Elevation Point Wealth Partners LLC Acquires Shares of 8,492 Diamondback Energy, Inc. $FANG

Elevation Point Wealth Partners LLC bought a new position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 8,492 shares of the oil and natural gas company's stock, valued at approximately $1,493,000.

A number of other hedge funds also recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Diamondback Energy during the 2nd quarter worth approximately $3,303,362,000. Bank of New York Mellon Corp purchased a new position in shares of Diamondback Energy in the second quarter valued at $852,791,000. Diamond Hill Capital Management LLC Investment Advisor bought a new stake in Diamondback Energy in the second quarter worth $268,855,000. Wellington Management Group LLP increased its position in Diamondback Energy by 74.1% in the fourth quarter. Wellington Management Group LLP now owns 3,239,837 shares of the oil and natural gas company's stock worth $487,045,000 after purchasing an additional 1,379,010 shares during the last quarter. Finally, EnCap Energy Capital Fund XII L.P. purchased a new stake in Diamondback Energy during the fourth quarter valued at $169,342,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FANG has been the subject of a number of recent research reports. Citigroup dropped their price objective on shares of Diamondback Energy from $221.00 to $220.00 and set a "buy" rating for the company in a research note on Monday, August 10th. Wells Fargo & Company increased their price target on shares of Diamondback Energy from $262.00 to $263.00 and gave the company an "overweight" rating in a report on Wednesday, August 5th. Sanford C. Bernstein lifted their price target on Diamondback Energy from $237.00 to $241.00 and gave the stock an "outperform" rating in a research report on Monday, May 11th. Wolfe Research restated an "outperform" rating and set a $206.00 price objective on shares of Diamondback Energy in a research report on Tuesday, August 4th. Finally, Wall Street Zen raised Diamondback Energy from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $222.21.

Diamondback Energy Stock Performance

FANG opened at $210.72 on Monday. The stock has a market cap of $59.01 billion, a price-to-earnings ratio of 41.08 and a beta of 0.43. The stock's 50 day moving average price is $191.79 and its 200-day moving average price is $189.44. Diamondback Energy, Inc. has a one year low of $134.30 and a one year high of $216.90. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.45 and a current ratio of 0.47.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $6.08 by $0.40. The firm had revenue of $5.56 billion during the quarter, compared to analyst estimates of $4.89 billion. Diamondback Energy had a return on equity of 10.10% and a net margin of 8.58%.Diamondback Energy's quarterly revenue was up 51.2% compared to the same quarter last year. During the same period last year, the company earned $2.38 EPS. On average, equities analysts forecast that Diamondback Energy, Inc. will post 20.13 EPS for the current year.

Diamondback Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th were given a dividend of $1.10 per share. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $4.40 dividend on an annualized basis and a yield of 2.1%. Diamondback Energy's payout ratio is 85.77%.

Insider Transactions at Diamondback Energy

In other news, Director Charles Alvin Meloy sold 33,333 shares of the firm's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $198.41, for a total transaction of $6,613,600.53. Following the transaction, the director owned 818,197 shares in the company, valued at approximately $162,338,466.77. This trade represents a 3.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Teresa L. Dick sold 7,000 shares of the company's stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the completion of the sale, the chief accounting officer directly owned 85,755 shares of the company's stock, valued at approximately $17,228,179.50. This trade represents a 7.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 129,167 shares of company stock valued at $24,714,309 over the last 90 days. 0.64% of the stock is owned by corporate insiders.

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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