Diamondback Energy, Inc. (NASDAQ:FANG) Shares Bought by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board lifted its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 280.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 545,202 shares of the oil and natural gas company’s stock after buying an additional 402,026 shares during the period. Canada Pension Plan Investment Board owned approximately 0.31% of Diamondback Energy worth $109,144,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in FANG. Founders Capital Management increased its holdings in shares of Diamondback Energy by 404.0% during the first quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after purchasing an additional 101 shares during the period. First Community Trust NA bought a new stake in shares of Diamondback Energy during the 2nd quarter worth about $26,000. Carolinas Wealth Consulting LLC raised its position in shares of Diamondback Energy by 67.1% during the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock worth $27,000 after buying an additional 55 shares in the last quarter. Logan Capital Management Inc. bought a new position in shares of Diamondback Energy in the fourth quarter valued at approximately $31,000. Finally, HHM Wealth Advisors LLC acquired a new position in shares of Diamondback Energy during the second quarter valued at approximately $40,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on FANG. Bank of America upped their target price on Diamondback Energy from $201.00 to $215.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 23rd. Morgan Stanley upped their price objective on Diamondback Energy from $185.00 to $198.00 and gave the company an “overweight” rating in a report on Monday, September 16th. UBS Group lowered their target price on Diamondback Energy from $247.00 to $223.00 and set a “buy” rating on the stock in a report on Wednesday. Benchmark restated a “buy” rating and set a $154.00 price objective on shares of Diamondback Energy in a research report on Tuesday, August 6th. Finally, Wolfe Research started coverage on shares of Diamondback Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Diamondback Energy presently has an average rating of “Moderate Buy” and a consensus target price of $209.71.

Diamondback Energy Stock Down 0.3 %

Shares of Diamondback Energy stock opened at $181.00 on Friday. The firm has a market cap of $32.28 billion, a price-to-earnings ratio of 10.20, a P/E/G ratio of 1.06 and a beta of 1.89. The stock has a 50-day simple moving average of $192.28 and a 200-day simple moving average of $195.57. Diamondback Energy, Inc. has a 52-week low of $143.08 and a 52-week high of $214.50. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) 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 firm had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same period in the previous year, the company earned $3.68 earnings per share. The company’s revenue was up 29.4% compared to the same quarter last year. On average, equities research analysts expect that Diamondback Energy, Inc. will post 19.08 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

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