Principal Securities Inc. Grows Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Principal Securities Inc. boosted its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 10.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,530 shares of the oil and natural gas company’s stock after acquiring an additional 540 shares during the quarter. Principal Securities Inc.’s holdings in Diamondback Energy were worth $906,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. R Squared Ltd purchased a new position in Diamondback Energy in the fourth quarter worth $29,000. UMB Bank n.a. raised its position in Diamondback Energy by 247.3% in the fourth quarter. UMB Bank n.a. now owns 191 shares of the oil and natural gas company’s stock worth $31,000 after acquiring an additional 136 shares in the last quarter. Values First Advisors Inc. purchased a new position in Diamondback Energy in the third quarter worth $42,000. Ashton Thomas Securities LLC purchased a new position in Diamondback Energy in the third quarter worth $52,000. Finally, Synergy Asset Management LLC purchased a new position in Diamondback Energy in the fourth quarter worth $67,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Stock Performance

Shares of NASDAQ:FANG opened at $162.09 on Friday. The company has a market cap of $47.33 billion, a P/E ratio of 9.28, a PEG ratio of 1.21 and a beta of 1.86. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45. Diamondback Energy, Inc. has a one year low of $152.00 and a one year high of $214.50. The business’s 50-day simple moving average is $165.74 and its 200 day simple moving average is $177.07.

Analyst Ratings Changes

Several research firms have issued reports on FANG. Truist Financial increased their price objective on Diamondback Energy from $236.00 to $238.00 and gave the stock a “buy” rating in a research report on Wednesday. Morgan Stanley upped their target price on Diamondback Energy from $220.00 to $227.00 and gave the company an “overweight” rating in a report on Wednesday. Royal Bank of Canada reissued an “outperform” rating and issued a $210.00 target price on shares of Diamondback Energy in a report on Thursday, January 23rd. Benchmark reissued a “buy” rating and issued a $195.00 target price on shares of Diamondback Energy in a report on Tuesday, October 29th. Finally, The Goldman Sachs Group assumed coverage on Diamondback Energy in a report on Monday, December 2nd. They issued a “buy” rating and a $227.00 target price on the stock. Four research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $216.52.

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.