Adell Harriman & Carpenter Inc. Cuts Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Adell Harriman & Carpenter Inc. reduced its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 36.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,608 shares of the oil and natural gas company's stock after selling 2,038 shares during the quarter. Adell Harriman & Carpenter Inc.'s holdings in Diamondback Energy were worth $577,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp increased its position in Diamondback Energy by 2.3% in the first quarter. Bank of New York Mellon Corp now owns 4,257,247 shares of the oil and natural gas company's stock worth $680,649,000 after purchasing an additional 94,177 shares during the period. World Investment Advisors increased its position in Diamondback Energy by 8.7% in the first quarter. World Investment Advisors now owns 24,991 shares of the oil and natural gas company's stock worth $3,996,000 after purchasing an additional 2,004 shares during the period. Truist Financial Corp grew its position in shares of Diamondback Energy by 20.2% during the 1st quarter. Truist Financial Corp now owns 698,751 shares of the oil and natural gas company's stock worth $111,716,000 after buying an additional 117,279 shares during the period. Brookstone Capital Management acquired a new position in shares of Diamondback Energy during the 1st quarter worth about $2,114,000. Finally, Catalyst Capital Advisors LLC grew its position in shares of Diamondback Energy by 60.9% during the 1st quarter. Catalyst Capital Advisors LLC now owns 222 shares of the oil and natural gas company's stock worth $35,000 after buying an additional 84 shares during the period. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Diamondback Energy Stock Down 2.1%

NASDAQ FANG traded down $2.97 during mid-day trading on Monday, hitting $137.93. The company's stock had a trading volume of 1,711,678 shares, compared to its average volume of 2,280,735. The company's 50 day simple moving average is $140.42 and its 200 day simple moving average is $149.97. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $214.50. The company has a current ratio of 0.86, a quick ratio of 0.83 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $40.30 billion, a price-to-earnings ratio of 8.44 and a beta of 1.05.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The oil and natural gas company reported $4.54 EPS for the quarter, topping the consensus estimate of $3.67 by $0.87. The business had revenue of $4.05 billion for 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%. The company's revenue for the quarter was up 81.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.50 earnings per share. Analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Thursday, May 15th were paid a $1.00 dividend. The ex-dividend date was Thursday, May 15th. This represents a $4.00 annualized dividend and a dividend yield of 2.90%. Diamondback Energy's payout ratio is 24.46%.

Insider Buying and Selling at Diamondback Energy

In related news, President Hof Matthew Kaes Van't sold 10,000 shares of the business's stock in a transaction that occurred on Monday, May 12th. The shares were 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 owned 120,645 shares of the company's stock, valued at approximately $17,214,835.05. The trade was a 7.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.48% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on FANG shares. Truist Financial lifted their price objective on Diamondback Energy from $238.00 to $242.00 and gave the company a "buy" rating in a report on Thursday, April 17th. Scotiabank decreased their price objective on shares of Diamondback Energy from $215.00 to $175.00 and set a "sector outperform" rating on the stock in a report on Friday, April 11th. Susquehanna decreased their price target on shares of Diamondback Energy from $219.00 to $194.00 and set a "positive" rating on the stock in a research note on Tuesday, April 22nd. Barclays dropped their target price on shares of Diamondback Energy from $200.00 to $185.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Finally, Citigroup upgraded shares of Diamondback Energy from a "reduce" rating to a "buy" rating and raised their price objective for the company from $157.00 to $180.00 in a report on Monday, April 7th. Two research 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 stock. Based on data from MarketBeat, Diamondback Energy presently has an average 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.