Victory Capital Management Inc. Boosts Stake in Diamondback Energy, Inc. $FANG

Victory Capital Management Inc. lifted its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 27.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 1,265,959 shares of the oil and natural gas company’s stock after acquiring an additional 276,394 shares during the period. Victory Capital Management Inc. owned approximately 0.44% of Diamondback Energy worth $181,159,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Equitable Trust Co. increased its position in shares of Diamondback Energy by 0.7% during the 3rd quarter. Equitable Trust Co. now owns 10,030 shares of the oil and natural gas company’s stock valued at $1,435,000 after purchasing an additional 73 shares during the last quarter. Valeo Financial Advisors LLC boosted its stake in Diamondback Energy by 3.0% in the third quarter. Valeo Financial Advisors LLC now owns 2,568 shares of the oil and natural gas company’s stock worth $367,000 after buying an additional 74 shares in the last quarter. Viawealth LLC grew its position in Diamondback Energy by 5.0% during the second quarter. Viawealth LLC now owns 1,753 shares of the oil and natural gas company’s stock valued at $241,000 after acquiring an additional 83 shares during the last quarter. STF Management LP grew its position in Diamondback Energy by 1.9% during the second quarter. STF Management LP now owns 4,490 shares of the oil and natural gas company’s stock valued at $617,000 after acquiring an additional 84 shares during the last quarter. Finally, Lodestone Wealth Management LLC raised its stake in shares of Diamondback Energy by 1.2% during the third quarter. Lodestone Wealth Management LLC now owns 7,219 shares of the oil and natural gas company’s stock worth $1,033,000 after acquiring an additional 84 shares in the last quarter. Institutional investors own 90.01% of the company’s stock.

Diamondback Energy Price Performance

Shares of Diamondback Energy stock opened at $177.53 on Wednesday. The business has a 50 day moving average of $159.34 and a 200 day moving average of $150.41. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week high of $183.36. The company has a market cap of $50.08 billion, a PE ratio of 31.65 and a beta of 0.59. The company has a quick ratio of 0.40, a current ratio of 0.42 and a debt-to-equity ratio of 0.32.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, February 23rd. The oil and natural gas company reported $1.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.00 by ($0.26). Diamondback Energy had a net margin of 11.07% and a return on equity of 8.08%. The company had revenue of $3.38 billion for the quarter, compared to analysts’ expectations of $3.41 billion. During the same period in the previous year, the firm posted $3.67 earnings per share. The firm’s revenue for the quarter was down 9.0% compared to the same quarter last year. As a group, equities research analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 12th. Shareholders of record on Thursday, March 5th will be issued a $1.05 dividend. This represents a $4.20 annualized dividend and a yield of 2.4%. This is a boost from Diamondback Energy’s previous quarterly dividend of $1.00. The ex-dividend date is Thursday, March 5th. Diamondback Energy’s dividend payout ratio (DPR) is 71.30%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on FANG shares. Wall Street Zen cut shares of Diamondback Energy from a “hold” rating to a “sell” rating in a research note on Saturday, December 27th. Sanford C. Bernstein cut their price target on shares of Diamondback Energy from $199.00 to $190.00 and set an “outperform” rating for the company in a research report on Monday, January 5th. Jefferies Financial Group reissued a “hold” rating and issued a $173.00 target price on shares of Diamondback Energy in a research note on Monday, January 19th. Weiss Ratings restated a “hold (c)” rating on shares of Diamondback Energy in a research report on Monday, December 29th. Finally, Piper Sandler boosted their price objective on Diamondback Energy from $215.00 to $218.00 and gave the company an “overweight” rating in a research report on Wednesday, January 28th. Two research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $187.86.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, Director Charles Alvin Meloy sold 60,605 shares of the company’s stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $161.12, for a total transaction of $9,764,677.60. Following the transaction, the director owned 982,006 shares in the company, valued at approximately $158,220,806.72. This represents a 5.81% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Fang Holdings Lp Sgf sold 1,000,000 shares of the stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $162.88, for a total value of $162,880,000.00. Following the completion of the transaction, the insider directly owned 98,686,727 shares of the company’s stock, valued at $16,074,094,093.76. This represents a 1.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 1,438,516 shares of company stock worth $225,026,921. Insiders own 0.48% 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.