Canton Hathaway LLC Makes New $97,000 Investment in Diamondback Energy, Inc. (NASDAQ:FANG)

Canton Hathaway LLC acquired a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) during the fourth quarter, Holdings Channel reports. The fund acquired 590 shares of the oil and natural gas company’s stock, valued at approximately $97,000.

A number of other hedge funds have also recently bought and sold shares of the company. Swedbank AB raised its stake in shares of Diamondback Energy by 28.0% during the 4th quarter. Swedbank AB now owns 198,283 shares of the oil and natural gas company’s stock worth $32,485,000 after purchasing an additional 43,361 shares during the period. Tokio Marine Asset Management Co. Ltd. raised its stake in shares of Diamondback Energy by 631.1% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 43,148 shares of the oil and natural gas company’s stock worth $7,069,000 after purchasing an additional 37,246 shares during the period. Franklin Resources Inc. raised its stake in shares of Diamondback Energy by 48.5% during the 3rd quarter. Franklin Resources Inc. now owns 146,870 shares of the oil and natural gas company’s stock worth $28,008,000 after purchasing an additional 47,951 shares during the period. Tectonic Advisors LLC raised its stake in shares of Diamondback Energy by 38.2% during the 4th quarter. Tectonic Advisors LLC now owns 31,467 shares of the oil and natural gas company’s stock worth $5,155,000 after purchasing an additional 8,704 shares during the period. Finally, Benjamin Edwards Inc. raised its stake in shares of Diamondback Energy by 368.1% during the 3rd quarter. Benjamin Edwards Inc. now owns 9,784 shares of the oil and natural gas company’s stock worth $1,687,000 after purchasing an additional 7,694 shares during the period. 90.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on FANG. Wolfe Research upgraded Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 target price on the stock in a research note on Friday, January 3rd. Royal Bank of Canada reiterated an “outperform” rating and set a $210.00 target price on shares of Diamondback Energy in a research note on Thursday, January 23rd. Raymond James boosted their price objective on Diamondback Energy from $237.00 to $256.00 and gave the company a “strong-buy” rating in a research note on Thursday, January 23rd. Morgan Stanley boosted their price objective on Diamondback Energy from $220.00 to $227.00 and gave the company an “overweight” rating in a research note on Wednesday, February 19th. Finally, The Goldman Sachs Group assumed coverage on Diamondback Energy in a research note on Monday, December 2nd. They issued a “buy” rating and a $227.00 price objective on the stock. Four research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Diamondback Energy has a consensus rating of “Moderate Buy” and an average target price of $216.22.

Diamondback Energy Stock Down 0.6 %

Shares of NASDAQ FANG opened at $155.23 on Tuesday. Diamondback Energy, Inc. has a 12 month low of $152.00 and a 12 month high of $214.50. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $45.33 billion, a price-to-earnings ratio of 8.89, a PEG ratio of 1.24 and a beta of 1.86. The business has a 50-day moving average of $165.52 and a 200-day moving average of $176.27.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, February 24th. The oil and natural gas company reported $3.64 EPS for the quarter, topping the consensus estimate of $3.57 by $0.07. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. Sell-side analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 13th. Shareholders of record on Thursday, March 6th will be paid a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.58%. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.90. Diamondback Energy’s dividend payout ratio is currently 20.61%.

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.