Paragon Capital Management Inc. Purchases New Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Paragon Capital Management Inc. acquired a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 3,861 shares of the oil and natural gas company’s stock, valued at approximately $666,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. SeaCrest Wealth Management LLC lifted its position in shares of Diamondback Energy by 5.2% during the third quarter. SeaCrest Wealth Management LLC now owns 2,732 shares of the oil and natural gas company’s stock worth $471,000 after purchasing an additional 135 shares during the last quarter. Swedbank AB increased its holdings in Diamondback Energy by 69.2% in the third quarter. Swedbank AB now owns 154,922 shares of the oil and natural gas company’s stock valued at $26,709,000 after buying an additional 63,360 shares during the last quarter. Creative Planning raised its stake in Diamondback Energy by 3.0% during the third quarter. Creative Planning now owns 34,391 shares of the oil and natural gas company’s stock valued at $5,929,000 after buying an additional 1,004 shares in the last quarter. Wesbanco Bank Inc. lifted its holdings in Diamondback Energy by 6.4% during the 3rd quarter. Wesbanco Bank Inc. now owns 75,755 shares of the oil and natural gas company’s stock worth $13,060,000 after buying an additional 4,543 shares during the last quarter. Finally, Wedge Capital Management L L P NC grew its position in shares of Diamondback Energy by 6.3% in the 3rd quarter. Wedge Capital Management L L P NC now owns 40,692 shares of the oil and natural gas company’s stock worth $7,015,000 after acquiring an additional 2,394 shares in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Bank of America upped their price target on Diamondback Energy from $201.00 to $215.00 and gave the company a “neutral” rating in a research report on Tuesday, July 23rd. KeyCorp dropped their target price on shares of Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating on the stock in a report on Wednesday. Scotiabank decreased their price target on shares of Diamondback Energy from $245.00 to $225.00 and set a “sector outperform” rating for the company in a report on Thursday, October 10th. StockNews.com lowered shares of Diamondback Energy from a “buy” rating to a “hold” rating in a research note on Saturday, July 6th. Finally, JPMorgan Chase & Co. started coverage on shares of Diamondback Energy in a report on Wednesday, October 2nd. They issued an “overweight” rating and a $182.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Diamondback Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $210.32.

Insider Buying and Selling at Diamondback Energy

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the sale, the insider now owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.48% of the stock is currently owned by corporate insiders.

Diamondback Energy Stock Performance

FANG stock opened at $182.46 on Thursday. The company has a 50-day simple moving average of $186.94 and a 200 day simple moving average of $194.99. The company has a market capitalization of $32.54 billion, a P/E ratio of 10.29, a PEG ratio of 1.22 and a beta of 1.89. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. Diamondback Energy, Inc. has a fifty-two week low of $145.70 and a fifty-two week high of $214.50.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, topping analysts’ consensus estimates of $4.51 by $0.01. The company had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.19 billion. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The business’s revenue for the quarter was up 29.4% compared to the same quarter last year. During the same period in the prior year, the business posted $3.68 EPS. Sell-side analysts predict that Diamondback Energy, Inc. will post 19.08 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently announced a None dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 15th were given a $2.34 dividend. This represents a yield of 1.9%. This is an increase from Diamondback Energy’s previous None dividend of $2.26. The ex-dividend date was Thursday, August 15th. Diamondback Energy’s dividend payout ratio is 20.29%.

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.