Kingsview Wealth Management LLC Boosts Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Kingsview Wealth Management LLC grew its position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 13.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,766 shares of the oil and natural gas company's stock after purchasing an additional 6,764 shares during the period. Kingsview Wealth Management LLC's holdings in Diamondback Energy were worth $9,076,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of FANG. Investor s Fiduciary Advisor Network LLC raised its position in shares of Diamondback Energy by 2.1% during the first quarter. Investor s Fiduciary Advisor Network LLC now owns 3,559 shares of the oil and natural gas company's stock worth $569,000 after purchasing an additional 74 shares during the period. Grove Bank & Trust grew its holdings in shares of Diamondback Energy by 65.0% during the 1st 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 in the last quarter. Rehmann Capital Advisory Group raised its position in Diamondback Energy by 6.0% in the 4th quarter. Rehmann Capital Advisory Group now owns 1,439 shares of the oil and natural gas company's stock valued at $236,000 after purchasing an additional 82 shares during the last quarter. Catalyst Capital Advisors LLC raised its position in shares of Diamondback Energy by 60.9% during the first quarter. Catalyst Capital Advisors LLC now owns 222 shares of the oil and natural gas company's stock worth $35,000 after acquiring an additional 84 shares during the last quarter. Finally, Center for Financial Planning Inc. grew its stake in shares of Diamondback Energy by 6.4% during the first quarter. Center for Financial Planning Inc. now owns 1,449 shares of the oil and natural gas company's stock worth $232,000 after purchasing an additional 87 shares during the period. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on FANG shares. UBS Group reduced their price objective on Diamondback Energy from $175.00 to $163.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Evercore ISI started coverage on Diamondback Energy in a report on Tuesday, May 6th. They set an "outperform" rating and a $165.00 price objective on the stock. KeyCorp dropped their price objective on Diamondback Energy from $216.00 to $180.00 and set an "overweight" rating on the stock in a research note on Monday, April 21st. Scotiabank reissued an "outperform" rating on shares of Diamondback Energy in a report on Friday, July 11th. Finally, Truist Financial increased their target price on Diamondback Energy from $238.00 to $242.00 and gave the stock a "buy" rating in a research report on Thursday, April 17th. Two research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $191.55.

Insider Transactions at Diamondback Energy

In related news, President Hof Matthew Kaes Van't sold 10,000 shares of the business'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 completion of the sale, the president directly owned 120,645 shares in the company, valued at approximately $17,214,835.05. The trade was a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.70% of the company's stock.

Diamondback Energy Trading Up 3.3%

Shares of Diamondback Energy stock opened at $140.93 on Friday. Diamondback Energy, Inc. has a fifty-two week low of $114.00 and a fifty-two week high of $212.28. The company has a market cap of $41.18 billion, a P/E ratio of 8.62 and a beta of 1.05. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.83 and a current ratio of 0.86. The firm has a 50-day simple moving average of $141.61 and a two-hundred day simple moving average of $149.04.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share (EPS) for the quarter, topping 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 net margin of 30.84% and a return on equity of 11.22%. The firm's quarterly revenue was up 81.8% on a year-over-year basis. During the same period in the prior year, the business earned $4.50 EPS. As a group, equities 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 disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Thursday, May 15th were paid a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.84%. The ex-dividend date was Thursday, May 15th. Diamondback Energy's dividend payout ratio (DPR) is 24.46%.

Diamondback Energy 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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