Forte Capital LLC ADV Purchases 4,911 Shares of Diamondback Energy, Inc. $FANG

Key Points

• Forte Capital LLC ADV increased its stake in Diamondback Energy by 11.3%, acquiring an additional 4,911 shares during the second quarter, bringing their total holdings to 48,237 shares valued at approximately $6.63 billion.
• Wall Street analysts maintain a mostly positive outlook on Diamondback Energy, with 21 analysts giving it a Buy rating and an average price target of $193.39.
• Diamondback Energy recently announced a quarterly dividend of $1.00, resulting in an annualized yield of 2.9%, with a payout ratio of 28.43%.

Forte Capital LLC ADV raised its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 11.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 48,237 shares of the oil and natural gas company's stock after acquiring an additional 4,911 shares during the quarter. Forte Capital LLC ADV's holdings in Diamondback Energy were worth $6,628,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in FANG. BankPlus Trust Department bought a new stake in Diamondback Energy in the first quarter worth approximately $27,000. Pinnacle Bancorp Inc. grew its position in shares of Diamondback Energy by 95.7% during the 1st quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock worth $29,000 after buying an additional 88 shares during the period. SouthState Corp increased its stake in shares of Diamondback Energy by 596.4% in the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock valued at $31,000 after acquiring an additional 167 shares in the last quarter. WASHINGTON TRUST Co lifted its position in shares of Diamondback Energy by 119.8% during the 1st quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock valued at $32,000 after acquiring an additional 109 shares during the period. Finally, Grove Bank & Trust grew its holdings in Diamondback Energy by 65.0% in the first quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock worth $32,000 after purchasing an additional 80 shares during the period. 90.01% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. William Blair initiated coverage on shares of Diamondback Energy in a report on Monday, August 25th. They set an "outperform" rating on the stock. UBS Group upped their price target on Diamondback Energy from $163.00 to $171.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Melius Research initiated coverage on Diamondback Energy in a research note on Wednesday, August 20th. They issued a "buy" rating and a $213.00 price objective for the company. Wells Fargo & Company upped their target price on Diamondback Energy from $210.00 to $211.00 and gave the stock an "overweight" rating in a research report on Thursday, August 14th. Finally, Susquehanna reduced their price target on shares of Diamondback Energy from $192.00 to $188.00 and set a "positive" rating for the company in a research report on Wednesday, July 23rd. Two research analysts have rated the stock with a Strong Buy rating and twenty-one have given a Buy rating to the company. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $193.39.

Diamondback Energy Stock Performance

NASDAQ FANG opened at $138.83 on Tuesday. The company's 50 day simple moving average is $142.27 and its two-hundred day simple moving average is $141.76. The stock has a market capitalization of $40.19 billion, a PE ratio of 9.87 and a beta of 1.15. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.55 and a quick ratio of 0.52. Diamondback Energy, Inc. has a 1 year low of $114.00 and a 1 year high of $200.47.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued 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). Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The business had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.35 billion. During the same quarter last year, the business posted $4.52 EPS. The company's quarterly revenue was up 48.1% on a year-over-year basis. Analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 14th were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Thursday, August 14th. Diamondback Energy's dividend payout ratio (DPR) is currently 28.43%.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction that occurred on 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 transaction, the chairman owned 102,145 shares of the company's stock, valued at $14,586,306. The trade was a 16.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.48% of the stock is currently owned by 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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