Raymond James & Associates Has $216.81 Million Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Raymond James & Associates raised its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 11.5% in the first quarter, Holdings Channel reports. The institutional investor owned 1,094,071 shares of the oil and natural gas company’s stock after buying an additional 112,787 shares during the quarter. Raymond James & Associates’ holdings in Diamondback Energy were worth $216,812,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Massachusetts Financial Services Co. MA raised its stake in shares of Diamondback Energy by 39.9% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,007,599 shares of the oil and natural gas company’s stock valued at $465,817,000 after purchasing an additional 858,446 shares in the last quarter. Diamond Hill Capital Management Inc. bought a new stake in Diamondback Energy in the third quarter valued at about $128,720,000. Wellington Management Group LLP lifted its stake in Diamondback Energy by 4.8% during the third quarter. Wellington Management Group LLP now owns 14,266,640 shares of the oil and natural gas company’s stock worth $2,209,617,000 after purchasing an additional 648,317 shares during the period. Raymond James Financial Services Advisors Inc. boosted its holdings in Diamondback Energy by 286.1% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 595,694 shares of the oil and natural gas company’s stock valued at $92,380,000 after purchasing an additional 441,411 shares in the last quarter. Finally, iA Global Asset Management Inc. grew its stake in shares of Diamondback Energy by 1,748.1% in the 3rd quarter. iA Global Asset Management Inc. now owns 281,256 shares of the oil and natural gas company’s stock valued at $43,561,000 after purchasing an additional 266,037 shares during the period. 90.01% of the stock is owned by institutional investors.

Insider Activity

In other news, CEO Travis D. Stice sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, April 2nd. The stock was sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the sale, the chief executive officer now owns 446,610 shares of the company’s stock, valued at $89,322,000. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CFO Hof Matthew Kaes Van’t sold 12,000 shares of Diamondback Energy stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $190.82, for a total value of $2,289,840.00. Following the transaction, the chief financial officer now directly owns 185,882 shares of the company’s stock, valued at $35,470,003.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Travis D. Stice sold 30,000 shares of the business’s stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $200.00, for a total value of $6,000,000.00. Following the sale, the chief executive officer now owns 446,610 shares in the company, valued at approximately $89,322,000. The disclosure for this sale can be found here. Insiders have sold a total of 57,675 shares of company stock valued at $11,311,096 in the last 90 days. 0.43% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

FANG has been the topic of several recent analyst reports. KeyCorp boosted their price target on Diamondback Energy from $210.00 to $225.00 and gave the company an “overweight” rating in a research note on Monday, April 22nd. Susquehanna boosted their target price on shares of Diamondback Energy from $212.00 to $245.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. Piper Sandler upped their target price on shares of Diamondback Energy from $227.00 to $247.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Raymond James cut their price target on shares of Diamondback Energy from $190.00 to $185.00 and set a “strong-buy” rating for the company in a report on Wednesday, January 24th. Finally, Truist Financial boosted their price target on shares of Diamondback Energy from $248.00 to $250.00 and gave the company a “buy” rating in a research report on Monday, April 22nd. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Diamondback Energy presently has an average rating of “Moderate Buy” and an average target price of $202.53.

Diamondback Energy Trading Up 0.3 %

FANG stock traded up $0.66 during midday trading on Friday, reaching $207.76. The stock had a trading volume of 1,184,009 shares, compared to its average volume of 1,327,313. The firm has a market cap of $37.05 billion, a price-to-earnings ratio of 11.98 and a beta of 1.93. Diamondback Energy, Inc. has a twelve month low of $123.41 and a twelve month high of $211.96. The company has a quick ratio of 0.74, a current ratio of 0.77 and a debt-to-equity ratio of 0.38. The business has a fifty day simple moving average of $193.25 and a two-hundred day simple moving average of $169.49.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Tuesday, February 20th. The oil and natural gas company reported $4.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.61 by $0.13. The company had revenue of $2.23 billion for the quarter, compared to analyst estimates of $2.16 billion. Diamondback Energy had a net margin of 37.36% and a return on equity of 19.56%. The company’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter last year, the firm earned $5.29 EPS. As a group, research analysts expect that Diamondback Energy, Inc. will post 18.83 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Tuesday, March 5th were given a dividend of $3.08 per share. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend was Monday, March 4th. This represents a $12.32 annualized dividend and a dividend yield of 5.93%. Diamondback Energy’s payout ratio is presently 20.76%.

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.