Diamondback Energy, Inc. (NASDAQ:FANG) Shares Sold by Korea Investment CORP

Korea Investment CORP lowered its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 25.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 160,335 shares of the oil and natural gas company’s stock after selling 55,001 shares during the quarter. Korea Investment CORP’s holdings in Diamondback Energy were worth $26,268,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the company. TrueMark Investments LLC increased its stake in Diamondback Energy by 21.4% during the fourth quarter. TrueMark Investments LLC now owns 2,347 shares of the oil and natural gas company’s stock valued at $385,000 after purchasing an additional 413 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in shares of Diamondback Energy by 4.2% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 100,797 shares of the oil and natural gas company’s stock valued at $16,514,000 after buying an additional 4,085 shares during the period. Meiji Yasuda Asset Management Co Ltd. grew its position in shares of Diamondback Energy by 8.3% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 3,906 shares of the oil and natural gas company’s stock valued at $640,000 after buying an additional 300 shares during the last quarter. FineMark National Bank & Trust raised its stake in Diamondback Energy by 0.8% during the fourth quarter. FineMark National Bank & Trust now owns 37,027 shares of the oil and natural gas company’s stock worth $6,066,000 after acquiring an additional 288 shares during the period. Finally, Corebridge Financial Inc. lifted its holdings in Diamondback Energy by 20.4% in the fourth quarter. Corebridge Financial Inc. now owns 71,507 shares of the oil and natural gas company’s stock worth $11,715,000 after acquiring an additional 12,100 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $157.54 on Friday. The firm has a market capitalization of $45.60 billion, a PE ratio of 9.02, a PEG ratio of 1.24 and a beta of 1.85. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a 1-year low of $137.09 and a 1-year high of $214.50. The business’s 50 day moving average is $158.66 and its 200-day moving average is $169.73.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, topping 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 the consensus estimate of $3.55 billion. Sell-side analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Thursday, March 6th were given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.54%. The ex-dividend date of this dividend was Thursday, March 6th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.90. Diamondback Energy’s dividend payout ratio is 25.32%.

Insiders Place Their Bets

In related news, Director Frank D. Tsuru bought 2,000 shares of the business’s stock in a transaction that occurred on Friday, February 28th. The stock was acquired at an average price of $156.51 per share, for a total transaction of $313,020.00. Following the transaction, the director now directly owns 5,730 shares of the company’s stock, valued at $896,802.30. This represents a 53.62 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 0.48% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. UBS Group upped their price objective on Diamondback Energy from $212.00 to $216.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Royal Bank of Canada restated an “outperform” rating and set a $210.00 price target on shares of Diamondback Energy in a research report on Thursday, January 23rd. Citigroup dropped their price objective on shares of Diamondback Energy from $195.00 to $157.00 and set a “neutral” rating on the stock in a report on Monday, March 17th. Truist Financial boosted their target price on shares of Diamondback Energy from $236.00 to $238.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. Finally, Raymond James dropped their price target on shares of Diamondback Energy from $245.00 to $214.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, March 12th. Four investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Diamondback Energy has a consensus rating of “Moderate Buy” and a consensus target price of $209.33.

Diamondback Energy 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.