Proficio Capital Partners LLC Invests $210,000 in Diamondback Energy, Inc. (NASDAQ:FANG)

Proficio Capital Partners LLC bought a new stake in Diamondback Energy, Inc. (NASDAQ:FANG) in the 4th quarter, HoldingsChannel.com reports. The firm bought 1,279 shares of the oil and natural gas company’s stock, valued at approximately $210,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Assetmark Inc. grew its holdings in Diamondback Energy by 6.5% in the fourth quarter. Assetmark Inc. now owns 211,814 shares of the oil and natural gas company’s stock valued at $34,702,000 after purchasing an additional 12,986 shares during the period. Smithfield Trust Co grew its stake in Diamondback Energy by 37.8% in the 4th quarter. Smithfield Trust Co now owns 310 shares of the oil and natural gas company’s stock valued at $50,000 after acquiring an additional 85 shares during the period. Abbot Financial Management Inc. grew its stake in Diamondback Energy by 2.0% in the 4th quarter. Abbot Financial Management Inc. now owns 4,051 shares of the oil and natural gas company’s stock valued at $664,000 after acquiring an additional 81 shares during the period. Laffer Tengler Investments Inc. increased its holdings in Diamondback Energy by 1.5% in the 4th quarter. Laffer Tengler Investments Inc. now owns 14,007 shares of the oil and natural gas company’s stock worth $2,295,000 after acquiring an additional 208 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in Diamondback Energy by 0.7% during the fourth quarter. Victory Capital Management Inc. now owns 754,217 shares of the oil and natural gas company’s stock worth $123,563,000 after acquiring an additional 5,113 shares during the period. 90.01% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Diamondback Energy

In other Diamondback Energy news, Director Frank D. Tsuru bought 2,000 shares of Diamondback Energy stock in a transaction on Friday, February 28th. The shares were bought at an average cost of $156.51 per share, for a total transaction of $313,020.00. Following the acquisition, the director now directly owns 5,730 shares in the company, valued at $896,802.30. This represents a 53.62 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.48% of the stock is currently owned by company insiders.

Diamondback Energy Trading Down 1.8 %

Shares of FANG stock opened at $160.23 on Friday. The company has a 50-day moving average of $159.11 and a two-hundred day moving average of $169.88. The firm has a market cap of $46.38 billion, a PE ratio of 9.17, a price-to-earnings-growth ratio of 1.24 and a beta of 1.85. Diamondback Energy, Inc. has a 1-year low of $137.09 and a 1-year high of $214.50. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, beating the consensus estimate of $3.57 by $0.07. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The firm had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.55 billion. On average, analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 13th. Investors of record on Thursday, March 6th were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.50%. The ex-dividend date was Thursday, March 6th. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.90. Diamondback Energy’s payout ratio is currently 25.32%.

Analyst Ratings Changes

A number of research firms have recently commented on FANG. Piper Sandler cut their target price on shares of Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Royal Bank of Canada reiterated an “outperform” rating and set a $210.00 price objective on shares of Diamondback Energy in a research note on Thursday, January 23rd. Truist Financial raised their target price on Diamondback Energy from $236.00 to $238.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. UBS Group boosted their price target on Diamondback Energy from $212.00 to $216.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Finally, Williams Trading set a $190.00 price objective on Diamondback Energy in a report on Wednesday, March 5th. Four research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $209.33.

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.