Adams Natural Resources Fund Inc. Sells 24,200 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Adams Natural Resources Fund Inc. trimmed its position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 30.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 55,200 shares of the oil and natural gas company's stock after selling 24,200 shares during the period. Diamondback Energy makes up about 1.1% of Adams Natural Resources Fund Inc.'s portfolio, making the stock its 18th largest holding. Adams Natural Resources Fund Inc.'s holdings in Diamondback Energy were worth $8,825,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FANG. Strategic Investment Advisors MI grew its stake in shares of Diamondback Energy by 23.9% in the 1st quarter. Strategic Investment Advisors MI now owns 8,379 shares of the oil and natural gas company's stock worth $1,340,000 after purchasing an additional 1,615 shares during the last quarter. Moran Wealth Management LLC boosted its holdings in Diamondback Energy by 12.2% during the first quarter. Moran Wealth Management LLC now owns 29,230 shares of the oil and natural gas company's stock worth $4,673,000 after buying an additional 3,188 shares in the last quarter. Balboa Wealth Partners grew its position in Diamondback Energy by 12.8% in the first quarter. Balboa Wealth Partners now owns 1,786 shares of the oil and natural gas company's stock worth $286,000 after buying an additional 202 shares during the last quarter. Sava Infond d.o.o. increased its holdings in shares of Diamondback Energy by 27.8% in the first quarter. Sava Infond d.o.o. now owns 2,300 shares of the oil and natural gas company's stock valued at $368,000 after buying an additional 500 shares in the last quarter. Finally, Keystone Financial Services bought a new position in shares of Diamondback Energy in the first quarter valued at $214,000. 90.01% of the stock is owned by institutional investors.

Insider Activity

In related news, President Hof Matthew Kaes Van't sold 10,000 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $142.69, for a total transaction of $1,426,900.00. Following the completion of the transaction, the president now owns 120,645 shares of the company's stock, valued at approximately $17,214,835.05. The trade was a 7.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.70% of the company's stock.

Diamondback Energy Stock Up 2.1%

Shares of Diamondback Energy stock traded up $2.83 during trading on Thursday, hitting $140.87. 1,581,879 shares of the stock traded hands, compared to its average volume of 2,263,497. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.83 and a current ratio of 0.86. The stock has a market cap of $41.16 billion, a P/E ratio of 8.62 and a beta of 1.06. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $214.50. The company has a fifty day moving average price of $139.85 and a two-hundred day moving average price of $151.12.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.67 by $0.87. The business had revenue of $4.05 billion during the quarter, compared to analyst estimates of $3.58 billion. Diamondback Energy had a net margin of 30.84% and a return on equity of 11.22%. Diamondback Energy's quarterly revenue was up 81.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.50 EPS. Equities research analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th were issued a dividend of $1.00 per share. The ex-dividend date was Thursday, May 15th. This represents a $4.00 annualized dividend and a yield of 2.84%. Diamondback Energy's dividend payout ratio (DPR) is presently 24.46%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on FANG. Williams Trading set a $190.00 target price on Diamondback Energy in a report on Wednesday, March 5th. Bank of America lifted their price target on Diamondback Energy from $165.00 to $170.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Citigroup upgraded Diamondback Energy from a "reduce" rating to a "buy" rating and boosted their price objective for the stock from $157.00 to $180.00 in a report on Monday, April 7th. Raymond James Financial reiterated a "strong-buy" rating on shares of Diamondback Energy in a report on Thursday, May 22nd. Finally, Wells Fargo & Company lifted their target price on shares of Diamondback Energy from $207.00 to $208.00 and gave the stock an "overweight" rating in a research report on Monday, June 16th. Two investment analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Diamondback Energy has a consensus rating of "Buy" and an average price target of $193.13.

Diamondback Energy 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.