Cornerstone Investment Partners LLC Reduces Position in Diamondback Energy, Inc. (NASDAQ:FANG)

by · The Markets Daily

Cornerstone Investment Partners LLC lessened its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG – Free Report) by 11.2% during the 4th quarter, Holdings Channel reports. The firm owned 269,856 shares of the oil and natural gas company’s stock after selling 33,962 shares during the quarter. Diamondback Energy comprises approximately 2.2% of Cornerstone Investment Partners LLC’s investment portfolio, making the stock its 21st largest position. Cornerstone Investment Partners LLC’s holdings in Diamondback Energy were worth $44,211,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Financial Advocates Investment Management increased its stake 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 acquiring an additional 55 shares during the period. US Bancorp DE increased its stake in shares of Diamondback Energy by 1.9% in the third quarter. US Bancorp DE now owns 25,715 shares of the oil and natural gas company’s stock worth $4,433,000 after acquiring an additional 472 shares during the period. Farther Finance Advisors LLC increased its stake in shares of Diamondback Energy by 136.6% in the third quarter. Farther Finance Advisors LLC now owns 1,822 shares of the oil and natural gas company’s stock worth $314,000 after acquiring an additional 1,052 shares during the period. Chicago Partners Investment Group LLC increased its stake in shares of Diamondback Energy by 2.0% in the third quarter. Chicago Partners Investment Group LLC now owns 4,584 shares of the oil and natural gas company’s stock worth $830,000 after acquiring an additional 91 shares during the period. Finally, Janney Montgomery Scott LLC increased its stake in shares of Diamondback Energy by 8.0% in the third quarter. Janney Montgomery Scott LLC now owns 168,087 shares of the oil and natural gas company’s stock worth $28,978,000 after acquiring an additional 12,521 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Price Performance

Shares of FANG stock opened at $148.00 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. The firm’s 50-day moving average is $165.25 and its two-hundred day moving average is $174.70. Diamondback Energy, Inc. has a 12 month low of $147.70 and a 12 month high of $214.50. The company has a market capitalization of $42.84 billion, a PE ratio of 8.47, a price-to-earnings-growth ratio of 1.24 and a beta of 1.86.

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

Diamondback Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 13th. Shareholders of record on Thursday, March 6th will be paid a dividend of $1.00 per share. The ex-dividend date of this dividend is Thursday, March 6th. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.90. This represents a $4.00 dividend on an annualized basis and a yield of 2.70%. Diamondback Energy’s payout ratio is 25.32%.

Analyst Ratings Changes

FANG has been the topic of a number of research reports. Truist Financial increased their price objective on shares of Diamondback Energy from $236.00 to $238.00 and gave the stock a “buy” rating in a research note on Wednesday, February 19th. Mizuho raised their price target on shares of Diamondback Energy from $201.00 to $204.00 and gave the company an “outperform” rating in a research report on Tuesday, February 25th. JPMorgan Chase & Co. raised their price target on shares of Diamondback Energy from $191.00 to $195.00 and gave the company an “overweight” rating in a research report on Friday, January 17th. Wolfe Research upgraded shares of Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price target on the stock in a research report on Friday, January 3rd. Finally, UBS Group raised their price target on shares of Diamondback Energy from $212.00 to $216.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Four equities research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Diamondback Energy has a consensus rating of “Moderate Buy” and a consensus target price of $216.09.

Check Out Our Latest Stock Report on Diamondback Energy

About Diamondback Energy

(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.

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