Diamondback Energy, Inc. (NASDAQ:FANG) Shares Bought by AIA Group Ltd

09 Nov 2024, 11:45 by Michael Walen · The Markets Daily

AIA Group Ltd raised its holdings in Diamondback Energy, Inc. (NASDAQ:FANG – Free Report) by 7.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,400 shares of the oil and natural gas company’s stock after purchasing an additional 600 shares during the period. AIA Group Ltd’s holdings in Diamondback Energy were worth $1,448,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. First Community Trust NA acquired a new stake in Diamondback Energy in the 2nd quarter valued at $26,000. Carolinas Wealth Consulting LLC lifted its stake in Diamondback Energy by 67.1% in the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock valued at $27,000 after buying an additional 55 shares in the last quarter. HHM Wealth Advisors LLC acquired a new stake in Diamondback Energy in the 2nd quarter worth about $40,000. Values First Advisors Inc. purchased a new stake in Diamondback Energy during the 3rd quarter worth approximately $42,000. Finally, Founders Capital Management raised its holdings in shares of Diamondback Energy by 99.2% during the second quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock valued at $50,000 after acquiring an additional 125 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the sale, the insider now owns 1,037,819 shares of the company’s stock, valued at approximately $181,732,485.09. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.48% of the stock is owned by company insiders.

Diamondback Energy Stock Up 0.2 %

NASDAQ:FANG opened at $181.88 on Friday. Diamondback Energy, Inc. has a 52 week low of $145.70 and a 52 week high of $214.50. The stock’s fifty day moving average is $181.77 and its two-hundred day moving average is $192.33. The stock has a market capitalization of $53.61 billion, a price-to-earnings ratio of 10.41, a price-to-earnings-growth ratio of 1.26 and a beta of 1.89. 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 (NASDAQ:FANG – Get Free Report) last announced its earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 EPS for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). The firm had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.43 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 17.64%. The business’s revenue was up 13.0% compared to the same quarter last year. During the same quarter last year, the business earned $5.49 earnings per share. Research analysts anticipate that Diamondback Energy, Inc. will post 17.1 EPS for the current year.

Diamondback Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 14th will be paid a dividend of $0.90 per share. This represents a $3.60 annualized dividend and a yield of 1.98%. The ex-dividend date of this dividend is Thursday, November 14th. Diamondback Energy’s payout ratio is currently 20.61%.

Analyst Ratings Changes

Several analysts recently commented on FANG shares. Evercore ISI dropped their price target on Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating for the company in a research report on Monday, September 30th. Jefferies Financial Group began coverage on shares of Diamondback Energy in a report on Monday, September 16th. They set a “hold” rating and a $185.00 target price for the company. Truist Financial raised their price target on shares of Diamondback Energy from $220.00 to $230.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Piper Sandler upped their price objective on shares of Diamondback Energy from $240.00 to $252.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Finally, UBS Group decreased their target price on shares of Diamondback Energy from $247.00 to $223.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $209.64.

Get Our Latest Analysis on Diamondback Energy

Diamondback Energy Company Profile

(Free Report)

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.