New England Research & Management Inc. Invests $719,000 in Diamondback Energy, Inc. $FANG

New England Research & Management Inc. bought a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 5,025 shares of the oil and natural gas company’s stock, valued at approximately $719,000.

Other large investors also recently bought and sold shares of the company. Smead Capital Management Inc. purchased a new stake in shares of Diamondback Energy in the second quarter valued at approximately $144,775,000. Adage Capital Partners GP L.L.C. acquired a new stake in Diamondback Energy in the 1st quarter valued at $77,622,000. Wellington Management Group LLP increased its holdings in Diamondback Energy by 27.3% in the 1st quarter. Wellington Management Group LLP now owns 1,950,160 shares of the oil and natural gas company’s stock worth $311,792,000 after acquiring an additional 418,431 shares in the last quarter. Vanguard Group Inc. raised its position in Diamondback Energy by 1.7% during the second quarter. Vanguard Group Inc. now owns 23,325,287 shares of the oil and natural gas company’s stock worth $3,204,894,000 after acquiring an additional 388,512 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in Diamondback Energy by 9.0% during the second quarter. Bank of New York Mellon Corp now owns 4,642,218 shares of the oil and natural gas company’s stock valued at $637,841,000 after purchasing an additional 384,971 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

FANG has been the subject of a number of research reports. Weiss Ratings reissued a “hold (c)” rating on shares of Diamondback Energy in a research note on Monday, December 8th. Mizuho set a $194.00 price objective on Diamondback Energy in a research note on Friday. Royal Bank Of Canada reissued an “outperform” rating and set a $173.00 target price on shares of Diamondback Energy in a report on Friday, October 10th. Evercore ISI lifted their price target on Diamondback Energy from $165.00 to $175.00 and gave the stock an “outperform” rating in a research note on Monday, October 6th. Finally, Raymond James Financial dropped their price target on Diamondback Energy from $221.00 to $212.00 and set a “strong-buy” rating for the company in a research report on Wednesday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Diamondback Energy currently has an average rating of “Buy” and an average price target of $188.76.

Diamondback Energy Trading Down 1.7%

FANG opened at $154.06 on Tuesday. The firm has a market capitalization of $44.12 billion, a price-to-earnings ratio of 10.71 and a beta of 0.63. The company’s 50 day simple moving average is $147.39 and its two-hundred day simple moving average is $144.44. Diamondback Energy, Inc. has a 1-year low of $114.00 and a 1-year high of $180.91. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.62 and a quick ratio of 0.60.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, November 3rd. The oil and natural gas company reported $3.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.94 by $0.14. Diamondback Energy had a return on equity of 9.57% and a net margin of 27.32%.The business had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.48 billion. During the same period in the prior year, the business earned $3.19 earnings per share. The business’s revenue was up 48.4% compared to the same quarter last year. Analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 20th. Shareholders of record on Thursday, November 13th were paid a dividend of $1.00 per share. The ex-dividend date of this dividend was Thursday, November 13th. This represents a $4.00 dividend on an annualized basis and a yield of 2.6%. Diamondback Energy’s payout ratio is 27.80%.

Insider Activity at Diamondback Energy

In other news, Director Charles Alvin Meloy sold 377,911 shares of Diamondback Energy stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $138.61, for a total transaction of $52,382,243.71. Following the sale, the director owned 1,044,864 shares of the company’s stock, valued at approximately $144,828,599.04. The trade was a 26.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.48% of the company’s stock.

About Diamondback Energy

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.