Goodman Advisory Group LLC Invests $3.13 Million in Diamondback Energy, Inc. $FANG

Key Points

• Goodman Advisory Group LLC opened a new position in Diamondback Energy during the first quarter, buying 15,813 shares worth about $3.13 million.
• Diamondback Energy reported strong quarterly results, posting $4.23 EPS versus the $3.74 consensus estimate and revenue of $4.24 billion, also above expectations.
• The company raised its quarterly dividend to $1.10 per share from $1.05, while analysts currently maintain an average Buy rating with a consensus price target of $221.37.

Goodman Advisory Group LLC bought a new position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 15,813 shares of the oil and natural gas company's stock, valued at approximately $3,128,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in FANG. Cresset Asset Management LLC raised its holdings in shares of Diamondback Energy by 37.5% in the 2nd quarter. Cresset Asset Management LLC now owns 4,726 shares of the oil and natural gas company's stock worth $649,000 after purchasing an additional 1,288 shares during the period. Jump Financial LLC purchased a new stake in shares of Diamondback Energy during the 2nd quarter worth about $2,301,000. Cerity Partners LLC grew its holdings in shares of Diamondback Energy by 13.5% during the 2nd quarter. Cerity Partners LLC now owns 51,104 shares of the oil and natural gas company's stock worth $7,022,000 after purchasing an additional 6,069 shares during the period. AXA S.A. grew its holdings in shares of Diamondback Energy by 8.5% during the 2nd quarter. AXA S.A. now owns 52,355 shares of the oil and natural gas company's stock worth $7,194,000 after purchasing an additional 4,103 shares during the period. Finally, Sei Investments Co. increased its position in Diamondback Energy by 37.1% during the 2nd quarter. Sei Investments Co. now owns 154,582 shares of the oil and natural gas company's stock worth $21,239,000 after purchasing an additional 41,866 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on FANG. Wells Fargo & Company set a $212.00 price target on shares of Diamondback Energy in a report on Monday, June 22nd. Sanford C. Bernstein increased their price objective on shares of Diamondback Energy from $237.00 to $241.00 and gave the stock an "outperform" rating in a research report on Monday, May 11th. Roth Mkm set a $212.00 target price on shares of Diamondback Energy and gave the company a "buy" rating in a report on Monday, June 22nd. Piper Sandler upped their price target on shares of Diamondback Energy from $215.00 to $248.00 and gave the stock an "overweight" rating in a research report on Thursday, March 12th. Finally, Zacks Research downgraded Diamondback Energy from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 28th. Five research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $221.37.

Diamondback Energy Stock Down 1.4%

Shares of NASDAQ:FANG opened at $179.91 on Friday. The firm has a market cap of $50.61 billion, a PE ratio of 209.20 and a beta of 0.42. The company has a fifty day simple moving average of $194.75 and a 200 day simple moving average of $177.59. 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, Inc. has a 12-month low of $134.30 and a 12-month high of $214.51.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last posted its quarterly earnings data on Monday, May 4th. The oil and natural gas company reported $4.23 EPS for the quarter, beating analysts' consensus estimates of $3.74 by $0.49. The firm 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 firm's revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.54 EPS. On average, equities research analysts anticipate that Diamondback Energy, Inc. will post 19.92 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were paid a $1.10 dividend. This is a boost from Diamondback Energy's previous quarterly dividend of $1.05. The ex-dividend date was Thursday, May 14th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.4%. Diamondback Energy's dividend payout ratio (DPR) is currently 511.63%.

Insider Activity at Diamondback Energy

In other news, CAO Teresa L. Dick sold 7,000 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the transaction, the chief accounting officer 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. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Charles Alvin Meloy sold 83,334 shares of Diamondback Energy stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $187.12, for a total value of $15,593,458.08. Following the completion of the transaction, the director owned 851,530 shares of the company's stock, valued at $159,338,293.60. This trade represents a 8.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 121,548 shares of company stock worth $23,146,460. 0.64% of the stock is currently owned by company insiders.

About Diamondback Energy

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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