s stock worth $541,175,000 after acquiring an additional 89,663 shares during the last quarter. Finally, Czech National Bank grew its stake in Diamondback Energy by 0.3% in the 4th quarter. Czech National Bank now owns 31,348 shares of the oil and natural gas company’s stock worth $4,861,000 after acquiring an additional 95 shares during the period. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of Diamondback Energy stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $192.17, for a total transaction of $1,153,020.00. Following the sale, the chief operating officer now directly owns 78,218 shares in the company, valued at approximately $15,031,153.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of the firm’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $192.17, for a total transaction of $1,153,020.00. Following the completion of the transaction, the chief operating officer now directly owns 78,218 shares of the company’s stock, valued at approximately $15,031,153.06. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Travis D. Stice sold 30,000 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the completion of the sale, the chief executive officer now directly owns 446,610 shares of the company’s stock, valued at approximately $89,322,000. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 57,675 shares of company stock valued at $11,311,096. Insiders own 0.43% of the company’s stock.

Diamondback Energy Stock Up 1.3 %

Shares of NASDAQ:FANG opened at $202.13 on Friday. The company has a market capitalization of $36.05 billion, a price-to-earnings ratio of 11.51 and a beta of 1.93. The company has a 50 day moving average of $188.92 and a two-hundred day moving average of $167.21. Diamondback Energy, Inc. has a 52-week low of $123.41 and a 52-week high of $211.96. The company has a quick ratio of 0.74, a current ratio of 0.77 and a debt-to-equity ratio of 0.38.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Tuesday, February 20th. The oil and natural gas company reported $4.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.61 by $0.13. Diamondback Energy had a net margin of 37.36% and a return on equity of 19.56%. The firm had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter in the previous year, the firm posted $5.29 EPS. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. As a group, analysts forecast that Diamondback Energy, Inc. will post 18.53 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Tuesday, March 5th were paid a $3.08 dividend. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend was Monday, March 4th. This represents a $12.32 annualized dividend and a dividend yield of 6.10%. Diamondback Energy’s payout ratio is 20.76%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. UBS Group upped their price objective on shares of Diamondback Energy from $183.00 to $200.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. Truist Financial dropped their price target on shares of Diamondback Energy from $250.00 to $248.00 and set a “buy” rating for the company in a research report on Friday, April 5th. Piper Sandler increased their price target on shares of Diamondback Energy from $222.00 to $227.00 and gave the stock an “overweight” rating in a research note on Thursday, March 7th. Morgan Stanley lowered their price objective on shares of Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating for the company in a research note on Monday. Finally, BMO Capital Markets increased their target price on Diamondback Energy from $167.00 to $175.00 and gave the stock a “market perform” rating in a research report on Tuesday, February 13th. One research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $195.95.

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.