People s United Financial Inc. grew its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 33.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,441 shares of the oil and natural gas company’s stock after purchasing an additional 2,870 shares during the quarter. People s United Financial Inc.’s holdings in Diamondback Energy were worth $1,074,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Concord Wealth Partners lifted its position in Diamondback Energy by 31.4% during the first quarter. Concord Wealth Partners now owns 2,984 shares of the oil and natural gas company’s stock worth $219,000 after buying an additional 713 shares during the period. Alpha Paradigm Partners LLC purchased a new stake in Diamondback Energy in the first quarter valued at approximately $7,971,000. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Diamondback Energy by 32.8% during the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 30,140 shares of the oil and natural gas company’s stock worth $2,830,000 after purchasing an additional 7,441 shares during the last quarter. WBI Investments acquired a new position in shares of Diamondback Energy in the 1st quarter valued at $5,489,000. Finally, Principal Financial Group Inc. grew its stake in shares of Diamondback Energy by 1.6% during the 2nd quarter. Principal Financial Group Inc. now owns 683,953 shares of the oil and natural gas company’s stock valued at $64,215,000 after buying an additional 10,905 shares during the period. 89.61% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have commented on the company. KeyCorp upped their price target on Diamondback Energy from $102.00 to $104.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 21st. Morgan Stanley dropped their price objective on shares of Diamondback Energy from $114.00 to $111.00 and set an “overweight” rating for the company in a research report on Monday, August 23rd. Mizuho reduced their target price on shares of Diamondback Energy from $131.00 to $126.00 and set a “buy” rating on the stock in a report on Friday, August 13th. Piper Sandler raised their price objective on Diamondback Energy from $102.00 to $112.00 and gave the company an “overweight” rating in a research report on Thursday, July 22nd. Finally, Wells Fargo & Company reaffirmed a “buy” rating on shares of Diamondback Energy in a research report on Tuesday, September 14th. Three research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $98.84.
Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Sunday, August 1st. The oil and natural gas company reported $2.40 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.19 by $0.21. The company had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.33 billion. Diamondback Energy had a positive return on equity of 9.49% and a negative net margin of 30.34%. The business’s revenue was up 295.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.15 earnings per share. As a group, research analysts forecast that Diamondback Energy, Inc. will post 10.09 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 19th. Investors of record on Thursday, August 12th were given a $0.45 dividend. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend was Wednesday, August 11th. Diamondback Energy’s dividend payout ratio (DPR) is currently 59.21%.
Diamondback Energy Company Profile
Diamondback Energy, Inc is an independent oil and natural gas company, which engages in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves. It operates through the Upstream and Midstream Services segments. The Upstream segment focuses on the Permian Basin operations in West Texas.
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