Federated Hermes Inc. Has $487,000 Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Federated Hermes Inc. grew its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 218.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,432 shares of the oil and natural gas company’s stock after buying an additional 1,668 shares during the period. Federated Hermes Inc.’s holdings in Diamondback Energy were worth $487,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Quent Capital LLC boosted its position in Diamondback Energy by 7.2% during the second quarter. Quent Capital LLC now owns 809 shares of the oil and natural gas company’s stock worth $162,000 after purchasing an additional 54 shares during the period. Sugarloaf Wealth Management LLC raised its holdings in Diamondback Energy by 0.3% in the 2nd quarter. Sugarloaf Wealth Management LLC now owns 19,975 shares of the oil and natural gas company’s stock worth $3,999,000 after acquiring an additional 56 shares during the period. Versant Capital Management Inc lifted its position in Diamondback Energy by 16.1% during the 2nd quarter. Versant Capital Management Inc now owns 412 shares of the oil and natural gas company’s stock worth $82,000 after acquiring an additional 57 shares during the last quarter. Confluence Investment Management LLC boosted its holdings in Diamondback Energy by 1.6% during the second quarter. Confluence Investment Management LLC now owns 3,667 shares of the oil and natural gas company’s stock valued at $734,000 after acquiring an additional 58 shares during the period. Finally, Center For Asset Management LLC boosted its stake in Diamondback Energy by 3.3% during the 2nd quarter. Center For Asset Management LLC now owns 1,859 shares of the oil and natural gas company’s stock valued at $372,000 after purchasing an additional 60 shares during the period. Institutional investors own 90.01% of the company’s stock.

Analyst Ratings Changes

FANG has been the subject of several research analyst reports. Royal Bank of Canada reiterated an “outperform” rating and set a $220.00 target price on shares of Diamondback Energy in a research note on Tuesday, September 17th. KeyCorp initiated coverage on Diamondback Energy in a research report on Thursday, June 27th. They set an “overweight” rating and a $225.00 price objective on the stock. UBS Group reduced their target price on Diamondback Energy from $247.00 to $223.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Truist Financial boosted their price target on shares of Diamondback Energy from $249.00 to $255.00 and gave the company a “buy” rating in a report on Wednesday, August 7th. Finally, StockNews.com downgraded shares of Diamondback Energy from a “buy” rating to a “hold” rating in a report on Saturday, July 6th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $209.71.

Diamondback Energy Price Performance

Shares of FANG stock opened at $185.25 on Tuesday. Diamondback Energy, Inc. has a 1 year low of $143.08 and a 1 year high of $214.50. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.65. The firm’s 50 day moving average is $191.77 and its 200-day moving average is $195.80. The firm has a market capitalization of $33.04 billion, a price-to-earnings ratio of 10.44, a PEG ratio of 1.06 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, beating analysts’ consensus estimates of $4.51 by $0.01. The firm had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.19 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The business’s quarterly revenue was up 29.4% compared to the same quarter last year. During the same period last year, the company earned $3.68 EPS. Sell-side analysts forecast that Diamondback Energy, Inc. will post 19.08 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently disclosed a None dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 15th were issued a dividend of $2.34 per share. This is a boost from Diamondback Energy’s previous None dividend of $2.26. This represents a yield of 1.9%. The ex-dividend date of this dividend was Thursday, August 15th. Diamondback Energy’s payout ratio is currently 20.29%.

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.