Retirement Systems of Alabama Increases Stock Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Retirement Systems of Alabama raised its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 6.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,734 shares of the oil and natural gas company’s stock after buying an additional 2,394 shares during the period. Retirement Systems of Alabama’s holdings in Diamondback Energy were worth $7,195,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Zimmer Partners LP purchased a new position in Diamondback Energy during the 3rd quarter valued at about $87,924,000. Holocene Advisors LP increased its position in shares of Diamondback Energy by 95.3% in the 3rd quarter. Holocene Advisors LP now owns 938,474 shares of the oil and natural gas company’s stock valued at $161,793,000 after acquiring an additional 457,896 shares during the period. Diamond Hill Capital Management Inc. raised its stake in shares of Diamondback Energy by 25.6% in the third quarter. Diamond Hill Capital Management Inc. now owns 2,158,910 shares of the oil and natural gas company’s stock worth $372,196,000 after purchasing an additional 439,579 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Diamondback Energy by 16.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock valued at $603,038,000 after acquiring an additional 415,902 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its position in Diamondback Energy by 280.8% during the 2nd quarter. Canada Pension Plan Investment Board now owns 545,202 shares of the oil and natural gas company’s stock worth $109,144,000 after purchasing an additional 402,026 shares during the period. Institutional investors own 90.01% of the company’s stock.

Diamondback Energy Trading Up 0.8 %

Shares of Diamondback Energy stock opened at $160.14 on Wednesday. The company has a 50-day simple moving average of $178.01 and a 200 day simple moving average of $187.38. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $46.76 billion, a P/E ratio of 9.17, a price-to-earnings-growth ratio of 1.21 and a beta of 1.88. Diamondback Energy, Inc. has a 12-month low of $147.93 and a 12-month high of $214.50.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 EPS for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). The company had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.43 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The business’s revenue was up 13.0% compared to the same quarter last year. During the same period last year, the company earned $5.49 earnings per share. Research analysts expect that Diamondback Energy, Inc. will post 16.28 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th were issued a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 2.25%. The ex-dividend date was Thursday, November 14th. Diamondback Energy’s dividend payout ratio is 20.61%.

Insider Transactions at Diamondback Energy

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the completion of the sale, the insider now owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. This represents a 92.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Mark Lawrence Plaumann sold 1,150 shares of the company’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total transaction of $208,150.00. Following the sale, the director now directly owns 4,712 shares of the company’s stock, valued at approximately $852,872. This trade represents a 19.62 % decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. Benchmark reaffirmed a “buy” rating and issued a $195.00 price target on shares of Diamondback Energy in a report on Tuesday, October 29th. Piper Sandler dropped their target price on Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a report on Tuesday. Susquehanna cut their price target on shares of Diamondback Energy from $237.00 to $233.00 and set a “positive” rating for the company in a report on Friday, October 18th. JPMorgan Chase & Co. initiated coverage on shares of Diamondback Energy in a research report on Wednesday, October 2nd. They issued an “overweight” rating and a $182.00 target price on the stock. Finally, UBS Group lowered their price target on Diamondback Energy from $235.00 to $212.00 and set a “buy” rating for the company in a research report on Monday, December 9th. One analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Diamondback Energy currently has an average rating of “Moderate Buy” and a consensus price target of $210.70.

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.