Wealth Enhancement Advisory Services LLC Trims Stake in Diamondback Energy, Inc. $FANG

Key Points

• Wealth Enhancement Advisory Services LLC reduced its stake in Diamondback Energy by 20.4%, selling 6,917 shares during the second quarter, leaving them with approximately $3.8 million in holdings.
• Institutional ownership of Diamondback Energy is significant, with 90.01% of shares held by hedge funds and institutional investors, indicating strong investor confidence.
• Diamondback Energy recently announced a quarterly dividend of $1.00 per share, representing a 2.7% yield and a payout ratio of 28.43%.

Wealth Enhancement Advisory Services LLC cut its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 20.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 26,947 shares of the oil and natural gas company's stock after selling 6,917 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Diamondback Energy were worth $3,797,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of FANG. BankPlus Trust Department purchased a new stake in shares of Diamondback Energy in the 1st quarter valued at approximately $27,000. Pinnacle Bancorp Inc. increased its holdings in Diamondback Energy by 95.7% in the 1st quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company's stock valued at $29,000 after purchasing an additional 88 shares during the last quarter. SouthState Corp lifted its stake in Diamondback Energy by 596.4% during the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock worth $31,000 after purchasing an additional 167 shares in the last quarter. Grove Bank & Trust boosted its position in shares of Diamondback Energy by 65.0% during the first quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock worth $32,000 after buying an additional 80 shares during the period. Finally, WASHINGTON TRUST Co boosted its position in shares of Diamondback Energy by 119.8% during the first quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock worth $32,000 after buying an additional 109 shares during the period. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. KeyCorp decreased their target price on Diamondback Energy from $180.00 to $176.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 3rd. Piper Sandler dropped their price objective on shares of Diamondback Energy from $228.00 to $222.00 and set an "overweight" rating for the company in a report on Thursday, August 14th. Wells Fargo & Company raised their price target on shares of Diamondback Energy from $210.00 to $211.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Raymond James Financial dropped their price target on shares of Diamondback Energy from $221.00 to $212.00 and set a "strong-buy" rating for the company in a research note on Wednesday, August 20th. Finally, Melius Research assumed coverage on Diamondback Energy in a research report on Wednesday, August 20th. They set a "buy" rating and a $213.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating and twenty-one have given a Buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $193.39.

Insider Buying and Selling

In other news, Chairman Travis D. Stice sold 20,400 shares of the firm's stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $142.80, for a total value 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. This trade represents a 16.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.70% of the company's stock.

Diamondback Energy Stock Up 0.8%

FANG opened at $145.79 on Friday. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week high of $200.47. The business has a 50 day moving average price of $142.61 and a two-hundred day moving average price of $141.82. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35. The company has a market cap of $42.20 billion, a PE ratio of 10.36 and a beta of 1.14.

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 earnings per share for the quarter, missing the consensus estimate of $2.72 by ($0.05). Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The company had revenue of $3.68 billion during the quarter, compared to analysts' expectations of $3.35 billion. During the same quarter last year, the business posted $4.52 earnings per share. The company's revenue for the quarter was up 48.1% compared to the same quarter last year. As a group, research analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were paid a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Thursday, August 14th. Diamondback Energy's payout ratio 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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