Allstate Corp Buys New Stake in Diamondback Energy, Inc. $FANG

Allstate Corp purchased a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 6,969 shares of the oil and natural gas company’s stock, valued at approximately $997,000.

Other hedge funds also recently added to or reduced their stakes in the company. Uhlmann Price Securities LLC lifted its stake in shares of Diamondback Energy by 1.3% during the second quarter. Uhlmann Price Securities LLC now owns 5,090 shares of the oil and natural gas company’s stock worth $699,000 after purchasing an additional 67 shares in the last quarter. Viawealth LLC boosted its holdings in Diamondback Energy by 5.0% in the 2nd quarter. Viawealth LLC now owns 1,753 shares of the oil and natural gas company’s stock worth $241,000 after acquiring an additional 83 shares during the period. STF Management LP grew its position in Diamondback Energy by 1.9% in the second quarter. STF Management LP now owns 4,490 shares of the oil and natural gas company’s stock valued at $617,000 after acquiring an additional 84 shares in the last quarter. Lodestone Wealth Management LLC raised its stake in shares of Diamondback Energy by 1.2% during the third quarter. Lodestone Wealth Management LLC now owns 7,219 shares of the oil and natural gas company’s stock valued at $1,033,000 after purchasing an additional 84 shares during the period. Finally, Fullcircle Wealth LLC lifted its position in shares of Diamondback Energy by 3.7% during the second quarter. Fullcircle Wealth LLC now owns 2,385 shares of the oil and natural gas company’s stock worth $352,000 after purchasing an additional 85 shares in the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Diamondback Energy Stock Performance

FANG stock opened at $153.00 on Thursday. The stock’s 50 day simple moving average is $150.65 and its 200 day simple moving average is $145.53. Diamondback Energy, Inc. has a 12-month low of $114.00 and a 12-month high of $180.29. The firm has a market cap of $43.82 billion, a P/E ratio of 10.63 and a beta of 0.59. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.35.

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

Diamondback Energy Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Jefferies Financial Group reaffirmed a “hold” rating and set a $173.00 price target on shares of Diamondback Energy in a report on Monday. Barclays decreased their price objective on shares of Diamondback Energy from $185.00 to $178.00 and set an “overweight” rating for the company in a research report on Tuesday, October 7th. Piper Sandler lowered their target price on Diamondback Energy from $219.00 to $215.00 and set an “overweight” rating for the company in a research note on Wednesday. Evercore ISI boosted 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, Sanford C. Bernstein reduced their price target on Diamondback Energy from $199.00 to $190.00 and set an “outperform” rating for the company in a report on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Diamondback Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $186.24.

Insiders Place Their Bets

In other Diamondback Energy news, Director Charles Alvin Meloy sold 377,911 shares of the firm’s stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $138.61, for a total value of $52,382,243.71. Following the transaction, the director owned 1,044,864 shares of the company’s stock, valued at $144,828,599.04. This trade represents a 26.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.70% of the stock is currently owned by company insiders.

About Diamondback Energy

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.