Insight Wealth Partners LLC Invests $1.67 Million in Diamondback Energy, Inc. $FANG

Key Points

• Insight Wealth Partners acquired 9,472 Diamondback Energy shares worth approximately $1.67 million in the second quarter. Institutional investors collectively own 90.01% of FANG’s outstanding stock.
• Diamondback Energy reported quarterly EPS of $6.48, beating estimates of $6.08, while revenue rose 51.2% year over year to $5.56 billion. The company also declared a $1.10 quarterly dividend, equivalent to a 2.2% annualized yield.
• Analyst sentiment remains positive, with a consensus “Buy” rating and an average price target of $222.30 versus the stock’s reported $202.47 opening price. However, company insiders sold roughly 134,167 shares worth $25.75 million during the last quarter.

Insight Wealth Partners LLC acquired a new position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 9,472 shares of the oil and natural gas company's stock, valued at approximately $1,665,000.

A number of other institutional investors and hedge funds have also bought and sold shares of FANG. Mirae Asset Global Investments Co. Ltd. lifted its stake in Diamondback Energy by 18.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 139,308 shares of the oil and natural gas company's stock worth $20,942,000 after purchasing an additional 21,575 shares during the last quarter. Eagle Global Advisors LLC bought a new position in shares of Diamondback Energy during the 4th quarter valued at about $5,472,000. Hsbc Holdings PLC raised its holdings in shares of Diamondback Energy by 16.3% during the 4th quarter. Hsbc Holdings PLC now owns 338,577 shares of the oil and natural gas company's stock valued at $50,890,000 after buying an additional 47,450 shares in the last quarter. Oppenheimer & Co. Inc. raised its holdings in shares of Diamondback Energy by 1,127.5% during the 4th quarter. Oppenheimer & Co. Inc. now owns 26,907 shares of the oil and natural gas company's stock valued at $4,045,000 after buying an additional 24,715 shares in the last quarter. Finally, Guinness Asset Management LTD lifted its position in Diamondback Energy by 12.0% in the 4th quarter. Guinness Asset Management LTD now owns 54,132 shares of the oil and natural gas company's stock worth $8,042,000 after buying an additional 5,816 shares during the last quarter. 90.01% of the stock is owned by hedge funds and other institutional investors.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $202.47 on Monday. The firm has a market cap of $56.70 billion, a PE ratio of 39.47 and a beta of 0.43. Diamondback Energy, Inc. has a fifty-two week low of $134.30 and a fifty-two week high of $214.51. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.45 and a current ratio of 0.47. The business has a 50 day moving average price of $190.31 and a 200-day moving average price of $187.74.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 EPS for the quarter, topping the consensus estimate of $6.08 by $0.40. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The company had revenue of $5.56 billion for the quarter, compared to the consensus estimate of $4.89 billion. During the same period in the previous year, the firm earned $2.38 earnings per share. The firm's revenue for the quarter was up 51.2% on a year-over-year basis. Equities research analysts predict that Diamondback Energy, Inc. will post 19.73 earnings per share for the current year.

Diamondback Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th will be issued a $1.10 dividend. The ex-dividend date is Thursday, August 13th. This represents a $4.40 annualized dividend and a yield of 2.2%. Diamondback Energy's dividend payout ratio (DPR) is 85.77%.

Insiders Place Their Bets

In related news, Director Mark Lawrence Plaumann sold 500 shares of the company's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of $196.50, for a total transaction of $98,250.00. Following the completion of the transaction, the director owned 13,437 shares in the company, valued at $2,640,370.50. This represents a 3.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 value of $6,613,600.53. Following the completion of the sale, the director directly owned 818,197 shares of the company's stock, valued at $162,338,466.77. The trade was a 3.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 134,167 shares of company stock worth $25,749,309. Corporate insiders own 0.64% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FANG. Wolfe Research reaffirmed an "outperform" rating and issued a $206.00 target price on shares of Diamondback Energy in a research note on Tuesday, August 4th. Susquehanna boosted their price objective on shares of Diamondback Energy from $245.00 to $255.00 and gave the stock a "positive" rating in a report on Tuesday, July 21st. Citigroup cut 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. Morgan Stanley cut their price objective on shares of Diamondback Energy from $229.00 to $216.00 and set an "overweight" rating for the company in a research note on Monday, June 29th. Finally, Jefferies Financial Group reaffirmed a "hold" rating and set a $205.00 target price on shares of Diamondback Energy in a report on Sunday, August 9th. Four equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $222.30.

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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