Cadence Wealth Management LLC acquired a new stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 5,416 shares of the oil and natural gas company's stock, valued at approximately $952,000.
A number of other large investors have also recently made changes to their positions in the company. Cedar Mountain Advisors LLC purchased a new position in Diamondback Energy during the 1st quarter valued at $26,000. Meeder Asset Management Inc. purchased a new stake in shares of Diamondback Energy during the second quarter valued at $28,000. Laurel Wealth Advisors LLC bought a new position in shares of Diamondback Energy in the fourth quarter worth about $26,000. JPL Wealth Management LLC purchased a new position in Diamondback Energy in the 3rd quarter worth about $26,000. Finally, Wellington Shields & Co. LLC lifted its holdings in Diamondback Energy by 264.7% during the 4th quarter. Wellington Shields & Co. LLC now owns 186 shares of the oil and natural gas company's stock valued at $28,000 after buying an additional 135 shares in the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other news, Director Mark Lawrence Plaumann sold 500 shares of Diamondback Energy stock in a transaction dated Tuesday, June 9th. The shares were sold at an average price of $196.50, for a total value of $98,250.00. Following the sale, the director owned 13,437 shares in the company, valued at $2,640,370.50. This trade represents a 3.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Charles Alvin Meloy sold 33,333 shares of the firm's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $198.41, for a total value of $6,613,600.53. Following the completion of the transaction, the director owned 818,197 shares in the company, valued at approximately $162,338,466.77. This trade represents a 3.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 129,167 shares of company stock valued at $24,714,309 in the last three months. 0.64% of the stock is currently owned by company insiders.
Analysts Set New Price Targets
FANG has been the topic of several research reports. Raymond James Financial restated a "strong-buy" rating and set a $248.00 price objective on shares of Diamondback Energy in a report on Friday, July 31st. Jefferies Financial Group restated a "hold" rating and set a $205.00 price target on shares of Diamondback Energy in a research note on Sunday, August 9th. UBS Group lowered their price objective on shares of Diamondback Energy from $246.00 to $243.00 and set a "buy" rating for the company in a research note on Tuesday, July 21st. Wolfe Research reaffirmed an "outperform" rating and issued a $206.00 price objective on shares of Diamondback Energy in a research note on Tuesday, August 4th. Finally, Weiss Ratings upgraded shares of Diamondback Energy from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, July 31st. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $222.21.
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Diamondback Energy Trading Down 0.1%
Shares of NASDAQ:FANG opened at $210.72 on Friday. Diamondback Energy, Inc. has a 52-week low of $134.30 and a 52-week high of $216.90. The stock has a market cap of $59.01 billion, a price-to-earnings ratio of 41.08 and a beta of 0.43. The company has a quick ratio of 0.45, a current ratio of 0.47 and a debt-to-equity ratio of 0.25. The business has a 50-day moving average price of $191.79 and a 200-day moving average price of $189.22.
Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $6.08 by $0.40. The firm had revenue of $5.56 billion during the quarter, compared to analysts' expectations of $4.89 billion. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The firm's revenue was up 51.2% compared to the same quarter last year. During the same quarter last year, the company posted $2.38 earnings per share. Equities analysts predict that Diamondback Energy, Inc. will post 20.13 EPS for the current year.
Diamondback Energy Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th were issued a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Thursday, August 13th. Diamondback Energy's dividend payout ratio (DPR) is presently 85.77%.
Diamondback Energy Company Profile
(
Free Report)
Diamondback Energy, Inc NASDAQ: FANG is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.
Diamondback's activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.
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