AMF Tjanstepension AB Invests $1.55 Million in Diamondback Energy, Inc. (NASDAQ:FANG)

AMF Tjanstepension AB bought a new position in Diamondback Energy, Inc. (NASDAQ:FANG) during the 4th quarter, Holdings Channel reports. The fund bought 9,459 shares of the oil and natural gas company’s stock, valued at approximately $1,551,000.

Several other institutional investors have also added to or reduced their stakes in the company. QRG Capital Management Inc. raised its stake in Diamondback Energy by 38.4% during the fourth quarter. QRG Capital Management Inc. now owns 11,675 shares of the oil and natural gas company’s stock valued at $1,913,000 after purchasing an additional 3,238 shares in the last quarter. Swedbank AB raised its stake in Diamondback Energy by 28.0% during the fourth quarter. Swedbank AB now owns 198,283 shares of the oil and natural gas company’s stock valued at $32,485,000 after purchasing an additional 43,361 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. raised its stake in Diamondback Energy by 631.1% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 43,148 shares of the oil and natural gas company’s stock valued at $7,069,000 after purchasing an additional 37,246 shares in the last quarter. Franklin Resources Inc. raised its stake in Diamondback Energy by 48.5% during the third quarter. Franklin Resources Inc. now owns 146,870 shares of the oil and natural gas company’s stock valued at $28,008,000 after purchasing an additional 47,951 shares in the last quarter. Finally, Tectonic Advisors LLC raised its stake in Diamondback Energy by 38.2% during the fourth quarter. Tectonic Advisors LLC now owns 31,467 shares of the oil and natural gas company’s stock valued at $5,155,000 after purchasing an additional 8,704 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insiders Place Their Bets

In other news, Director Frank D. Tsuru bought 2,000 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The stock was purchased at an average price of $156.51 per share, with a total value of $313,020.00. Following the completion of the acquisition, the director now directly owns 5,730 shares of the company’s stock, valued at $896,802.30. This trade represents a 53.62 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.48% of the company’s stock.

Diamondback Energy Stock Up 0.2 %

Shares of Diamondback Energy stock opened at $140.11 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. Diamondback Energy, Inc. has a 1 year low of $138.94 and a 1 year high of $214.50. The firm’s 50-day moving average is $163.97 and its two-hundred day moving average is $173.39. The stock has a market cap of $40.55 billion, a price-to-earnings ratio of 8.02, a PEG ratio of 1.24 and a beta of 1.85.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.57 by $0.07. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The company had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.55 billion. As a group, research 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 declared a quarterly dividend, which will be paid on Thursday, March 13th. Shareholders of record on Thursday, March 6th will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.85%. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.90. The ex-dividend date of this dividend is Thursday, March 6th. Diamondback Energy’s dividend payout ratio is presently 25.32%.

Analysts Set New Price Targets

A number of research firms recently issued reports on FANG. Piper Sandler decreased their price target on shares of Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating on the stock in a research note on Tuesday, December 17th. UBS Group upped their price target on shares of Diamondback Energy from $212.00 to $216.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. StockNews.com upgraded shares of Diamondback Energy from a “sell” rating to a “hold” rating in a research report on Wednesday, November 13th. Royal Bank of Canada reiterated an “outperform” rating and set a $210.00 price objective on shares of Diamondback Energy in a research report on Thursday, January 23rd. Finally, Truist Financial boosted their price objective on shares of Diamondback Energy from $236.00 to $238.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. 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.com, the company currently has an average rating of “Moderate Buy” and an average target price of $216.09.

Diamondback Energy Company 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.