Everence Capital Management Inc. Makes New Investment in Diamondback Energy, Inc. (NASDAQ:FANG)

Everence Capital Management Inc. acquired a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 6,430 shares of the oil and natural gas company’s stock, valued at approximately $1,053,000.

Several other large investors have also recently modified their holdings of the stock. Carolinas Wealth Consulting LLC grew its position in 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 acquiring an additional 55 shares during the last quarter. Financial Advocates Investment Management grew its holdings in shares of Diamondback Energy by 3.0% in the third quarter. Financial Advocates Investment Management now owns 1,907 shares of the oil and natural gas company’s stock worth $329,000 after purchasing an additional 55 shares during the last quarter. Brighton Jones LLC increased its stake in shares of Diamondback Energy by 0.8% in the second quarter. Brighton Jones LLC now owns 7,821 shares of the oil and natural gas company’s stock worth $1,566,000 after buying an additional 60 shares during the period. Greenup Street Wealth Management LLC raised its holdings in Diamondback Energy by 3.4% during the 3rd quarter. Greenup Street Wealth Management LLC now owns 1,817 shares of the oil and natural gas company’s stock valued at $313,000 after buying an additional 60 shares during the last quarter. Finally, West Family Investments Inc. boosted its position in Diamondback Energy by 3.4% during the 3rd quarter. West Family Investments Inc. now owns 1,852 shares of the oil and natural gas company’s stock valued at $319,000 after buying an additional 61 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on FANG. Mizuho lowered their price objective on shares of Diamondback Energy from $219.00 to $207.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Citigroup started coverage on Diamondback Energy in a research report on Monday, October 14th. They issued a “neutral” rating and a $195.00 price objective on the stock. Susquehanna reduced their target price on Diamondback Energy from $237.00 to $233.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. Piper Sandler cut their price target on shares of Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Finally, Johnson Rice lowered shares of Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a report on Tuesday, September 24th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Diamondback Energy currently has an average rating of “Moderate Buy” and a consensus target price of $209.83.

Diamondback Energy Price Performance

Shares of NASDAQ FANG opened at $170.96 on Friday. The company has a 50 day moving average of $171.52 and a 200 day moving average of $184.77. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a twelve month low of $147.93 and a twelve month high of $214.50. The firm has a market cap of $49.92 billion, a P/E ratio of 9.79, a PEG ratio of 1.21 and a beta of 1.88.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The business had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the previous year, the company earned $5.49 earnings per share. The company’s revenue for the quarter was up 13.0% compared to the same quarter last year. As a group, research analysts expect that Diamondback Energy, Inc. will post 16.28 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Thursday, November 14th were paid a $0.90 dividend. The ex-dividend date was Thursday, November 14th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 2.11%. Diamondback Energy’s dividend payout ratio is presently 20.61%.

Insider Activity

In related news, Director Mark Lawrence Plaumann sold 1,150 shares of Diamondback Energy stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total value of $208,150.00. Following the completion of the sale, the director now owns 4,712 shares of the company’s stock, valued at $852,872. The trade was a 19.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.48% of the stock is owned by corporate insiders.

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.