Cyndeo Wealth Partners LLC Sells 7,696 Shares of Diamondback Energy, Inc. $FANG

Key Points

• Cyndeo Wealth Partners cut its Diamondback Energy position by 81.5% in the third quarter, selling 7,696 shares and retaining 1,742 shares valued at approximately $320,000. Institutional investors collectively own 90.01% of FANG.
• Wall Street remains broadly bullish, with a consensus rating of “Moderate Buy” and an average price target of $226.71, versus the stock’s reported price of $203.95.
• Diamondback reported strong quarterly results, including $6.48 in EPS and $5.56 billion in revenue, up 51.2% year over year. The company also pays a $1.10 quarterly dividend, equal to a 2.2% yield.

Cyndeo Wealth Partners LLC lowered its position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 81.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,742 shares of the oil and natural gas company's stock after selling 7,696 shares during the period. Cyndeo Wealth Partners LLC's holdings in Diamondback Energy were worth $320,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. V Square Quantitative Management LLC grew its holdings in Diamondback Energy by 11.2% in the third quarter. V Square Quantitative Management LLC now owns 2,651 shares of the oil and natural gas company's stock valued at $487,000 after purchasing an additional 267 shares during the period. Comprehensive Financial Consultants Institutional Inc. grew its stake in shares of Diamondback Energy by 1.2% during the 3rd quarter. Comprehensive Financial Consultants Institutional Inc. now owns 16,288 shares of the oil and natural gas company's stock valued at $2,994,000 after buying an additional 196 shares during the period. Assenagon Asset Management S.A. grew its stake in shares of Diamondback Energy by 126.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 626,847 shares of the oil and natural gas company's stock valued at $115,221,000 after buying an additional 349,801 shares during the period. Summit Financial Wealth Advisors LLC grew its stake in shares of Diamondback Energy by 8.1% during the 3rd quarter. Summit Financial Wealth Advisors LLC now owns 2,167 shares of the oil and natural gas company's stock valued at $398,000 after buying an additional 163 shares during the period. Finally, State of Alaska Department of Revenue increased its holdings in shares of Diamondback Energy by 1.8% during the 3rd quarter. State of Alaska Department of Revenue now owns 19,367 shares of the oil and natural gas company's stock worth $3,559,000 after buying an additional 348 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on FANG shares. Barclays decreased their target price on Diamondback Energy from $232.00 to $221.00 and set an "overweight" rating for the company in a report on Monday, August 17th. Scotiabank initiated coverage on shares of Diamondback Energy in a research report on Wednesday. They set a "sector outperform" rating and a $250.00 price target on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Diamondback Energy from $211.00 to $233.00 in a research note on Wednesday, August 5th. Stifel Nicolaus initiated coverage on shares of Diamondback Energy in a research note on Thursday, September 10th. They issued a "buy" rating and a $259.00 target price on the stock. Finally, Susquehanna increased their price target on Diamondback Energy from $255.00 to $265.00 in a report on Wednesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $226.71.

Diamondback Energy Stock Performance

FANG opened at $203.95 on Monday. The firm's 50 day moving average is $197.24 and its 200-day moving average is $194.19. Diamondback Energy, Inc. has a 52-week low of $137.03 and a 52-week high of $216.90. 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 firm has a market capitalization of $57.11 billion, a P/E ratio of 39.76 and a beta of 0.55.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share for the quarter, beating the consensus estimate of $6.08 by $0.40. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The business had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $4.89 billion. During the same period in the prior year, the firm earned $2.38 earnings per share. The business's quarterly revenue was up 51.2% compared to the same quarter last year. Analysts expect that Diamondback Energy, Inc. will post 21.07 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Stockholders of record on Thursday, August 13th were paid a dividend of $1.10 per share. The ex-dividend date was Thursday, August 13th. This represents a $4.40 annualized dividend and a dividend yield of 2.2%. Diamondback Energy's dividend payout ratio (DPR) is currently 85.77%.

Insider Activity

In related news, Director Charles Meloy sold 33,333 shares of the stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $183.74, for a total value of $6,124,605.42. Following the completion of the transaction, the director owned 759,864 shares of the company's stock, valued at approximately $139,617,411.36. This represents a 4.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Travis D. Stice sold 75,000 shares of the firm's stock in a transaction that occurred on Friday, September 11th. The shares were sold at an average price of $204.31, for a total value of $15,323,250.00. Following the sale, the director owned 49,727 shares of the company's stock, valued at approximately $10,159,723.37. This trade represents a 60.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 141,666 shares of company stock valued at $28,061,456 over the last 90 days. Insiders own 0.64% of the company's stock.

Diamondback Energy Company Profile

Diamondback Energy, Inc is an independent oil and natural gas company engaged in the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves. The company's operations are concentrated in the Permian Basin of West Texas and southeastern New Mexico, particularly the Midland and Delaware Basins.

Diamondback produces crude oil, natural gas and natural gas liquids from horizontal wells and related infrastructure. Its activities include drilling and completing wells, operating gathering and processing assets, and managing midstream services that support production.

Want to see what other hedge funds are holding FANG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Diamondback Energy, Inc. (NASDAQ:FANG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.