Meeder Advisory Services Inc. owns $697,000 in Diamondback Energy, Inc. (NASDAQ:FANG)

VaselineSeptember 15, 2024

0 4 minutes read

Meeder Advisory Services Inc. increased its position in Diamondback Energy, Inc. (NASDAQ:FANG – Free Report) by 33.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,481 shares of the oil and gas company’s stock after acquiring an additional 869 shares during the period. The holdings of Meeder Advisory Services Inc. holdings in Diamondback Energy were worth $697,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its holdings in Diamondback Energy by 38.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,609,143 shares of the oil and natural gas company’s stock valued at $1,706,076,000 after acquiring an additional 2,381,488 shares in the last quarter. Boston Partners boosted its stake in Diamondback Energy by 235.6% in the first quarter. Boston Partners now owns 2,730,482 shares of the oil and natural gas company’s stock valued at $541,844,000 after purchasing an additional 1,916,900 shares in the last quarter. Homestead Advisers Corp purchased a new stake in shares of Diamondback Energy in the first quarter valued at about $87,940,000. Bank of New York Mellon Corp boosted its holdings in Diamondback Energy by 16.0% during the second quarter. Bank of New York Mellon Corp now owns 3,012,329 shares of the oil and natural gas company’s stock valued at $603,038,000 after buying an additional 415,902 shares during the period. Finally, Lord Abbett & CO. LLC purchased a new stake in Diamondback Energy in the first quarter worth $77,510,000. 90.01% of shares are owned by institutional investors and hedge funds.

Analyst upgrades and downgrades

A number of research firms have recently commented on FANG. StockNews.com lowered shares of Diamondback Energy from a “buy” rating to a “hold” rating in a research report on Saturday, July 6th. Truist Financial boosted their price target on Diamondback Energy from $249.00 to $255.00 and gave the stock a “buy” rating in a research report on Wednesday, August 7th. Scotiabank reduced their price objective on Diamondback Energy from $255.00 to $245.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Benchmark reissued a “buy” rating and set a $154.00 target price on shares of Diamondback Energy in a research note on Tuesday, August 6th. Finally, Piper Sandler cut their price target on shares of Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Moderate Buy” and a consensus price target of $211.45, according to MarketBeat .

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Diamondback Energy trading rose 0.9%

NASDAQ FANG opened at $172.42 on Friday. The company has a market cap of $30.76 billion, a PE ratio of 9.72, a PEG ratio of 1.06 and a beta of 1.89. Diamondback Energy, Inc. has a 12-month low of $143.08 and a 12-month high of $214.50. The stock has a 50-day moving average of $194.77 and a 200-day moving average of $195.75. The company has a current ratio of 3.66, a quick ratio of 3.64, and a debt-to-equity ratio of 0.65.

Diamondback Energy (NASDAQ:FANG – Get Your Free Report ) last announced its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, topping analysts’ consensus estimates of $4.51 by $0.01. The company had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.19 billion. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The company’s quarterly revenue was up 29.4% year over year. In the same quarter last year, the firm posted EPS of $3.68. On average, equities research analysts anticipate that Diamondback Energy, Inc. will post 19.08 EPS for the current fiscal year.

Diamondback Energy is increasing its dividend

The firm also recently declared a None dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th were given a dividend of $2.34 per share. This represents a yield of 1.9%. The ex-dividend date of this dividend was Thursday, August 15. This is an increase from Diamondback Energy’s previous None dividend of $2.26. Diamondback Energy’s payout ratio is 20.29%.

About Diamondback Energy

(Free Report)

Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores and operates unconventional oil and natural gas reserves in the Permian Basin of West Texas. It focuses on the development of the Spraberry and Wolfcamp formations in the Midland Basin; and the Wolfcamp and Bone Spring Formations of the Delaware Basin, which are part of the Permian Basin of West Texas and New Mexico.