Fred Alger Management LLC Has $3.98 Million Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Fred Alger Management LLC reduced its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 70.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 24,274 shares of the oil and natural gas company’s stock after selling 57,549 shares during the period. Fred Alger Management LLC’s holdings in Diamondback Energy were worth $3,977,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its holdings in shares of Diamondback Energy by 11.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company’s stock valued at $1,496,859,000 after purchasing an additional 928,429 shares during the period. Boston Partners increased its holdings in shares of Diamondback Energy by 12.4% in the fourth quarter. Boston Partners now owns 5,169,742 shares of the oil and natural gas company’s stock valued at $849,202,000 after purchasing an additional 571,820 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Diamondback Energy by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 4,710,165 shares of the oil and natural gas company’s stock worth $769,706,000 after buying an additional 91,605 shares during the period. Bank of New York Mellon Corp lifted its position in Diamondback Energy by 13.7% during the fourth quarter. Bank of New York Mellon Corp now owns 4,163,070 shares of the oil and natural gas company’s stock worth $682,036,000 after acquiring an additional 502,916 shares during the last quarter. Finally, Demars Financial Group LLC bought a new position in Diamondback Energy during the 4th quarter worth $638,050,000. 90.01% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Frank D. Tsuru purchased 2,000 shares of Diamondback Energy stock in a transaction that occurred on Friday, February 28th. The stock was bought at an average price of $156.51 per share, for a total transaction of $313,020.00. Following the completion of the transaction, the director now owns 5,730 shares in the company, valued at $896,802.30. This represents a 53.62 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.70% of the company’s stock.

Analyst Ratings Changes

FANG has been the subject of several recent analyst reports. Citigroup upgraded Diamondback Energy from a “reduce” rating to a “buy” rating and upped their target price for the stock from $157.00 to $180.00 in a research note on Monday, April 7th. Piper Sandler decreased their price target on Diamondback Energy from $240.00 to $234.00 and set an “overweight” rating for the company in a research note on Tuesday, April 22nd. KeyCorp reduced their target price on Diamondback Energy from $216.00 to $180.00 and set an “overweight” rating on the stock in a report on Monday, April 21st. Scotiabank decreased their target price on shares of Diamondback Energy from $215.00 to $175.00 and set a “sector outperform” rating for the company in a research report on Friday, April 11th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Diamondback Energy in a research report on Tuesday, April 15th. Two equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $195.57.

Diamondback Energy Stock Performance

NASDAQ FANG opened at $137.89 on Friday. The company has a fifty day moving average price of $141.07 and a 200-day moving average price of $159.39. The firm has a market cap of $40.55 billion, a price-to-earnings ratio of 7.89, a PEG ratio of 1.24 and a beta of 1.06. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. Diamondback Energy, Inc. has a 1 year low of $114.00 and a 1 year high of $214.50.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, May 5th. The oil and natural gas company reported $4.54 EPS for the quarter, beating the consensus estimate of $3.67 by $0.87. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The firm had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.58 billion. During the same quarter last year, the business posted $4.50 EPS. The company’s revenue for the quarter was up 81.8% on a year-over-year basis. As a group, equities research analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th will be paid a $1.00 dividend. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $4.00 dividend on an annualized basis and a yield of 2.90%. Diamondback Energy’s dividend payout ratio (DPR) is presently 25.32%.

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.