Diamondback Energy, Inc. (NASDAQ:FANG) Shares Acquired by EverSource Wealth Advisors LLC

Key Points

• EverSource Wealth Advisors LLC increased its holdings in Diamondback Energy by 27.9% in the first quarter, owning 27,479 shares valued at $4,393,000.
• Diamondback Energy reported earnings of $2.67 EPS for the recent quarter, missing estimates, but its revenue increased by 48.1% year-over-year.
• The company announced a quarterly dividend of $1.00 per share, translating to an annualized yield of 2.8%.

EverSource Wealth Advisors LLC raised its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 27.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,479 shares of the oil and natural gas company's stock after buying an additional 5,994 shares during the period. EverSource Wealth Advisors LLC's holdings in Diamondback Energy were worth $4,393,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of FANG. Demars Financial Group LLC bought a new stake in shares of Diamondback Energy in the fourth quarter worth $638,050,000. Nuveen LLC acquired a new stake in Diamondback Energy in the first quarter worth about $230,039,000. Alyeska Investment Group L.P. acquired a new stake in Diamondback Energy in the fourth quarter worth about $185,193,000. Price T Rowe Associates Inc. MD lifted its holdings in Diamondback Energy by 11.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company's stock worth $1,496,859,000 after purchasing an additional 928,429 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Diamondback Energy by 16,197.8% in the 1st quarter. GAMMA Investing LLC now owns 605,625 shares of the oil and natural gas company's stock valued at $96,827,000 after acquiring an additional 601,909 shares during the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Diamondback Energy Trading Up 0.6%

Shares of FANG opened at $140.77 on Friday. 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 firm has a 50 day simple moving average of $143.66 and a 200-day simple moving average of $144.96. Diamondback Energy, Inc. has a 1-year low of $114.00 and a 1-year high of $200.47. The stock has a market cap of $40.75 billion, a price-to-earnings ratio of 10.00 and a beta of 1.09.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 EPS for the quarter, missing the consensus estimate of $2.72 by ($0.05). The firm had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.35 billion. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%. The firm's revenue was up 48.1% on a year-over-year basis. During the same period in the previous year, the firm posted $4.52 earnings per share. Equities analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th will be issued a $1.00 dividend. The ex-dividend date is Thursday, August 14th. This represents a $4.00 dividend on an annualized basis and a yield of 2.8%. Diamondback Energy's payout ratio is currently 28.43%.

Insider Buying and Selling

In other news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction dated Thursday, August 7th. The shares were 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 owned 102,145 shares of the company's stock, valued at approximately $14,586,306. The trade was a 16.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.70% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have commented on the stock. Susquehanna reduced their price objective on shares of Diamondback Energy from $192.00 to $188.00 and set a "positive" rating for the company in a research note on Wednesday, July 23rd. JPMorgan Chase & Co. lowered their price objective on shares of Diamondback Energy from $167.00 to $161.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. Truist Financial raised their target price on Diamondback Energy from $238.00 to $242.00 and gave the stock a "buy" rating in a research report on Thursday, April 17th. Mizuho cut their price target on Diamondback Energy from $186.00 to $179.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. Finally, KeyCorp lowered their price objective on Diamondback Energy from $216.00 to $180.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. One analyst has rated the stock with a sell rating, one has issued a hold rating, eighteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $191.45.

About Diamondback Energy

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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