CFM Wealth Partners LLC Cuts Stock Holdings in Diamondback Energy, Inc. $FANG

Key Points

• CFM Wealth Partners LLC significantly reduced its equity stake in Diamondback Energy by 75.8% during the 2nd quarter, bringing its holdings to just 1,456 shares valued at $200,000.
• Insider transactions include Chairman Travis D. Stice selling 20,400 shares, resulting in a 16.65% decrease in his holdings, currently valued at over $14 million.
• Diamondback Energy recently declared a quarterly dividend of $1.00 per share, representing a 2.7% yield, with a payout ratio of 28.43%.

CFM Wealth Partners LLC decreased its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 75.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,456 shares of the oil and natural gas company's stock after selling 4,570 shares during the period. CFM Wealth Partners LLC's holdings in Diamondback Energy were worth $200,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of FANG. BankPlus Trust Department purchased a new position in shares of Diamondback Energy during the first quarter valued at approximately $27,000. Pinnacle Bancorp Inc. boosted its position in shares of 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 valued at $29,000 after buying an additional 88 shares during the last quarter. SouthState Corp boosted its position in shares of Diamondback Energy by 596.4% during the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock valued at $31,000 after buying an additional 167 shares during the last quarter. Grove Bank & Trust boosted its position in shares of 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 valued at $32,000 after buying an additional 80 shares during the last quarter. Finally, WASHINGTON TRUST Co boosted its position in shares of 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 valued at $32,000 after buying an additional 109 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.

Insider Activity at Diamondback Energy

In other news, Chairman Travis D. Stice sold 20,400 shares of the company's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the transaction, the chairman owned 102,145 shares of the company's stock, valued at $14,586,306. This represents a 16.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.48% of the stock is owned by corporate insiders.

Diamondback Energy Stock Up 1.1%

Shares of NASDAQ FANG opened at $149.10 on Tuesday. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $200.47. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.55 and a quick ratio of 0.52. The business's fifty day moving average price is $142.83 and its 200-day moving average price is $141.34. The stock has a market capitalization of $43.16 billion, a PE ratio of 10.60 and a beta of 1.04.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 EPS for the quarter, missing analysts' consensus estimates of $2.72 by ($0.05). Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The firm had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.35 billion. During the same period in the prior year, the company earned $4.52 EPS. The firm's quarterly revenue was up 48.1% on a year-over-year basis. On average, equities research analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Thursday, August 14th. Diamondback Energy's dividend payout ratio is currently 28.43%.

Analyst Ratings Changes

FANG has been the topic of several analyst reports. Melius Research initiated coverage on Diamondback Energy in a research report on Wednesday, August 20th. They set a "buy" rating and a $213.00 target price on the stock. William Blair initiated coverage on Diamondback Energy in a research report on Monday, August 25th. They issued an "outperform" rating on the stock. Mizuho cut their price objective on Diamondback Energy from $183.00 to $176.00 and set an "outperform" rating on the stock in a research report on Monday, September 15th. Piper Sandler cut their price objective on Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating on the stock in a research report on Thursday, August 14th. Finally, Scotiabank reissued an "outperform" rating on shares of Diamondback Energy in a research report on Friday, July 11th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Diamondback Energy currently has a consensus rating of "Buy" and an average price target of $192.86.

Diamondback Energy Company 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.

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