Somerset Trust Co Grows Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Somerset Trust Co grew its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 11.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,772 shares of the oil and natural gas company’s stock after buying an additional 504 shares during the period. Somerset Trust Co’s holdings in Diamondback Energy were worth $782,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Federated Hermes Inc. lifted its position in shares of Diamondback Energy by 218.3% in the 2nd quarter. Federated Hermes Inc. now owns 2,432 shares of the oil and natural gas company’s stock worth $487,000 after purchasing an additional 1,668 shares during the period. Edgestream Partners L.P. purchased a new stake in Diamondback Energy in the second quarter worth about $1,773,000. Mercer Global Advisors Inc. ADV boosted its position in Diamondback Energy by 27.0% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 10,480 shares of the oil and natural gas company’s stock valued at $2,085,000 after acquiring an additional 2,227 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its holdings in shares of Diamondback Energy by 39.4% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 3,470 shares of the oil and natural gas company’s stock worth $695,000 after acquiring an additional 980 shares during the period. Finally, Seven Eight Capital LP bought a new position in shares of Diamondback Energy in the 2nd quarter worth approximately $661,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on FANG shares. Citigroup began coverage on Diamondback Energy in a research report on Monday, October 14th. They set a “neutral” rating and a $195.00 price target on the stock. Piper Sandler reduced their target price on shares of Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Truist Financial increased their price target on shares of Diamondback Energy from $230.00 to $236.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Wolfe Research raised shares of Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price objective on the stock in a research note on Friday, January 3rd. Finally, Mizuho decreased their target price on shares of Diamondback Energy from $219.00 to $207.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $210.63.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $180.18 on Friday. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The company has a 50 day moving average price of $170.60 and a 200-day moving average price of $183.24. Diamondback Energy, Inc. has a 52 week low of $147.93 and a 52 week high of $214.50. The firm has a market capitalization of $52.61 billion, a PE ratio of 10.31, a P/E/G ratio of 1.33 and a beta of 1.88.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results 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). The company had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.43 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The company’s revenue for the quarter was up 13.0% on a year-over-year basis. During the same period last year, the firm posted $5.49 EPS. As a group, equities research analysts expect that Diamondback Energy, Inc. will post 16.08 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th were issued a $0.90 dividend. This represents a $3.60 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date was Thursday, November 14th. Diamondback Energy’s dividend payout ratio is 20.61%.

Insider Activity

In other news, Director Mark Lawrence Plaumann sold 1,150 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $181.00, for a total transaction of $208,150.00. Following the completion of the sale, the director now owns 4,712 shares of the company’s stock, valued at $852,872. The trade was a 19.62 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.48% of the company’s stock.

Diamondback Energy 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.