J2 Capital Management Inc Sells 1,946 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

J2 Capital Management Inc cut its holdings in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 55.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 1,562 shares of the oil and natural gas company's stock after selling 1,946 shares during the quarter. J2 Capital Management Inc's holdings in Diamondback Energy were worth $250,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in FANG. Wintrust Investments LLC bought a new stake in shares of Diamondback Energy in the fourth quarter valued at about $28,000. R Squared Ltd bought a new position in Diamondback Energy in the fourth quarter valued at about $29,000. Fourth Dimension Wealth LLC acquired a new position in Diamondback Energy during the fourth quarter worth about $33,000. Key Financial Inc lifted its holdings in shares of Diamondback Energy by 940.0% in the fourth quarter. Key Financial Inc now owns 208 shares of the oil and natural gas company's stock worth $34,000 after acquiring an additional 188 shares during the last quarter. Finally, Transce3nd LLC bought a new stake in shares of Diamondback Energy during the fourth quarter worth $38,000. Institutional investors and hedge funds own 90.01% of the company's stock.

Analysts Set New Price Targets

FANG has been the subject of several recent research reports. Raymond James reissued a "strong-buy" rating on shares of Diamondback Energy in a research note on Thursday, May 22nd. Piper Sandler cut their target price on Diamondback Energy from $234.00 to $225.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 13th. JPMorgan Chase & Co. dropped their target price on shares of Diamondback Energy from $167.00 to $161.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 7th. Wells Fargo & Company dropped their price target on Diamondback Energy from $215.00 to $207.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Finally, KeyCorp cut their target price on Diamondback Energy from $216.00 to $180.00 and set an "overweight" rating on the stock in a report on Monday, April 21st. Two analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $193.09.

Diamondback Energy Stock Performance

FANG stock traded down $2.94 during midday trading on Wednesday, reaching $139.34. 1,390,992 shares of the company's stock traded hands, compared to its average volume of 2,162,709. The firm has a market capitalization of $40.71 billion, a PE ratio of 7.98, a price-to-earnings-growth ratio of 1.24 and a beta of 1.06. The company has a 50-day moving average price of $136.79 and a two-hundred day moving average price of $154.48. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week high of $214.50. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.42 and a current ratio of 0.45.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.67 by $0.87. The company had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.58 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The firm's revenue for the quarter was up 81.8% compared to the same quarter last year. During the same period in the previous year, the company posted $4.50 EPS. As a group, equities analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.87%. The ex-dividend date of this dividend was Thursday, May 15th. Diamondback Energy's payout ratio is 24.46%.

Insider Activity

In related news, President Hof Matthew Kaes Van't sold 10,000 shares of the company's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $142.69, for a total value of $1,426,900.00. Following the transaction, the president now directly owns 120,645 shares in the company, valued at approximately $17,214,835.05. This represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.70% of the company's stock.

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.