Fulton Bank N.A. Purchases 771 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Fulton Bank N.A. grew its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 28.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,437 shares of the oil and natural gas company’s stock after purchasing an additional 771 shares during the quarter. Fulton Bank N.A.’s holdings in Diamondback Energy were worth $593,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Schroder Investment Management Group lifted its holdings in Diamondback Energy by 6.2% during the fourth quarter. Schroder Investment Management Group now owns 144,236 shares of the oil and natural gas company’s stock worth $22,368,000 after acquiring an additional 8,418 shares in the last quarter. Ossiam lifted its position in shares of Diamondback Energy by 38.2% in the fourth quarter. Ossiam now owns 11,039 shares of the oil and natural gas company’s stock worth $1,712,000 after purchasing an additional 3,050 shares in the last quarter. Logan Capital Management Inc. acquired a new position in shares of Diamondback Energy during the 4th quarter worth about $31,000. Elo Mutual Pension Insurance Co grew its stake in Diamondback Energy by 3.4% in the fourth quarter. Elo Mutual Pension Insurance Co now owns 14,880 shares of the oil and natural gas company’s stock valued at $2,308,000 after purchasing an additional 488 shares in the last quarter. Finally, State of Tennessee Treasury Department increased its holdings in Diamondback Energy by 107.1% during the fourth quarter. State of Tennessee Treasury Department now owns 98,248 shares of the oil and natural gas company’s stock worth $15,236,000 after buying an additional 50,799 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analysts Set New Price Targets

FANG has been the subject of several research reports. Scotiabank cut their price target on Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Evercore ISI reduced their price target on Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating on the stock in a research report on Monday, September 30th. Jefferies Financial Group initiated coverage on shares of Diamondback Energy in a research report on Monday, September 16th. They issued a “hold” rating and a $185.00 target price for the company. BMO Capital Markets raised Diamondback Energy from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $205.00 to $215.00 in a research note on Friday, October 4th. Finally, Johnson Rice cut Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a research note on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $209.50.

Diamondback Energy Stock Down 2.9 %

Shares of NASDAQ FANG opened at $193.77 on Wednesday. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. The firm has a market cap of $34.56 billion, a PE ratio of 10.92, a P/E/G ratio of 1.17 and a beta of 1.89. The company’s fifty day simple moving average is $187.43 and its 200 day simple moving average is $195.30. Diamondback Energy, Inc. has a 12-month low of $145.70 and a 12-month high of $214.50.

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. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The firm had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same quarter last year, the firm posted $3.68 earnings per share. The company’s revenue for the quarter was up 29.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Diamondback Energy, Inc. will post 18.97 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The business 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 positive change from Diamondback Energy’s previous None dividend of $2.26. This represents a yield of 1.9%. The ex-dividend date was Thursday, August 15th. Diamondback Energy’s payout ratio is currently 20.29%.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, major shareholder Lyndal Greth sold 13,212,830 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the completion of the sale, the insider now owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.48% of the stock is currently owned by insiders.

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.