Fred Alger Management LLC Sells 57,549 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Fred Alger Management LLC lowered its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 70.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 24,274 shares of the oil and natural gas company’s stock after selling 57,549 shares during the quarter. Fred Alger Management LLC’s holdings in Diamondback Energy were worth $3,977,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its stake in shares of Diamondback Energy by 11.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company’s stock worth $1,496,859,000 after purchasing an additional 928,429 shares in the last quarter. Boston Partners grew its stake in Diamondback Energy by 12.4% in the 4th quarter. Boston Partners now owns 5,169,742 shares of the oil and natural gas company’s stock valued at $849,202,000 after buying an additional 571,820 shares in the last quarter. Geode Capital Management LLC grew its stake in Diamondback Energy by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 4,710,165 shares of the oil and natural gas company’s stock valued at $769,706,000 after buying an additional 91,605 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Diamondback Energy by 13.7% during the 4th quarter. Bank of New York Mellon Corp now owns 4,163,070 shares of the oil and natural gas company’s stock valued at $682,036,000 after acquiring an additional 502,916 shares during the period. Finally, Demars Financial Group LLC purchased a new stake in shares of Diamondback Energy during the fourth quarter worth $638,050,000. 90.01% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Diamondback Energy

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 shares were bought at an average cost of $156.51 per share, with a total value of $313,020.00. Following the completion of the purchase, the director now directly owns 5,730 shares in the company, valued at $896,802.30. This represents a 53.62 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.70% of the company’s stock.

Wall Street Analysts Forecast Growth

FANG has been the subject of several recent research reports. Williams Trading set a $190.00 price target on Diamondback Energy in a research report on Wednesday, March 5th. Mizuho upped their price target on Diamondback Energy from $201.00 to $204.00 and gave the company an “outperform” rating in a research report on Tuesday, February 25th. Piper Sandler cut their price objective on shares of Diamondback Energy from $240.00 to $234.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Morgan Stanley reaffirmed an “overweight” rating on shares of Diamondback Energy in a report on Tuesday, April 15th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Diamondback Energy from $167.00 to $161.00 and set an “overweight” rating for the company in a research report on Wednesday. Two analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $195.57.

Diamondback Energy Price Performance

Shares of Diamondback Energy stock opened at $137.89 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $214.50. The company has a fifty day moving average of $141.07 and a 200-day moving average of $159.39. The stock has a market capitalization of $40.55 billion, a price-to-earnings ratio of 7.89, a price-to-earnings-growth ratio of 1.24 and a beta of 1.06.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.67 by $0.87. The firm had revenue of $4.05 billion for the quarter, compared to analysts’ expectations of $3.58 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The company’s revenue for the quarter was up 81.8% compared to the same quarter last year. During the same period last year, the firm earned $4.50 earnings per share. Equities research analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th will be paid a $1.00 dividend. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $4.00 dividend on an annualized basis and a yield of 2.90%. Diamondback Energy’s dividend payout ratio (DPR) is currently 25.32%.

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.