Texas Permanent School Fund Has $3.42 Million Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Posted by on May 8th, 2023

Texas Permanent School Fund lowered its position in Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) by 0.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 25,006 shares of the oil and natural gas company’s stock after selling 145 shares during the quarter. Texas Permanent School Fund’s holdings in Diamondback Energy were worth $3,420,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in FANG. The Manufacturers Life Insurance Company increased its position in Diamondback Energy by 2.3% during 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. grew its position in shares of Diamondback Energy by 1.4% during the 3rd quarter. Daiwa Securities Group Inc. now owns 14,867 shares of the oil and natural gas company’s stock worth $1,791,000 after buying an additional 201 shares during the period. Fragasso Group Inc. acquired a new stake in shares of Diamondback Energy during the 4th quarter worth approximately $223,000. EFG Asset Management North America Corp. grew its position in shares of Diamondback Energy by 14.7% during the 3rd quarter. EFG Asset Management North America Corp. now owns 15,128 shares of the oil and natural gas company’s stock worth $1,823,000 after buying an additional 1,943 shares during the period. Finally, B. Riley Wealth Advisors Inc. grew its position in shares of Diamondback Energy by 18.3% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 7,189 shares of the oil and natural gas company’s stock worth $867,000 after buying an additional 1,112 shares during the period. Institutional investors and hedge funds own 89.76% of the company’s stock.

Diamondback Energy Trading Up 5.4 %

Shares of NASDAQ:FANG opened at $132.80 on Monday. The company has a market cap of $24.05 billion, a P/E ratio of 5.50, a PEG ratio of 0.29 and a beta of 2.03. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.62 and a quick ratio of 0.77. Diamondback Energy, Inc. has a 1 year low of $103.71 and a 1 year high of $168.95. The stock’s fifty day moving average price is $137.48 and its 200-day moving average price is $142.55.

Diamondback Energy (NASDAQ:FANG – Get Rating) last announced its quarterly earnings results on Monday, May 1st. The oil and natural gas company reported $4.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.33 by ($0.23). The business had revenue of $1.93 billion for the quarter, compared to the consensus estimate of $1.92 billion. Diamondback Energy had a net margin of 47.15% and a return on equity of 27.02%. The company’s revenue for the quarter was down 20.1% compared to the same quarter last year. During the same period in the previous year, the company earned $5.20 earnings per share. Sell-side analysts expect that Diamondback Energy, Inc. will post 20.58 earnings per share for the current year.

Diamondback Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 18th. Investors of record on Thursday, May 11th will be given a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend is Wednesday, May 10th. Diamondback Energy’s dividend payout ratio is currently 13.25%.

Analysts Set New Price Targets

Several research firms recently issued reports on FANG. Raymond James lifted their price target on shares of Diamondback Energy from $165.00 to $190.00 and gave the company a “strong-buy” rating in a research report on Friday, April 21st. Royal Bank of Canada reissued an “outperform” rating and issued a $182.00 price target on shares of Diamondback Energy in a research report on Wednesday, March 8th. Truist Financial reduced their price target on shares of Diamondback Energy from $200.00 to $186.00 and set a “buy” rating for the company in a research report on Tuesday, April 11th. Stifel Nicolaus lifted their price target on shares of Diamondback Energy from $172.00 to $180.00 in a research report on Thursday, April 27th. Finally, The Goldman Sachs Group lifted their price target on shares of Diamondback Energy from $142.00 to $163.00 and gave the company a “buy” rating in a research report on Friday, April 21st. One research analyst has rated the stock with a sell rating, two have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $178.55.

Diamondback Energy Company Profile

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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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Institutional Ownership by Quarter for Diamondback Energy (NASDAQ:FANG)

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