AE Wealth Management LLC Acquires 3,594 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Key Points

• AE Wealth Management LLC increased its stake in Diamondback Energy by 16.2%, now holding 25,783 shares valued at approximately $4.12 million.
• Diamondback Energy reported earnings of $4.54 per share for the latest quarter, exceeding analysts' estimates and showing an 81.8% year-over-year revenue increase.
• The company announced a quarterly dividend of $1.00 per share, representing an annualized yield of 2.77% with a payout ratio of 24.46%.

AE Wealth Management LLC boosted its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 16.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,783 shares of the oil and natural gas company's stock after purchasing an additional 3,594 shares during the period. AE Wealth Management LLC's holdings in Diamondback Energy were worth $4,122,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FANG. BankPlus Trust Department acquired a new position in Diamondback Energy during the first quarter worth approximately $27,000. Pinnacle Bancorp Inc. raised its stake in Diamondback Energy by 95.7% in the 1st quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock valued at $29,000 after acquiring an additional 88 shares during the period. Fourth Dimension Wealth LLC acquired a new stake in Diamondback Energy during the 4th quarter valued at $33,000. WASHINGTON TRUST Co boosted its position in Diamondback Energy by 119.8% during the first quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock worth $32,000 after purchasing an additional 109 shares during the period. Finally, Grove Bank & Trust increased its holdings in shares of Diamondback Energy by 65.0% in the first quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock valued at $32,000 after purchasing an additional 80 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Diamondback Energy Price Performance

NASDAQ:FANG traded down $0.48 on Tuesday, hitting $150.04. The company had a trading volume of 355,596 shares, compared to its average volume of 2,453,777. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week high of $203.98. 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 stock has a market capitalization of $43.84 billion, a price-to-earnings ratio of 9.17 and a beta of 1.05. The firm has a 50 day moving average of $141.87 and a two-hundred day moving average of $147.51.

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

Diamondback Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Thursday, May 15th were given a dividend of $1.00 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $4.00 annualized dividend and a yield of 2.67%. Diamondback Energy's dividend payout ratio is presently 24.46%.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, President Hof Matthew Kaes Van't sold 10,000 shares of the 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 sale, the president owned 120,645 shares of the company's stock, valued at approximately $17,214,835.05. This represents a 7.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.48% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. cut their target price on shares of Diamondback Energy from $167.00 to $161.00 and set an "overweight" rating for the company in a research note on Wednesday, May 7th. KeyCorp reduced their price objective on Diamondback Energy from $216.00 to $180.00 and set an "overweight" rating for the company in a report on Monday, April 21st. Barclays decreased their target price on Diamondback Energy from $200.00 to $185.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Citigroup raised Diamondback Energy from a "reduce" rating to a "buy" rating and lifted their price target for the stock from $157.00 to $180.00 in a report on Monday, April 7th. Finally, Wells Fargo & Company upped their price objective on Diamondback Energy from $207.00 to $208.00 and gave the company an "overweight" rating in a report on Monday, June 16th. Two analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Diamondback Energy presently has a consensus rating of "Buy" and a consensus price target of $191.59.

About Diamondback Energy

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.