Diamondback Energy Inc (NASDAQ:FANG) Position Increased by Northern Trust Corp
Northern Trust Corp increased its holdings in shares of Diamondback Energy Inc (NASDAQ:FANG) by 2.0% in the 1st quarter, Holdings Channel reports. The institutional investor owned 1,669,674 shares of the oil and natural gas company’s stock after purchasing an additional 33,169 shares during the period. Northern Trust Corp’s holdings in Diamondback Energy were worth $169,522,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in FANG. Ranger Investment Management L.P. purchased a new stake in Diamondback Energy in the 4th quarter worth $25,000. Berman Capital Advisors LLC increased its stake in Diamondback Energy by 180.8% in the 1st quarter. Berman Capital Advisors LLC now owns 292 shares of the oil and natural gas company’s stock worth $29,000 after buying an additional 188 shares in the last quarter. Oregon Public Employees Retirement Fund increased its stake in Diamondback Energy by 28,126.8% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,981,881 shares of the oil and natural gas company’s stock worth $32,000 after buying an additional 2,971,317 shares in the last quarter. Manchester Capital Management LLC purchased a new stake in Diamondback Energy in the 1st quarter worth $34,000. Finally, Rehmann Capital Advisory Group increased its stake in Diamondback Energy by 114.4% in the 4th quarter. Rehmann Capital Advisory Group now owns 401 shares of the oil and natural gas company’s stock worth $37,000 after buying an additional 214 shares in the last quarter. Institutional investors and hedge funds own 98.97% of the company’s stock.
FANG traded down $0.73 on Wednesday, hitting $99.03. The company had a trading volume of 44,714 shares, compared to its average volume of 1,871,957. The company has a current ratio of 0.62, a quick ratio of 0.59 and a debt-to-equity ratio of 0.32. The firm has a market cap of $15.98 billion, a P/E ratio of 16.85, a P/E/G ratio of 0.58 and a beta of 0.83. Diamondback Energy Inc has a 12-month low of $85.19 and a 12-month high of $140.78.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 4th. Shareholders of record on Tuesday, May 28th were paid a $0.188 dividend. The ex-dividend date was Friday, May 24th. This represents a $0.75 annualized dividend and a yield of 0.76%. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.13. Diamondback Energy’s dividend payout ratio (DPR) is presently 12.78%.
In other Diamondback Energy news, insider Randall J. Holder sold 4,000 shares of the firm’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $104.13, for a total value of $416,520.00. Following the completion of the sale, the insider now owns 14,448 shares of the company’s stock, valued at $1,504,470.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Jennifer Soliman sold 350 shares of Diamondback Energy stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $104.41, for a total transaction of $36,543.50. Following the sale, the vice president now directly owns 2,624 shares of the company’s stock, valued at approximately $273,971.84. The disclosure for this sale can be found here. In the last three months, insiders sold 9,350 shares of company stock valued at $1,013,964. 0.47% of the stock is owned by insiders.
A number of research analysts have recently weighed in on FANG shares. Morgan Stanley raised their price objective on Diamondback Energy from $153.00 to $161.00 and gave the company an “overweight” rating in a research report on Monday, June 3rd. KeyCorp raised their price objective on Diamondback Energy from $124.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, May 23rd. Williams Capital restated a “buy” rating and set a $165.00 price objective on shares of Diamondback Energy in a research report on Wednesday, May 8th. JPMorgan Chase & Co. restated an “overweight” rating and set a $148.00 price objective on shares of Diamondback Energy in a research report on Monday, March 11th. Finally, BidaskClub upgraded Diamondback Energy from a “sell” rating to a “hold” rating in a research report on Friday, February 15th. Three equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and two have given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $160.74.
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About Diamondback Energy
Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. It primarily 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.
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