Wealth Enhancement Advisory Services LLC Cuts Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Wealth Enhancement Advisory Services LLC cut its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 13.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 33,864 shares of the oil and natural gas company's stock after selling 5,298 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Diamondback Energy were worth $5,414,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD raised its position in Diamondback Energy by 11.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company's stock valued at $1,496,859,000 after purchasing an additional 928,429 shares in the last quarter. Boston Partners increased its stake in shares of Diamondback Energy by 12.4% during the fourth quarter. Boston Partners now owns 5,169,742 shares of the oil and natural gas company's stock valued at $849,202,000 after buying an additional 571,820 shares during the period. Geode Capital Management LLC raised its holdings in shares of Diamondback Energy by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 4,710,165 shares of the oil and natural gas company's stock valued at $769,706,000 after acquiring an additional 91,605 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Diamondback Energy by 13.7% in the fourth quarter. Bank of New York Mellon Corp now owns 4,163,070 shares of the oil and natural gas company's stock valued at $682,036,000 after acquiring an additional 502,916 shares in the last quarter. Finally, Demars Financial Group LLC purchased a new stake in Diamondback Energy in the fourth quarter worth about $638,050,000. Hedge funds and other institutional investors own 90.01% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on FANG shares. Piper Sandler reduced their price target on shares of Diamondback Energy from $234.00 to $225.00 and set an "overweight" rating for the company in a report on Tuesday, May 13th. Morgan Stanley cut their price objective on shares of Diamondback Energy from $186.00 to $183.00 and set an "overweight" rating on the stock in a report on Friday, May 23rd. UBS Group lowered their target price on Diamondback Energy from $175.00 to $163.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Mizuho dropped their target price on Diamondback Energy from $186.00 to $179.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Finally, KeyCorp reduced their price target on Diamondback Energy from $216.00 to $180.00 and set an "overweight" rating for the company in a research report on Monday, April 21st. Two investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Diamondback Energy has an average rating of "Buy" and an average target price of $193.13.

Insider Buying and Selling at Diamondback Energy

In related news, President Hof Matthew Kaes Van't sold 10,000 shares of Diamondback Energy stock in a transaction that occurred on 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 now directly owns 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.70% of the company's stock.

Diamondback Energy Stock Performance

Shares of NASDAQ FANG traded up $2.83 during midday trading on Thursday, reaching $140.87. The company had a trading volume of 1,580,765 shares, compared to its average volume of 2,259,486. Diamondback Energy, Inc. has a 1 year low of $114.00 and a 1 year high of $214.50. The business's 50-day simple moving average is $139.85 and its 200 day simple moving average is $151.12. The company has a current ratio of 0.86, a quick ratio of 0.83 and a debt-to-equity ratio of 0.31. The stock has a market cap of $41.16 billion, a P/E ratio of 8.62 and a beta of 1.06.

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 the consensus estimate of $3.67 by $0.87. The firm 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%. The firm's revenue was up 81.8% on a year-over-year basis. During the same period in the prior year, the firm earned $4.50 EPS. On average, analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Thursday, May 15th were given a $1.00 dividend. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $4.00 dividend on an annualized basis and a yield of 2.84%. Diamondback Energy's dividend 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.