Peterson Wealth Services Buys 15,229 Shares of Diamondback Energy, Inc. $FANG

Key Points

• Peterson Wealth Services increased its Diamondback Energy stake by 174.2% in the fourth quarter, buying 15,229 additional shares to bring its total holdings to 23,973 shares worth about $3.6 million.
• Insider selling continued, with Director Steven E. West and EVP Matt Zmigrosky both selling shares in recent transactions; insiders sold a total of 54,065 shares worth about $10.6 million over the last quarter.
• Diamondback’s fundamentals and outlook remain solid: the company beat quarterly EPS and revenue estimates, raised its dividend to $1.10 per quarter, and analysts currently rate the stock a “Moderate Buy” with an average price target of $223.63.

Peterson Wealth Services raised its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 174.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,973 shares of the oil and natural gas company's stock after acquiring an additional 15,229 shares during the period. Diamondback Energy comprises approximately 0.9% of Peterson Wealth Services' investment portfolio, making the stock its 28th largest holding. Peterson Wealth Services' holdings in Diamondback Energy were worth $3,604,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also bought and sold shares of FANG. Cresset Asset Management LLC lifted its stake in Diamondback Energy by 37.5% during the 2nd quarter. Cresset Asset Management LLC now owns 4,726 shares of the oil and natural gas company's stock valued at $649,000 after acquiring an additional 1,288 shares in the last quarter. Jump Financial LLC bought a new position in Diamondback Energy during the 2nd quarter valued at $2,301,000. Cerity Partners LLC lifted its stake in 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 valued at $7,022,000 after acquiring an additional 6,069 shares in the last quarter. AXA S.A. lifted its stake in 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 valued at $7,194,000 after acquiring an additional 4,103 shares in the last quarter. Finally, Sei Investments Co. lifted its stake 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 valued at $21,239,000 after acquiring an additional 41,866 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Steven E. West sold 6,000 shares of Diamondback Energy stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $188.35, for a total value of $1,130,100.00. Following the completion of the sale, the director owned 4,484 shares of the company's stock, valued at approximately $844,561.40. This trade represents a 57.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Matt Zmigrosky sold 5,000 shares of Diamondback Energy stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $200.54, for a total value of $1,002,700.00. Following the completion of the sale, the executive vice president directly owned 46,392 shares of the company's stock, valued at approximately $9,303,451.68. This trade represents a 9.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 54,065 shares of company stock worth $10,551,236 in the last quarter. 0.64% of the stock is currently owned by company insiders.

Analyst Ratings Changes

FANG has been the topic of several recent analyst reports. Susquehanna raised their price objective on Diamondback Energy from $231.00 to $245.00 and gave the company a "positive" rating in a research note on Wednesday, May 6th. Wells Fargo & Company raised their target price on Diamondback Energy from $202.00 to $262.00 and gave the company an "overweight" rating in a research report on Monday, April 20th. Barclays raised their target price on Diamondback Energy from $225.00 to $232.00 and gave the company an "overweight" rating in a research report on Tuesday, May 26th. Piper Sandler raised their target price on Diamondback Energy from $215.00 to $248.00 and gave the company an "overweight" rating in a research report on Thursday, March 12th. Finally, Wall Street Zen raised Diamondback Energy from a "sell" rating to a "hold" rating in a research report on Saturday, May 9th. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $223.63.

Diamondback Energy Trading Down 2.5%

Shares of Diamondback Energy stock opened at $191.59 on Friday. Diamondback Energy, Inc. has a 1 year low of $134.30 and a 1 year high of $214.51. The firm has a market cap of $53.90 billion, a PE ratio of 222.78 and a beta of 0.42. The stock has a fifty day moving average price of $195.67 and a 200-day moving average price of $175.25. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.56 and a quick ratio of 0.55.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last announced its earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.74 by $0.49. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.The firm had revenue of $4.24 billion during the quarter, compared to analyst estimates of $3.83 billion. During the same period last year, the firm posted $4.54 EPS. The business's revenue was up 4.7% compared to the same quarter last year. Equities research analysts anticipate that Diamondback Energy, Inc. will post 19.65 EPS for the current year.

Diamondback Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were issued a $1.10 dividend. This is an increase from Diamondback Energy's previous quarterly dividend of $1.05. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $4.40 annualized dividend and a yield of 2.3%. Diamondback Energy's payout ratio is 511.63%.

Diamondback Energy Company 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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