Diamondback Energy, Inc. $FANG Shares Acquired by Allstate Corp

Allstate Corp lifted its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 98.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,843 shares of the oil and natural gas company’s stock after purchasing an additional 6,874 shares during the quarter. Allstate Corp’s holdings in Diamondback Energy were worth $2,081,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Flagship Harbor Advisors LLC acquired a new stake in shares of Diamondback Energy during the 4th quarter worth approximately $25,000. Laurel Wealth Advisors LLC acquired a new stake in shares of Diamondback Energy during the 4th quarter worth approximately $26,000. Richardson Financial Services Inc. grew its stake in shares of Diamondback Energy by 245.1% during the 4th quarter. Richardson Financial Services Inc. now owns 176 shares of the oil and natural gas company’s stock worth $26,000 after purchasing an additional 125 shares during the period. JPL Wealth Management LLC acquired a new stake in shares of Diamondback Energy during the 3rd quarter worth approximately $26,000. Finally, Lloyd Advisory Services LLC. acquired a new stake in shares of Diamondback Energy during the 4th quarter worth approximately $31,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Diamondback Energy Stock Up 0.7%

NASDAQ FANG opened at $194.14 on Friday. Diamondback Energy, Inc. has a 52 week low of $133.75 and a 52 week high of $214.51. The company has a quick ratio of 0.55, a current ratio of 0.56 and a debt-to-equity ratio of 0.31. The business’s fifty day simple moving average is $195.24 and its 200-day simple moving average is $171.66. The firm has a market cap of $54.61 billion, a PE ratio of 225.75 and a beta of 0.46.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 EPS for the quarter, topping the consensus estimate of $3.74 by $0.49. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.The business had revenue of $4.24 billion for the quarter, compared to analyst estimates of $3.83 billion. During the same quarter in the previous year, the firm earned $4.54 EPS. The company’s quarterly revenue was up 4.7% compared to the same quarter last year. As a group, equities analysts anticipate that Diamondback Energy, Inc. will post 19.49 earnings per share for the current year.

Diamondback Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were issued a dividend of $1.10 per share. The ex-dividend date was Thursday, May 14th. This represents a $4.40 annualized dividend and a dividend yield of 2.3%. This is a boost from Diamondback Energy’s previous quarterly dividend of $1.05. Diamondback Energy’s payout ratio is presently 511.63%.

Analyst Ratings Changes

FANG has been the topic of a number of analyst reports. Piper Sandler raised their price objective on shares of Diamondback Energy from $215.00 to $248.00 and gave the stock an “overweight” rating in a research note on Thursday, March 12th. TD Cowen raised shares of Diamondback Energy to a “strong-buy” rating in a research note on Monday, February 9th. Morgan Stanley raised their price objective on shares of Diamondback Energy from $224.00 to $229.00 and gave the stock an “overweight” rating in a research note on Friday, May 22nd. Truist Financial set a $242.00 target price on Diamondback Energy in a research report on Wednesday, May 6th. Finally, Benchmark lowered Diamondback Energy from a “buy” rating to a “hold” rating in a research report on Thursday, March 5th. Five research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $223.26.

Insider Buying and Selling at Diamondback Energy

In other news, CAO Teresa L. Dick sold 5,000 shares of Diamondback Energy stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $190.00, for a total transaction of $950,000.00. Following the transaction, the chief accounting officer owned 107,755 shares in the company, valued at $20,473,450. The trade was a 4.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Steven E. West sold 6,000 shares of Diamondback Energy stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $188.35, for a total value of $1,130,100.00. Following the transaction, the director owned 4,484 shares in the company, valued at approximately $844,561.40. This represents a 57.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 174,321 shares of company stock worth $32,090,475. Corporate insiders own 0.64% of the company’s stock.

Diamondback Energy Company Profile

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.