Diamondback Energy, Inc. $FANG Shares Purchased by Allworth Financial LP

Key Points

• Allworth Financial LP boosted its stake in Diamondback Energy by 1,385.3% in the fourth quarter, buying 29,909 more shares and bringing its total holding to 32,068 shares worth about $4.82 million.
• Analysts remain mostly bullish on FANG, with a consensus rating of “Buy” and an average price target of $218.25. Several firms recently raised targets, including Wells Fargo to $262 and Susquehanna to $245.
• Diamondback reported better-than-expected Q1 results, posting EPS of $4.23 versus estimates of $3.74 and revenue of $4.24 billion. The company also raised its quarterly dividend to $1.10 per share from $1.05.

Allworth Financial LP lifted its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 1,385.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 32,068 shares of the oil and natural gas company's stock after acquiring an additional 29,909 shares during the quarter. Allworth Financial LP's holdings in Diamondback Energy were worth $4,821,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Flagship Harbor Advisors LLC purchased a new stake in Diamondback Energy during the fourth quarter worth $25,000. Laurel Wealth Advisors LLC purchased a new position in Diamondback Energy during the fourth quarter valued at $26,000. Richardson Financial Services Inc. lifted its holdings in Diamondback Energy by 245.1% during the fourth quarter. Richardson Financial Services Inc. now owns 176 shares of the oil and natural gas company's stock valued at $26,000 after purchasing an additional 125 shares in the last quarter. JPL Wealth Management LLC purchased a new position in shares of Diamondback Energy in the third quarter worth about $26,000. Finally, KERR FINANCIAL PLANNING Corp purchased a new position in shares of Diamondback Energy in the third quarter worth about $38,000. Institutional investors and hedge funds own 90.01% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Mizuho raised their price target on shares of Diamondback Energy from $205.00 to $220.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 17th. TD Cowen raised shares of Diamondback Energy to a "strong-buy" rating in a research note on Monday, February 9th. Susquehanna raised their price target on shares of Diamondback Energy from $231.00 to $245.00 and gave the stock a "positive" rating in a research note on Wednesday, May 6th. Roth Mkm reissued a "neutral" rating and issued a $205.00 price target on shares of Diamondback Energy in a research note on Tuesday, May 5th. Finally, Wells Fargo & Company raised their price target on shares of Diamondback Energy from $202.00 to $262.00 and gave the stock an "overweight" rating in a research note on Monday, April 20th. Five equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $218.25.

Diamondback Energy Price Performance

Diamondback Energy stock opened at $203.56 on Friday. Diamondback Energy, Inc. has a 12-month low of $132.20 and a 12-month high of $214.51. The stock has a market cap of $57.26 billion, a P/E ratio of 236.70 and a beta of 0.46. The company has a 50-day moving average price of $191.72 and a 200 day moving average price of $167.76. The company has a current ratio of 0.56, a quick ratio of 0.55 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.74 by $0.49. The business had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $3.83 billion. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The business's revenue was up 4.7% on a year-over-year basis. During the same period in the previous year, the firm earned $4.54 EPS. Sell-side analysts anticipate that Diamondback Energy, Inc. will post 18.93 earnings per share for the current year.

Diamondback Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 21st. Investors of record on Thursday, May 14th will be issued a $1.10 dividend. This is a boost from Diamondback Energy's previous quarterly dividend of $1.05. The ex-dividend date is Thursday, May 14th. This represents a $4.40 annualized dividend and a yield of 2.2%. Diamondback Energy's payout ratio is 511.63%.

Insider Transactions at Diamondback Energy

In related news, EVP Matt Zmigrosky sold 5,000 shares of Diamondback Energy stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $200.10, for a total value of $1,000,500.00. Following the completion of the sale, the executive vice president owned 51,392 shares in the company, valued at approximately $10,283,539.20. This trade represents a 8.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Jere W. Thompson III sold 750 shares of Diamondback Energy stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $182.47, for a total transaction of $136,852.50. Following the completion of the transaction, the chief financial officer owned 19,975 shares of the company's stock, valued at $3,644,838.25. This trade represents a 3.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 169,321 shares of company stock worth $31,055,475 in the last three months. Company insiders own 0.64% of the company's stock.

Diamondback Energy Profile

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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