Bank of Montreal Can Boosts Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Bank of Montreal Can grew its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 86.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 619,082 shares of the oil and natural gas company’s stock after purchasing an additional 287,217 shares during the quarter. Bank of Montreal Can owned approximately 0.35% of Diamondback Energy worth $124,033,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of FANG. Founders Capital Management lifted its holdings in 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 last quarter. First Community Trust NA acquired a new stake in shares of Diamondback Energy in the 2nd quarter worth approximately $26,000. Carolinas Wealth Consulting LLC boosted its holdings in shares of Diamondback Energy by 67.1% in the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock valued at $27,000 after acquiring an additional 55 shares in the last quarter. Logan Capital Management Inc. acquired a new position in shares of Diamondback Energy during the fourth quarter valued at approximately $31,000. Finally, HHM Wealth Advisors LLC bought a new stake in Diamondback Energy during the second quarter worth approximately $40,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FANG. Royal Bank of Canada reiterated an “outperform” rating and set a $220.00 price target on shares of Diamondback Energy in a research report on Tuesday, September 17th. KeyCorp started coverage on shares of Diamondback Energy in a report on Thursday, June 27th. They set an “overweight” rating and a $225.00 price target for the company. Bank of America boosted their price objective on shares of Diamondback Energy from $201.00 to $215.00 and gave the company a “neutral” rating in a research report on Tuesday, July 23rd. Sanford C. Bernstein cut their target price on shares of Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating for the company in a research report on Wednesday, July 17th. Finally, Wolfe Research assumed coverage on shares of Diamondback Energy in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $209.71.

Diamondback Energy Price Performance

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

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter in the prior year, the company earned $3.68 EPS. The firm’s quarterly revenue was up 29.4% on a year-over-year basis. On average, analysts expect that Diamondback Energy, Inc. will post 19.08 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

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

Diamondback Energy Company 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.