Copperwynd Financial LLC Sells 3,537 Shares of Diamondback Energy, Inc. $FANG

Key Points

• Copperwynd Financial LLC reduced its stake in Diamondback Energy by 64.5%, selling 3,537 shares, and now holds 1,945 shares valued at $267,000.
• Several institutional investors have increased their positions in Diamondback Energy, with significant purchases from Pinnacle Bancorp Inc., SouthState Corp., and WASHINGTON TRUST Co..
• Analysts have updated their price targets for Diamondback Energy, with an average target of $192.55 and most ratings indicating a positive outlook for the stock.

Copperwynd Financial LLC lessened its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 64.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,945 shares of the oil and natural gas company's stock after selling 3,537 shares during the period. Copperwynd Financial LLC's holdings in Diamondback Energy were worth $267,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BankPlus Trust Department bought a new position in Diamondback Energy in the first quarter valued at about $27,000. Pinnacle Bancorp Inc. boosted its stake 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 purchasing an additional 88 shares in the last quarter. SouthState Corp boosted its stake 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 purchasing an additional 167 shares in the last quarter. Grove Bank & Trust boosted its stake 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 purchasing an additional 80 shares in the last quarter. Finally, WASHINGTON TRUST Co boosted its stake 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 purchasing an additional 109 shares in the last quarter. Institutional investors own 90.01% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently commented on FANG shares. KeyCorp cut their price target on Diamondback Energy from $180.00 to $176.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 3rd. Susquehanna cut their price target on Diamondback Energy from $192.00 to $188.00 and set a "positive" rating on the stock in a research note on Wednesday, July 23rd. Scotiabank reissued an "outperform" rating on shares of Diamondback Energy in a research note on Friday, July 11th. Evercore ISI lifted their price objective on Diamondback Energy from $165.00 to $175.00 and gave the stock an "outperform" rating in a research note on Monday. Finally, UBS Group lifted their price objective on Diamondback Energy from $163.00 to $171.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Two research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Diamondback Energy has an average rating of "Buy" and an average target price of $192.55.

Insiders Place Their Bets

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of Diamondback Energy stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total value of $2,913,120.00. Following the completion of the sale, the chairman directly owned 102,145 shares in the company, valued at approximately $14,586,306. The trade was a 16.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.70% of the company's stock.

Diamondback Energy Trading Up 0.1%

Shares of FANG stock opened at $149.07 on Thursday. The company has a market cap of $43.15 billion, a P/E ratio of 10.59 and a beta of 1.04. The stock has a 50 day simple moving average of $142.72 and a two-hundred day simple moving average of $141.45. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55. Diamondback Energy, Inc. has a fifty-two week low of $114.00 and a fifty-two week high of $197.68.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share for the quarter, missing analysts' consensus estimates of $2.72 by ($0.05). The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.35 billion. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The company's revenue for the quarter was up 48.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.52 earnings per share. Research analysts forecast 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, August 21st. Shareholders of record on Thursday, August 14th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Thursday, August 14th. Diamondback Energy's payout ratio is presently 28.43%.

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.

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