Ashton Thomas Private Wealth LLC Sells 9,053 Shares of Diamondback Energy, Inc. $FANG

Key Points

• Ashton Thomas Private Wealth LLC significantly reduced its holdings in Diamondback Energy by 49.9%, ending the 1st quarter with 9,105 shares valued at approximately $1.46 million.
• Diamondback Energy reported $2.67 EPS in its latest quarterly results, which was below analysts' expectations, while its revenue increased by 48.1% year-over-year.
• In addition to the earnings announcement, the company declared a quarterly dividend of $1.00 per share, representing an annualized dividend yield of 2.9%.

Ashton Thomas Private Wealth LLC decreased its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 49.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,105 shares of the oil and natural gas company's stock after selling 9,053 shares during the period. Ashton Thomas Private Wealth LLC's holdings in Diamondback Energy were worth $1,456,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of FANG. BankPlus Trust Department acquired a new position in Diamondback Energy during the first quarter worth $27,000. Pinnacle Bancorp Inc. raised its holdings in Diamondback Energy by 95.7% during the first quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock worth $29,000 after buying an additional 88 shares during the last quarter. SouthState Corp raised its holdings in Diamondback Energy by 596.4% during the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock worth $31,000 after buying an additional 167 shares during the last quarter. Grove Bank & Trust raised its holdings in Diamondback Energy by 65.0% during the first quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock worth $32,000 after buying an additional 80 shares during the last quarter. Finally, WASHINGTON TRUST Co raised its holdings 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 buying an additional 109 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company's stock.

Diamondback Energy Stock Performance

FANG traded down $1.54 during trading on Friday, hitting $136.88. 1,751,998 shares of the company traded hands, compared to its average volume of 1,638,129. The firm has a market cap of $39.63 billion, a P/E ratio of 9.73 and a beta of 1.14. The stock's fifty day moving average is $142.68 and its 200 day moving average is $142.22. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $200.47.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share for the quarter, missing the consensus estimate of $2.72 by ($0.05). The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.35 billion. Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. Diamondback Energy's quarterly revenue was up 48.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.52 EPS. As a group, equities 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, August 21st. Investors of record on Thursday, August 14th were given a dividend of $1.00 per share. The ex-dividend date was Thursday, August 14th. This represents a $4.00 annualized dividend and a yield of 2.9%. Diamondback Energy's dividend payout ratio is presently 28.43%.

Analyst Upgrades and Downgrades

FANG has been the subject of several recent analyst reports. William Blair initiated coverage on shares of Diamondback Energy in a research note on Monday, August 25th. They issued an "outperform" rating for the company. Wells Fargo & Company upped their target price on shares of Diamondback Energy from $210.00 to $211.00 and gave the stock an "overweight" rating in a research note on Thursday, August 14th. KeyCorp reduced their target price on shares of Diamondback Energy from $180.00 to $176.00 and set an "overweight" rating for the company in a research note on Wednesday, September 3rd. Scotiabank reiterated an "outperform" rating on shares of Diamondback Energy in a research note on Friday, July 11th. Finally, Wall Street Zen lowered shares of Diamondback Energy from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $193.17.

Insiders Place Their Bets

In related news, Chairman Travis D. Stice sold 20,400 shares of the stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the completion of the transaction, the chairman owned 102,145 shares in the company, valued at approximately $14,586,306. This represents a 16.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.70% of the company's stock.

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.