Baird Financial Group Inc. trimmed its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) by 2.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 279,383 shares of the oil and natural gas company’s stock after selling 7,619 shares during the period. Baird Financial Group Inc. owned about 0.16% of Diamondback Energy worth $33,654,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Atlas Private Wealth Advisors raised its holdings in shares of Diamondback Energy by 6.2% in the 2nd quarter. Atlas Private Wealth Advisors now owns 7,229 shares of the oil and natural gas company’s stock valued at $876,000 after purchasing an additional 423 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Diamondback Energy by 2.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 170,474 shares of the oil and natural gas company’s stock valued at $20,535,000 after purchasing an additional 3,877 shares during the period. Daiwa Securities Group Inc. raised its holdings in shares of Diamondback Energy by 1.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 14,867 shares of the oil and natural gas company’s stock valued at $1,791,000 after purchasing an additional 201 shares during the period. Symmetry Partners LLC raised its holdings in shares of Diamondback Energy by 13.1% in the 3rd quarter. Symmetry Partners LLC now owns 9,456 shares of the oil and natural gas company’s stock valued at $1,139,000 after purchasing an additional 1,098 shares during the period. Finally, First Republic Investment Management Inc. raised its holdings in shares of Diamondback Energy by 12.0% in the 2nd quarter. First Republic Investment Management Inc. now owns 702,275 shares of the oil and natural gas company’s stock valued at $85,081,000 after purchasing an additional 75,060 shares during the period. 89.76% of the stock is owned by institutional investors.
Diamondback Energy Stock Up 0.8 %
Shares of FANG opened at $132.64 on Wednesday. Diamondback Energy, Inc. has a 12 month low of $103.71 and a 12 month high of $168.95. The firm’s 50 day moving average is $142.38 and its 200-day moving average is $141.65. The stock has a market capitalization of $24.35 billion, a PE ratio of 5.39, a P/E/G ratio of 0.28 and a beta of 2.03. The company has a current ratio of 0.81, a quick ratio of 0.77 and a debt-to-equity ratio of 0.40.
Diamondback Energy Cuts Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Friday, March 3rd were given a dividend of $2.95 per share. The ex-dividend date of this dividend was Thursday, March 2nd. This represents a $11.80 annualized dividend and a dividend yield of 8.90%. Diamondback Energy’s dividend payout ratio is 12.99%.
Analyst Ratings Changes
A number of equities research analysts have recently issued reports on FANG shares. Truist Financial upped their target price on shares of Diamondback Energy from $203.00 to $209.00 and gave the company a “buy” rating in a report on Friday, November 18th. Wells Fargo & Company lowered their price target on shares of Diamondback Energy from $181.00 to $174.00 and set an “overweight” rating on the stock in a report on Wednesday, March 1st. Johnson Rice raised shares of Diamondback Energy from an “accumulate” rating to a “buy” rating and set a $210.00 price target on the stock in a report on Monday, December 5th. Piper Sandler lowered their price target on shares of Diamondback Energy from $214.00 to $207.00 and set an “overweight” rating on the stock in a report on Tuesday, March 7th. Finally, Raymond James increased their price target on shares of Diamondback Energy from $200.00 to $205.00 and gave the company a “strong-buy” rating in a report on Thursday, January 26th. One analyst has rated the stock with a sell rating, two have issued a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $180.65.
Insider Buying and Selling
In related news, VP Matt Zmigrosky sold 2,012 shares of the stock in a transaction that occurred on Wednesday, December 21st. The shares were sold at an average price of $136.96, for a total transaction of $275,563.52. Following the sale, the vice president now owns 23,623 shares in the company, valued at approximately $3,235,406.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.42% of the stock is currently owned by company insiders.
Diamondback Energy Company Profile
Diamondback Energy, Inc is an independent oil and natural gas company, which engages in the acquisition, development, exploration, and exploitation of unconventional, onshore oil, and natural gas reserves. It operates through the Upstream and Midstream Services segments. The Upstream segment focuses on the Permian Basin operations in West Texas.
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