Verdence Capital Advisors LLC Has $6.80 Million Stock Holdings in Diamondback Energy, Inc. $FANG

Key Points

• Verdence Capital Advisors LLC increased its stake in Diamondback Energy by 13.9%, holding shares worth approximately $6.80 million after acquiring additional shares in the second quarter.
• Institutional investors own a significant portion (90.01%) of Diamondback Energy, with various firms, including Farther Finance Advisors and Elevation Point Wealth Partners, also raising their positions recently.
• Analysts maintain a consensus rating of "Buy" for Diamondback Energy, with an average price target of $192.32, despite recent adjustments to price targets by multiple brokerages.

Verdence Capital Advisors LLC boosted its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 13.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 49,459 shares of the oil and natural gas company's stock after purchasing an additional 6,036 shares during the period. Verdence Capital Advisors LLC's holdings in Diamondback Energy were worth $6,796,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of FANG. Farther Finance Advisors LLC raised its stake in Diamondback Energy by 36.0% during the first quarter. Farther Finance Advisors LLC now owns 1,085 shares of the oil and natural gas company's stock worth $174,000 after acquiring an additional 287 shares in the last quarter. Simon Quick Advisors LLC increased its position in Diamondback Energy by 8.7% during the 1st quarter. Simon Quick Advisors LLC now owns 1,339 shares of the oil and natural gas company's stock worth $214,000 after purchasing an additional 107 shares in the last quarter. Fifth Third Bancorp increased its position in Diamondback Energy by 5.7% during the 1st quarter. Fifth Third Bancorp now owns 8,798 shares of the oil and natural gas company's stock worth $1,407,000 after purchasing an additional 477 shares in the last quarter. Elevation Point Wealth Partners LLC lifted its stake in Diamondback Energy by 162.4% in the 1st quarter. Elevation Point Wealth Partners LLC now owns 5,109 shares of the oil and natural gas company's stock valued at $817,000 after purchasing an additional 3,162 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. acquired a new stake in Diamondback Energy in the first quarter valued at approximately $22,252,000. Institutional investors and hedge funds own 90.01% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FANG. Mizuho lowered their price target on shares of Diamondback Energy from $183.00 to $176.00 and set an "outperform" rating for the company in a report on Monday, September 15th. Susquehanna lowered their target price on Diamondback Energy from $192.00 to $188.00 and set a "positive" rating for the company in a report on Wednesday, July 23rd. Evercore ISI lifted their price target on Diamondback Energy from $165.00 to $175.00 and gave the company an "outperform" rating in a research note on Monday, October 6th. Raymond James Financial reduced their price target on Diamondback Energy from $221.00 to $212.00 and set a "strong-buy" rating on the stock in a report on Wednesday, August 20th. Finally, William Blair assumed coverage on shares of Diamondback Energy in a report on Monday, August 25th. They issued an "outperform" rating for the company. Two analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Diamondback Energy presently has a consensus rating of "Buy" and an average price target of $192.32.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the business's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the completion of the sale, the chairman owned 102,145 shares in the company, valued at approximately $14,586,306. The trade was a 16.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.48% of the company's stock.

Diamondback Energy Price Performance

Shares of NASDAQ FANG opened at $139.82 on Monday. The firm has a market capitalization of $40.48 billion, a P/E ratio of 9.94 and a beta of 1.04. The firm's 50-day moving average price is $142.51 and its 200-day moving average price is $140.89. The company has a current ratio of 0.55, a quick ratio of 0.52 and a debt-to-equity ratio of 0.35. Diamondback Energy, Inc. has a 1-year low of $114.00 and a 1-year high of $196.00.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued 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 net margin of 27.25% and a return on equity of 9.48%. The firm had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.35 billion. During the same period in the previous year, the firm earned $4.52 earnings per share. The business's quarterly revenue was up 48.1% on a year-over-year basis. Equities research analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The company 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 dividend yield of 2.9%. The ex-dividend date 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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