Diamondback Energy, Inc. (NASDAQ:FANG) Shares Acquired by Cornerstone Investment Partners LLC

Cornerstone Investment Partners LLC increased its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 8.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 365,712 shares of the oil and natural gas company’s stock after purchasing an additional 27,439 shares during the period. Diamondback Energy accounts for approximately 3.2% of Cornerstone Investment Partners LLC’s investment portfolio, making the stock its 12th biggest position. Cornerstone Investment Partners LLC’s holdings in Diamondback Energy were worth $56,715,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BKM Wealth Management LLC purchased a new position in Diamondback Energy in the 4th quarter valued at $27,000. BluePath Capital Management LLC purchased a new position in shares of Diamondback Energy in the third quarter worth about $28,000. FinTrust Capital Advisors LLC boosted its position in Diamondback Energy by 232.8% during the fourth quarter. FinTrust Capital Advisors LLC now owns 213 shares of the oil and natural gas company’s stock worth $29,000 after acquiring an additional 149 shares during the last quarter. Carolinas Wealth Consulting LLC grew its stake in Diamondback Energy by 366.7% during the 1st quarter. Carolinas Wealth Consulting LLC now owns 224 shares of the oil and natural gas company’s stock valued at $31,000 after acquiring an additional 176 shares in the last quarter. Finally, Householder Group Estate & Retirement Specialist LLC acquired a new stake in Diamondback Energy in the 3rd quarter valued at about $32,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of the stock in a transaction that occurred 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 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 SEC, which is available through this link. In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of the stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $192.17, for a total value of $1,153,020.00. Following the sale, the chief operating officer now owns 78,218 shares of the company’s stock, valued at approximately $15,031,153.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Hof Matthew Kaes Van’t sold 12,000 shares of Diamondback Energy stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $190.82, for a total value of $2,289,840.00. Following the completion of the transaction, the chief financial officer now owns 185,882 shares of the company’s stock, valued at approximately $35,470,003.24. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 57,675 shares of company stock valued at $11,311,096. 0.43% of the stock is currently owned by corporate insiders.

Diamondback Energy Trading Up 1.0 %

NASDAQ FANG traded up $1.91 on Friday, reaching $201.51. The stock had a trading volume of 638,858 shares, compared to its average volume of 1,744,327. The company has a quick ratio of 0.74, a current ratio of 0.77 and a debt-to-equity ratio of 0.38. The stock has a fifty day moving average price of $188.92 and a two-hundred day moving average price of $167.21. Diamondback Energy, Inc. has a 12-month low of $123.41 and a 12-month high of $211.96. The firm has a market capitalization of $35.94 billion, a price-to-earnings ratio of 11.51 and a beta of 1.93.

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

Diamondback Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Tuesday, March 5th were paid a dividend of $3.08 per share. The ex-dividend date was Monday, March 4th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.84. This represents a $12.32 dividend on an annualized basis and a yield of 6.11%. Diamondback Energy’s dividend payout ratio is 20.76%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FANG. Bank Of America (Bofa) lowered their target price on Diamondback Energy from $147.00 to $129.00 and set an “underperform” rating on the stock in a report on Thursday, January 18th. Piper Sandler boosted their price objective on Diamondback Energy from $222.00 to $227.00 and gave the stock an “overweight” rating in a research note on Thursday, March 7th. Raymond James cut their target price on Diamondback Energy from $190.00 to $185.00 and set a “strong-buy” rating for the company in a research note on Wednesday, January 24th. Barclays started coverage on Diamondback Energy in a report on Wednesday, April 10th. They set an “equal weight” rating and a $214.00 price target on the stock. Finally, Bank of America raised shares of Diamondback Energy from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $129.00 to $170.00 in a report on Monday, February 12th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $195.95.

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.