Meiji Yasuda Asset Management Co Ltd. Purchases 980 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Meiji Yasuda Asset Management Co Ltd. boosted its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 39.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,470 shares of the oil and natural gas company’s stock after acquiring an additional 980 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Diamondback Energy were worth $695,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Founders Capital Management grew its position in shares of Diamondback Energy by 404.0% during the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock worth $25,000 after buying an additional 101 shares during the period. First Community Trust NA acquired a new stake in Diamondback Energy during the 2nd quarter worth $26,000. Logan Capital Management Inc. bought a new stake in shares of Diamondback Energy during the 4th quarter valued at $31,000. HHM Wealth Advisors LLC acquired a new position in shares of Diamondback Energy in the 2nd quarter valued at $40,000. Finally, Hobbs Group Advisors LLC bought a new position in shares of Diamondback Energy in the 2nd quarter worth $65,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Diamondback Energy Price Performance

Shares of FANG opened at $181.00 on Friday. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. Diamondback Energy, Inc. has a twelve month low of $143.08 and a twelve month high of $214.50. The stock has a market capitalization of $32.28 billion, a P/E ratio of 10.20, a P/E/G ratio of 1.06 and a beta of 1.89. The company has a 50 day moving average of $192.28 and a 200-day moving average of $195.57.

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

Diamondback Energy Increases Dividend

The business also recently announced a None dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 15th were given a $2.34 dividend. The ex-dividend date was Thursday, August 15th. This represents a dividend yield of 1.9%. This is an increase from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s payout ratio is currently 20.29%.

Wall Street Analyst Weigh In

FANG has been the subject of a number of recent analyst reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $220.00 price objective on shares of Diamondback Energy in a report on Tuesday. Benchmark reissued a “buy” rating and set a $154.00 price objective on shares of Diamondback Energy in a research note on Tuesday, August 6th. Susquehanna lowered their target price on shares of Diamondback Energy from $245.00 to $237.00 and set a “positive” rating for the company in a research note on Wednesday, September 4th. Morgan Stanley increased their target price on shares of Diamondback Energy from $185.00 to $198.00 and gave the stock an “overweight” rating in a report on Monday, September 16th. Finally, StockNews.com lowered shares of Diamondback Energy from a “buy” rating to a “hold” rating in a report on Saturday, July 6th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $209.71.

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.