Demars Financial Group LLC Sells 4,100,313 Shares of Diamondback Energy, Inc. $FANG

Key Points

• Demars Financial Group LLC significantly reduced its stake in Diamondback Energy by 99.9%, selling over 4 million shares and retaining just 2,472 shares valued at $340,000.
• In 2nd quarter earnings, Diamondback reported $2.67 EPS, missing estimates by $0.05, despite a revenue of $3.68 billion that exceeded expectations.
• The company recently announced a quarterly dividend of $1.00 per share, representing a 2.9% annualized yield, with a low dividend payout ratio of 28.43%.

Demars Financial Group LLC reduced its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 99.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,472 shares of the oil and natural gas company's stock after selling 4,100,313 shares during the period. Demars Financial Group LLC's holdings in Diamondback Energy were worth $340,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Uhlmann Price Securities LLC boosted its holdings in Diamondback Energy by 1.3% in the 2nd quarter. Uhlmann Price Securities LLC now owns 5,090 shares of the oil and natural gas company's stock valued at $699,000 after purchasing an additional 67 shares during the period. Investor s Fiduciary Advisor Network LLC boosted its holdings in Diamondback Energy by 2.1% in the 1st quarter. Investor s Fiduciary Advisor Network LLC now owns 3,559 shares of the oil and natural gas company's stock valued at $569,000 after purchasing an additional 74 shares during the period. Mesirow Financial Investment Management Inc. boosted its holdings in Diamondback Energy by 5.6% in the 1st quarter. Mesirow Financial Investment Management Inc. now owns 1,414 shares of the oil and natural gas company's stock valued at $226,000 after purchasing an additional 75 shares during the period. FourThought Financial Partners LLC boosted its holdings in Diamondback Energy by 2.9% in the 1st quarter. FourThought Financial Partners LLC now owns 2,779 shares of the oil and natural gas company's stock valued at $444,000 after purchasing an additional 78 shares during the period. Finally, Biondo Investment Advisors LLC boosted its holdings in Diamondback Energy by 0.3% in the 1st quarter. Biondo Investment Advisors LLC now owns 28,858 shares of the oil and natural gas company's stock valued at $4,614,000 after purchasing an additional 80 shares during the period. 90.01% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on FANG. William Blair began coverage on shares of Diamondback Energy in a report on Monday, August 25th. They issued an "outperform" rating for the company. Royal Bank Of Canada reissued an "outperform" rating and issued a $173.00 price target on shares of Diamondback Energy in a report on Friday, October 10th. Morgan Stanley reduced their price target on shares of Diamondback Energy from $186.00 to $184.00 and set an "overweight" rating for the company in a report on Tuesday, October 14th. Wall Street Zen cut shares of Diamondback Energy from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Finally, Piper Sandler dropped their price objective on shares of Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating for the company in a research note on Thursday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $189.91.

Diamondback Energy Trading Down 0.3%

Shares of FANG stock opened at $139.09 on Monday. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $186.74. The stock has a market cap of $40.27 billion, a price-to-earnings ratio of 9.89 and a beta of 1.04. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55. The firm has a fifty day moving average of $142.18 and a 200-day moving average of $140.36.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share (EPS) 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 analyst estimates of $3.35 billion. Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The company's quarterly revenue was up 48.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.52 EPS. On average, equities research analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a dividend yield of 2.9%. Diamondback Energy's dividend payout ratio (DPR) is 28.43%.

Insider Activity

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 sale, the chairman owned 102,145 shares in the company, valued at $14,586,306. This trade represents a 16.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.48% of the stock is owned by company insiders.

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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