Daiichi Life Insurance Co. Ltd. Buys New Holdings in Diamondback Energy, Inc. $FANG

Daiichi Life Insurance Co. Ltd. purchased a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,071 shares of the oil and natural gas company’s stock, valued at approximately $1,243,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FANG. Laurel Wealth Advisors LLC purchased a new stake in shares of Diamondback Energy during the 4th quarter worth about $26,000. Cedar Mountain Advisors LLC acquired a new stake in Diamondback Energy during the 1st quarter worth approximately $26,000. JPL Wealth Management LLC purchased a new position in Diamondback Energy in the third quarter valued at approximately $26,000. Wellington Shields & Co. LLC lifted its position in Diamondback Energy by 264.7% during the fourth quarter. Wellington Shields & Co. LLC now owns 186 shares of the oil and natural gas company’s stock valued at $28,000 after buying an additional 135 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new stake in Diamondback Energy during the second quarter worth approximately $28,000. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Diamondback Energy Trading Down 2.4%

NASDAQ:FANG opened at $205.60 on Tuesday. The company has a market cap of $57.57 billion, a PE ratio of 40.08 and a beta of 0.43. The business’s 50 day moving average is $192.10 and its two-hundred day moving average is $189.74. The company has a quick ratio of 0.45, a current ratio of 0.47 and a debt-to-equity ratio of 0.25. Diamondback Energy, Inc. has a 52 week low of $134.30 and a 52 week high of $216.90.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share for the quarter, beating analysts’ consensus estimates of $6.08 by $0.40. The business had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $4.89 billion. Diamondback Energy had a return on equity of 10.10% and a net margin of 8.58%.The business’s quarterly revenue was up 51.2% on a year-over-year basis. During the same period in the previous year, the business earned $2.38 EPS. On average, analysts predict that Diamondback Energy, Inc. will post 20.13 EPS for the current year.

Diamondback Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th were issued a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Thursday, August 13th. Diamondback Energy’s dividend payout ratio is 85.77%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on FANG shares. Citigroup lowered their price target on Diamondback Energy from $221.00 to $220.00 and set a “buy” rating for the company in a report on Monday, August 10th. UBS Group decreased their target price on Diamondback Energy from $246.00 to $243.00 and set a “buy” rating for the company in a research report on Tuesday, July 21st. Susquehanna increased their target price on Diamondback Energy from $245.00 to $255.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. Wolfe Research reiterated an “outperform” rating and set a $206.00 target price on shares of Diamondback Energy in a report on Tuesday, August 4th. Finally, Mizuho boosted their price target on Diamondback Energy from $220.00 to $240.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $222.21.

Insider Buying and Selling at Diamondback Energy

In related news, CAO Teresa L. Dick sold 7,000 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the completion of the sale, the chief accounting officer owned 85,755 shares of the company’s stock, valued at $17,228,179.50. This represents a 7.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles Alvin Meloy sold 33,333 shares of the stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $198.41, for a total transaction of $6,613,600.53. Following the sale, the director owned 818,197 shares in the company, valued at approximately $162,338,466.77. This trade represents a 3.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 129,167 shares of company stock valued at $24,714,309 over the last three months. 0.64% of the stock is currently owned by company insiders.

Diamondback Energy Company Profile

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub?basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.