The Manufacturers Life Insurance Company Purchases Shares of 150,826 Diamondback Energy, Inc. $FANG

The Manufacturers Life Insurance Company purchased a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 150,826 shares of the oil and natural gas company’s stock, valued at approximately $26,512,000. The Manufacturers Life Insurance Company owned about 0.05% of Diamondback Energy as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FANG. JPL Wealth Management LLC bought a new stake in shares of Diamondback Energy in the 3rd quarter worth approximately $26,000. Laurel Wealth Advisors LLC purchased a new position in Diamondback Energy in the 4th quarter worth $26,000. Cedar Mountain Advisors LLC purchased a new position in Diamondback Energy in the 1st quarter worth $26,000. Wellington Shields & Co. LLC raised its position in Diamondback Energy by 264.7% in the 4th quarter. Wellington Shields & Co. LLC now owns 186 shares of the oil and natural gas company’s stock worth $28,000 after purchasing an additional 135 shares during the period. Finally, Meeder Asset Management Inc. bought a new stake in Diamondback Energy in the second quarter worth $28,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Matt Zmigrosky sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $200.54, for a total transaction of $1,002,700.00. Following the completion of the transaction, the executive vice president owned 46,392 shares in the company, valued at $9,303,451.68. This represents a 9.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles Alvin Meloy sold 33,333 shares of the firm’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $198.41, for a total value of $6,613,600.53. Following the completion of the sale, the director directly owned 818,197 shares of the company’s stock, valued at $162,338,466.77. The trade was a 3.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 129,167 shares of company stock valued at $24,714,309 in the last 90 days. 0.64% of the stock is owned by corporate insiders.

Diamondback Energy Trading Up 0.3%

Shares of FANG opened at $200.52 on Friday. The stock has a market capitalization of $56.15 billion, a P/E ratio of 39.09 and a beta of 0.43. Diamondback Energy, Inc. has a twelve month low of $134.30 and a twelve month high of $216.90. The company has a quick ratio of 0.45, a current ratio of 0.47 and a debt-to-equity ratio of 0.25. The firm has a fifty day simple moving average of $192.96 and a two-hundred day simple moving average of $190.44.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $6.08 by $0.40. The firm had revenue of $5.56 billion for the quarter, compared to analysts’ expectations of $4.89 billion. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The company’s revenue for the quarter was up 51.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.38 earnings per share. On average, research analysts anticipate that Diamondback Energy, Inc. will post 20.13 EPS for the current year.

Diamondback Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were given a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date was Thursday, August 13th. Diamondback Energy’s dividend payout ratio (DPR) is currently 85.77%.

Analyst Ratings Changes

Several analysts have issued reports on FANG shares. Morgan Stanley restated an “equal weight” rating and set a $216.00 price target on shares of Diamondback Energy in a research report on Wednesday, August 19th. Raymond James Financial reissued a “strong-buy” rating and issued a $248.00 target price on shares of Diamondback Energy in a research note on Friday, July 31st. Zacks Research cut Diamondback Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 28th. Truist Financial raised their price target on Diamondback Energy from $220.00 to $224.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Finally, Wells Fargo & Company raised their price target on Diamondback Energy from $262.00 to $263.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. Four research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, Diamondback Energy presently has an average rating of “Moderate Buy” and a consensus target price of $222.21.

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.