Storgate LLC Buys New Stake in Diamondback Energy, Inc. $FANG

Storgate LLC bought a new stake in Diamondback Energy, Inc. (NASDAQ:FANG) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 3,100 shares of the oil and natural gas company’s stock, valued at approximately $466,000.

Several other institutional investors have also recently added to or reduced their stakes in FANG. Deseret Mutual Benefit Administrators boosted its stake in Diamondback Energy by 31.7% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 274 shares of the oil and natural gas company’s stock valued at $41,000 after acquiring an additional 66 shares in the last quarter. Scotia Capital Inc. boosted its stake in Diamondback Energy by 0.3% in the third quarter. Scotia Capital Inc. now owns 19,719 shares of the oil and natural gas company’s stock valued at $2,822,000 after acquiring an additional 68 shares in the last quarter. Equitable Trust Co. boosted its stake in Diamondback Energy by 0.7% in the third quarter. Equitable Trust Co. now owns 10,030 shares of the oil and natural gas company’s stock valued at $1,435,000 after acquiring an additional 73 shares in the last quarter. Townsend & Associates Inc boosted its stake in shares of Diamondback Energy by 0.5% during the fourth quarter. Townsend & Associates Inc now owns 14,330 shares of the oil and natural gas company’s stock worth $2,161,000 after buying an additional 75 shares during the period. Finally, Fulton Bank N.A. boosted its stake in shares of Diamondback Energy by 1.8% during the fourth quarter. Fulton Bank N.A. now owns 4,400 shares of the oil and natural gas company’s stock worth $661,000 after buying an additional 78 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Scotiabank increased their target price on shares of Diamondback Energy from $175.00 to $195.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, April 22nd. Susquehanna increased their target price on shares of Diamondback Energy from $231.00 to $245.00 and gave the stock a “positive” rating in a research note on Wednesday, May 6th. Sanford C. Bernstein increased their target price on shares of Diamondback Energy from $237.00 to $241.00 and gave the stock an “outperform” rating in a research note on Monday, May 11th. Benchmark downgraded shares of Diamondback Energy from a “buy” rating to a “hold” rating in a research note on Thursday, March 5th. Finally, Citigroup increased their target price on shares of Diamondback Energy from $225.00 to $245.00 and gave the stock a “buy” rating in a research note on Wednesday, May 20th. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Diamondback Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $223.63.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $192.13 on Friday. The company has a quick ratio of 0.55, a current ratio of 0.56 and a debt-to-equity ratio of 0.31. The company has a market cap of $54.05 billion, a P/E ratio of 223.41 and a beta of 0.42. Diamondback Energy, Inc. has a 52 week low of $134.30 and a 52 week high of $214.51. The company has a 50-day moving average price of $195.70 and a 200 day moving average price of $175.36.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Monday, May 4th. The oil and natural gas company reported $4.23 EPS for the quarter, beating analysts’ consensus estimates of $3.74 by $0.49. The firm had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $3.83 billion. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The firm’s revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the firm earned $4.54 earnings per share. Research analysts predict that Diamondback Energy, Inc. will post 19.92 earnings per share for the current year.

Diamondback Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were given a $1.10 dividend. The ex-dividend date was Thursday, May 14th. This is an increase from Diamondback Energy’s previous quarterly dividend of $1.05. This represents a $4.40 dividend on an annualized basis and a yield of 2.3%. Diamondback Energy’s payout ratio is 511.63%.

Insider Transactions at Diamondback Energy

In related news, CAO Teresa L. Dick sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $200.90, for a total value of $1,406,300.00. Following the completion of the sale, the chief accounting officer owned 85,755 shares in the company, valued at $17,228,179.50. This trade represents a 7.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Steven E. West sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $188.35, for a total transaction of $1,130,100.00. Following the completion of the sale, the director owned 4,484 shares of the company’s stock, valued at approximately $844,561.40. The trade was a 57.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 54,065 shares of company stock valued at $10,551,236 over the last 90 days. Insiders own 0.64% of the company’s stock.

Diamondback Energy Company Profile

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.