Maridea Wealth Management LLC Acquires New Stake in Diamondback Energy, Inc. $FANG

Key Points

• Maridea Wealth Management LLC has acquired a new stake in Diamondback Energy, Inc., purchasing 5,578 shares valued at approximately $766,000 during the second quarter.
• A significant percentage of Diamondback Energy's stock, approximately 90.01%, is now held by institutional investors, highlighting strong institutional interest in the company.
• Analysts have given Diamondback Energy a consensus rating of "Buy" and set an average target price of $193.39, indicating positive expectations for the stock's performance.

Maridea Wealth Management LLC acquired a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 5,578 shares of the oil and natural gas company's stock, valued at approximately $766,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Jeppson Wealth Management LLC bought a new position in Diamondback Energy during the 2nd quarter valued at approximately $262,000. Clarus Group Inc. increased its position in Diamondback Energy by 3.2% during the 2nd quarter. Clarus Group Inc. now owns 3,714 shares of the oil and natural gas company's stock valued at $510,000 after buying an additional 115 shares in the last quarter. IMS Capital Management bought a new position in Diamondback Energy during the 2nd quarter valued at approximately $936,000. Ballentine Partners LLC increased its position in Diamondback Energy by 23.5% during the 2nd quarter. Ballentine Partners LLC now owns 1,742 shares of the oil and natural gas company's stock valued at $239,000 after buying an additional 332 shares in the last quarter. Finally, Norden Group LLC bought a new position in Diamondback Energy during the 2nd quarter valued at approximately $227,000. Institutional investors own 90.01% of the company's stock.

Insider Buying and Selling

In related news, Chairman Travis D. Stice sold 20,400 shares of the firm's stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total value of $2,913,120.00. Following the transaction, the chairman directly owned 102,145 shares of the company's stock, valued at approximately $14,586,306. This trade represents a 16.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.70% of the company's stock.

Analysts Set New Price Targets

FANG has been the subject of a number of analyst reports. Morgan Stanley raised their price objective on Diamondback Energy from $184.00 to $186.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Piper Sandler cut their target price on Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating on the stock in a research note on Thursday, August 14th. Melius Research assumed coverage on Diamondback Energy in a research note on Wednesday, August 20th. They set a "buy" rating and a $213.00 target price on the stock. UBS Group increased their target price on Diamondback Energy from $163.00 to $171.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Finally, William Blair assumed coverage on Diamondback Energy in a research note on Monday, August 25th. They set an "outperform" rating on the stock. Two investment analysts have rated the stock with a Strong Buy rating and twenty-one have issued a Buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $193.39.

Diamondback Energy Stock Performance

FANG stock opened at $144.61 on Thursday. Diamondback Energy, Inc. has a 1 year low of $114.00 and a 1 year high of $200.47. The stock's fifty day moving average price is $142.51 and its 200-day moving average price is $141.78. The company has a market cap of $41.86 billion, a P/E ratio of 10.28 and a beta of 1.14. 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 (NASDAQ:FANG - Get Free Report) last announced its earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 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 company had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.35 billion. During the same period in the prior year, the business posted $4.52 earnings per share. Diamondback Energy's revenue for the quarter was up 48.1% compared to the same quarter last year. On average, equities analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current 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 issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Thursday, August 14th. Diamondback Energy's dividend payout ratio (DPR) is currently 28.43%.

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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