Wealth Advisory Solutions LLC Takes Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Wealth Advisory Solutions LLC acquired a new position in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,458 shares of the oil and natural gas company's stock, valued at approximately $2,631,000.

Several other hedge funds have also recently bought and sold shares of the business. Proficio Capital Partners LLC acquired a new position in shares of Diamondback Energy during the 4th quarter worth about $210,000. Amundi raised its holdings in Diamondback Energy by 1.6% in the 4th quarter. Amundi now owns 691,498 shares of the oil and natural gas company's stock valued at $118,239,000 after acquiring an additional 10,737 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Diamondback Energy by 1.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 36,597 shares of the oil and natural gas company's stock valued at $5,996,000 after acquiring an additional 405 shares in the last quarter. Moran Wealth Management LLC raised its holdings in Diamondback Energy by 1.1% in the 4th quarter. Moran Wealth Management LLC now owns 26,042 shares of the oil and natural gas company's stock valued at $4,266,000 after acquiring an additional 278 shares in the last quarter. Finally, Daiwa Securities Group Inc. raised its holdings in Diamondback Energy by 32.7% in the 4th quarter. Daiwa Securities Group Inc. now owns 45,144 shares of the oil and natural gas company's stock valued at $7,396,000 after acquiring an additional 11,115 shares in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, President Hof Matthew Kaes Van't sold 10,000 shares of Diamondback Energy stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $142.69, for a total transaction of $1,426,900.00. Following the completion of the transaction, the president owned 120,645 shares in the company, valued at approximately $17,214,835.05. This trade represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.48% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on FANG shares. Evercore ISI started coverage on Diamondback Energy in a research note on Tuesday, May 6th. They issued an "outperform" rating and a $165.00 price objective on the stock. Bank of America upped their price objective on Diamondback Energy from $165.00 to $170.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Citigroup upgraded Diamondback Energy from a "reduce" rating to a "buy" rating and increased their price target for the stock from $157.00 to $180.00 in a research report on Monday, April 7th. Morgan Stanley decreased their price target on Diamondback Energy from $186.00 to $183.00 and set an "overweight" rating on the stock in a research report on Friday, May 23rd. Finally, Truist Financial increased their price target 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 equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Diamondback Energy presently has a consensus rating of "Buy" and a consensus target price of $193.13.

Diamondback Energy Trading Down 1.1%

Diamondback Energy stock traded down $1.64 during mid-day trading on Wednesday, hitting $142.12. 1,237,233 shares of the company's stock were exchanged, compared to its average volume of 2,283,396. Diamondback Energy, Inc. has a fifty-two week low of $114.00 and a fifty-two week high of $214.50. The company has a quick ratio of 0.83, a current ratio of 0.86 and a debt-to-equity ratio of 0.31. The company's 50 day simple moving average is $140.57 and its 200-day simple moving average is $149.81. The firm has a market capitalization of $41.52 billion, a P/E ratio of 8.69 and a beta of 1.05.

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, beating analysts' consensus estimates of $3.67 by $0.87. The business had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.58 billion. Diamondback Energy had a return on equity of 11.22% and a net margin of 30.84%. Diamondback Energy's quarterly revenue was up 81.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.50 earnings per share. On average, equities analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Thursday, May 15th were issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date was Thursday, May 15th. Diamondback Energy's payout ratio is currently 24.46%.

Diamondback Energy Company 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.