6,813 Shares in Diamondback Energy, Inc. $FANG Purchased by IMS Capital Management

Key Points

• IMS Capital Management acquired a new stake of 6,813 shares in Diamondback Energy, valued at approximately $936,000, in the second quarter of 2023.
• Chairman Travis D. Stice sold 20,400 shares at an average price of $142.80, reducing his position by 16.65% and indicating significant insider trading activity.
• Diamondback Energy reported earnings per share (EPS) of $2.67 for the last quarter, which was below the consensus estimate of $2.72, while revenue increased by 48.1% year-over-year.

IMS Capital Management bought a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 6,813 shares of the oil and natural gas company's stock, valued at approximately $936,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Robeco Institutional Asset Management B.V. increased its stake in shares of Diamondback Energy by 4.0% during the first quarter. Robeco Institutional Asset Management B.V. now owns 36,177 shares of the oil and natural gas company's stock valued at $5,784,000 after acquiring an additional 1,384 shares during the period. Oppenheimer Asset Management Inc. lifted its position in Diamondback Energy by 6.3% in the first quarter. Oppenheimer Asset Management Inc. now owns 58,853 shares of the oil and natural gas company's stock worth $9,409,000 after purchasing an additional 3,467 shares during the period. China Universal Asset Management Co. Ltd. boosted its stake in Diamondback Energy by 50.4% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 7,149 shares of the oil and natural gas company's stock valued at $1,143,000 after purchasing an additional 2,397 shares in the last quarter. True North Advisors LLC acquired a new position in shares of Diamondback Energy during the 1st quarter valued at $327,000. Finally, Wealth Advisory Solutions LLC bought a new stake in shares of Diamondback Energy in the 1st quarter worth $2,631,000. 90.01% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Diamondback Energy

In related news, Chairman Travis D. Stice sold 20,400 shares of the firm's stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total value of $2,913,120.00. Following the transaction, the chairman directly owned 102,145 shares of the company's stock, valued at approximately $14,586,306. This trade represents a 16.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.48% of the company's stock.

Diamondback Energy Trading Up 2.4%

Diamondback Energy stock opened at $142.18 on Wednesday. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $200.47. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35. The stock has a market cap of $41.16 billion, a P/E ratio of 10.11 and a beta of 1.15. The company's fifty day simple moving average is $142.35 and its 200-day simple moving average is $141.76.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.72 by ($0.05). The business had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.35 billion. Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The firm's revenue for the quarter was up 48.1% on a year-over-year basis. During the same period in the previous year, the firm posted $4.52 EPS. As a group, sell-side analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were issued a dividend of $1.00 per share. The ex-dividend date of this dividend was Thursday, August 14th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.8%. Diamondback Energy's dividend payout ratio is currently 28.43%.

Analysts Set New Price Targets

Several brokerages recently weighed in on FANG. Melius started coverage on Diamondback Energy in a research note on Wednesday, August 20th. They set a "buy" rating and a $213.00 target price for the company. Morgan Stanley raised their price objective on shares of Diamondback Energy from $184.00 to $186.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Mizuho dropped their target price on shares of Diamondback Energy from $183.00 to $176.00 and set an "outperform" rating on the stock in a report on Monday, September 15th. Raymond James Financial cut their target price on shares of Diamondback Energy from $221.00 to $212.00 and set a "strong-buy" rating for the company in a research note on Wednesday, August 20th. Finally, Melius Research began coverage on shares of Diamondback Energy in a research report on Wednesday, August 20th. They issued a "buy" rating and a $213.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating and twenty-one have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $193.39.

Diamondback Energy Company Profile

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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