Fred Alger Management LLC Has $14.11 Million Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Fred Alger Management LLC trimmed its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 37.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 81,823 shares of the oil and natural gas company’s stock after selling 48,837 shares during the period. Fred Alger Management LLC’s holdings in Diamondback Energy were worth $14,106,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in FANG. Janus Henderson Group PLC raised its holdings in Diamondback Energy by 74.1% in the 1st quarter. Janus Henderson Group PLC now owns 39,485 shares of the oil and natural gas company’s stock valued at $7,824,000 after acquiring an additional 16,804 shares in the last quarter. LRI Investments LLC bought a new stake in Diamondback Energy during the first quarter worth about $73,000. Swedbank AB bought a new stake in Diamondback Energy during the first quarter worth about $6,283,000. Cetera Investment Advisers increased its holdings in Diamondback Energy by 265.6% in the 1st quarter. Cetera Investment Advisers now owns 46,488 shares of the oil and natural gas company’s stock valued at $9,213,000 after buying an additional 33,772 shares during the period. Finally, Cetera Advisors LLC raised its position in shares of Diamondback Energy by 345.2% in the 1st quarter. Cetera Advisors LLC now owns 13,963 shares of the oil and natural gas company’s stock valued at $2,767,000 after buying an additional 10,827 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on FANG. Raymond James increased their price target on shares of Diamondback Energy from $232.00 to $237.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, November 19th. StockNews.com raised Diamondback Energy from a “sell” rating to a “hold” rating in a report on Wednesday, November 13th. KeyCorp lowered their price target on Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Morgan Stanley upped their price objective on Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a research report on Monday, September 16th. Finally, Truist Financial lifted their target price on Diamondback Energy from $220.00 to $230.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Diamondback Energy presently has an average rating of “Moderate Buy” and a consensus target price of $212.00.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, Director Mark Lawrence Plaumann sold 1,150 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total value of $208,150.00. Following the transaction, the director now directly owns 4,712 shares of the company’s stock, valued at approximately $852,872. The trade was a 19.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Lyndal Greth sold 13,212,830 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the sale, the insider now directly owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. This trade represents a 92.72 % decrease in their position. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by corporate insiders.

Diamondback Energy Stock Up 0.8 %

Shares of NASDAQ:FANG opened at $177.59 on Friday. The firm has a market cap of $51.85 billion, a P/E ratio of 10.17, a P/E/G ratio of 1.30 and a beta of 1.89. Diamondback Energy, Inc. has a 12-month low of $145.70 and a 12-month high of $214.50. The business has a fifty day simple moving average of $181.95 and a 200 day simple moving average of $189.92. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, November 4th. The oil and natural gas company reported $3.38 EPS for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The company had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same period in the prior year, the firm earned $5.49 earnings per share. Diamondback Energy’s revenue was up 13.0% compared to the same quarter last year. Analysts predict that Diamondback Energy, Inc. will post 16.26 earnings per share for the current year.

Diamondback Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th were paid a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date was Thursday, November 14th. Diamondback Energy’s dividend payout ratio is currently 20.61%.

Diamondback Energy Company Profile

Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, 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.