Wedge Capital Management L L P NC Purchases Shares of 29,901 Diamondback Energy, Inc. (NASDAQ:FANG)

Wedge Capital Management L L P NC acquired a new stake in Diamondback Energy, Inc. (NASDAQ:FANG) in the fourth quarter, HoldingsChannel reports. The fund acquired 29,901 shares of the oil and natural gas company’s stock, valued at approximately $4,637,000.

Several other institutional investors also recently modified their holdings of the company. BKM Wealth Management LLC bought a new position in Diamondback Energy during the fourth quarter worth $27,000. BluePath Capital Management LLC bought a new position in Diamondback Energy during the third quarter worth $28,000. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Diamondback Energy during the fourth quarter worth $34,000. CVA Family Office LLC acquired a new stake in shares of Diamondback Energy during the fourth quarter worth $35,000. Finally, Cary Street Partners Investment Advisory LLC lifted its holdings in shares of Diamondback Energy by 559.0% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 257 shares of the oil and natural gas company’s stock worth $40,000 after buying an additional 218 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Diamondback Energy

In other news, 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 sale, the chief executive officer now directly owns 446,610 shares in the company, valued at $89,322,000. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CAO Teresa L. Dick sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $192.00, for a total value of $384,000.00. Following the sale, the chief accounting officer now directly owns 96,523 shares in the company, valued at $18,532,416. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Travis D. Stice sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total value of $6,000,000.00. Following the completion of the sale, the chief executive officer now owns 446,610 shares in the company, valued at $89,322,000. The disclosure for this sale can be found here. Over the last three months, insiders have sold 57,675 shares of company stock worth $11,311,096. Insiders own 0.43% of the company’s stock.

Wall Street Analyst Weigh In

FANG has been the subject of a number of research reports. Mizuho lifted their target price on Diamondback Energy from $200.00 to $217.00 and gave the stock a “buy” rating in a report on Thursday, April 11th. Bank of America raised Diamondback Energy from an “underperform” rating to a “neutral” rating and boosted their price target for the company from $129.00 to $170.00 in a research note on Monday, February 12th. Scotiabank boosted their price target on Diamondback Energy from $210.00 to $255.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Barclays started coverage on Diamondback Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $214.00 price target for the company. Finally, KeyCorp boosted their price target on Diamondback Energy from $210.00 to $225.00 and gave the company an “overweight” rating in a research note on Monday. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $202.53.

Diamondback Energy Stock Up 0.4 %

Shares of NASDAQ FANG opened at $205.24 on Thursday. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 0.38. The company has a market cap of $36.60 billion, a price-to-earnings ratio of 11.84 and a beta of 1.93. Diamondback Energy, Inc. has a 12 month low of $123.41 and a 12 month high of $211.96. The stock has a 50-day moving average price of $192.11 and a two-hundred day moving average price of $168.87.

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 for the quarter, topping the consensus estimate of $4.61 by $0.13. The company had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.16 billion. Diamondback Energy had a return on equity of 19.56% and a net margin of 37.36%. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the business posted $5.29 earnings per share. As a group, analysts forecast that Diamondback Energy, Inc. will post 18.84 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Tuesday, March 5th were issued a dividend of $3.08 per share. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.84. This represents a $12.32 annualized dividend and a dividend yield of 6.00%. The ex-dividend date was Monday, March 4th. Diamondback Energy’s payout ratio is 20.76%.

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.