CIBC Asset Management Inc increased its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) by 14.3% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 24,374 shares of the oil and natural gas company’s stock after acquiring an additional 3,046 shares during the quarter. CIBC Asset Management Inc’s holdings in Diamondback Energy were worth $2,936,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in FANG. AlphaCrest Capital Management LLC raised its stake in shares of Diamondback Energy by 6.0% in the first quarter. AlphaCrest Capital Management LLC now owns 3,156 shares of the oil and natural gas company’s stock valued at $433,000 after buying an additional 178 shares during the period. Raymond James Trust N.A. raised its stake in shares of Diamondback Energy by 8.2% in the first quarter. Raymond James Trust N.A. now owns 4,932 shares of the oil and natural gas company’s stock valued at $676,000 after buying an additional 374 shares during the period. Cibc World Market Inc. raised its stake in shares of Diamondback Energy by 13.6% in the first quarter. Cibc World Market Inc. now owns 34,403 shares of the oil and natural gas company’s stock valued at $4,716,000 after buying an additional 4,129 shares during the period. Vontobel Holding Ltd. bought a new stake in shares of Diamondback Energy in the first quarter valued at $223,000. Finally, Blair William & Co. IL bought a new stake in shares of Diamondback Energy in the first quarter valued at $205,000. 89.76% of the stock is currently owned by institutional investors.
Diamondback Energy Price Performance
Shares of NASDAQ FANG opened at $147.24 on Wednesday. The firm has a market capitalization of $25.91 billion, a P/E ratio of 6.00, a P/E/G ratio of 0.28 and a beta of 2.00. The company has a quick ratio of 0.58, a current ratio of 0.61 and a debt-to-equity ratio of 0.37. The stock’s 50-day simple moving average is $141.70 and its two-hundred day simple moving average is $136.96. Diamondback Energy, Inc. has a twelve month low of $103.71 and a twelve month high of $168.95.
Diamondback Energy Announces Dividend
The company also recently disclosed a None dividend, which was paid on Friday, November 25th. Stockholders of record on Thursday, November 17th were given a dividend of $2.26 per share. The ex-dividend date of this dividend was Wednesday, November 16th. This represents a dividend yield of 4.7%. Diamondback Energy’s dividend payout ratio (DPR) is presently 12.22%.
Analysts Set New Price Targets
Several brokerages have issued reports on FANG. Susquehanna Bancshares boosted their target price on Diamondback Energy from $180.00 to $190.00 in a research note on Wednesday, November 9th. TD Securities boosted their price objective on Diamondback Energy from $170.00 to $185.00 and gave the company a “buy” rating in a research note on Tuesday, November 8th. Citigroup boosted their price objective on Diamondback Energy from $155.00 to $170.00 in a research note on Tuesday, November 22nd. Credit Suisse Group boosted their price objective on Diamondback Energy from $190.00 to $195.00 and gave the company an “outperform” rating in a research note on Thursday, November 17th. Finally, MKM Partners boosted their price objective on Diamondback Energy to $170.00 in a research note on Tuesday, November 15th. One analyst has rated the stock with a sell rating, three have given a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $180.90.
In other news, VP Matt Zmigrosky sold 2,012 shares of the stock in a transaction dated Wednesday, December 21st. The stock was sold at an average price of $136.96, for a total transaction of $275,563.52. Following the transaction, the vice president now directly owns 23,623 shares in the company, valued at approximately $3,235,406.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.42% of the company’s stock.
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 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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