WealthShield Partners LLC Takes $3.10 Million Position in Diamondback Energy, Inc. $FANG

Key Points

• WealthShield Partners initiated a $3.10 million position in Diamondback Energy during the second quarter, purchasing 17,637 shares. Institutional investors collectively own approximately 90.01% of the company.
• Diamondback reported strong quarterly results, with earnings of $6.48 per share and revenue of $5.56 billion, exceeding analyst estimates; revenue increased 51.2% year over year.
• Analysts maintain a favorable outlook, with a “Moderate Buy” consensus rating and an average price target of $222.21. The company also pays a quarterly dividend of $1.10 per share, representing a 2.1% yield.

WealthShield Partners LLC purchased a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 17,637 shares of the oil and natural gas company's stock, valued at approximately $3,100,000.

Several other institutional investors have also modified their holdings of the company. BlackRock Inc. purchased a new position in Diamondback Energy in the 2nd quarter valued at approximately $3,303,362,000. Boston Partners raised its holdings in Diamondback Energy by 2.9% during the third quarter. Boston Partners now owns 5,733,538 shares of the oil and natural gas company's stock worth $821,649,000 after purchasing an additional 163,548 shares during the last quarter. Geode Capital Management LLC boosted its position in Diamondback Energy by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 5,621,120 shares of the oil and natural gas company's stock worth $844,073,000 after purchasing an additional 14,625 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Diamondback Energy by 11.5% during the fourth quarter. Bank of New York Mellon Corp now owns 5,159,365 shares of the oil and natural gas company's stock worth $775,607,000 after purchasing an additional 532,756 shares in the last quarter. Finally, Capital Research Global Investors boosted its position in Diamondback Energy by 14.1% during the fourth quarter. Capital Research Global Investors now owns 4,332,885 shares of the oil and natural gas company's stock worth $651,363,000 after purchasing an additional 534,073 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company's stock.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $210.72 on Friday. The business's fifty day moving average price is $191.79 and its two-hundred day moving average price is $189.22. The stock has a market cap of $59.01 billion, a PE ratio of 41.08 and a beta of 0.43. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.45 and a current ratio of 0.47. Diamondback Energy, Inc. has a one year low of $134.30 and a one year high of $216.90.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share for the quarter, topping the consensus estimate of $6.08 by $0.40. Diamondback Energy had a return on equity of 10.10% and a net margin of 8.58%.The company had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $4.89 billion. During the same quarter last year, the business posted $2.38 earnings per share. Diamondback Energy's revenue was up 51.2% compared to the same quarter last year. On average, analysts forecast that Diamondback Energy, Inc. will post 20.13 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 13th were paid a dividend of $1.10 per share. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.1%. Diamondback Energy's dividend payout ratio (DPR) is presently 85.77%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on FANG. Wells Fargo & Company raised their price target on Diamondback Energy from $262.00 to $263.00 and gave the company an "overweight" rating in a research report on Wednesday, August 5th. Sanford C. Bernstein boosted their price objective on shares of Diamondback Energy from $237.00 to $241.00 and gave the stock an "outperform" rating in a research report on Monday, May 11th. Wolfe Research reissued an "outperform" rating and issued a $206.00 price objective on shares of Diamondback Energy in a research note on Tuesday, August 4th. Truist Financial increased their price objective on shares of Diamondback Energy from $220.00 to $224.00 and gave the company a "buy" rating in a research note on Wednesday, August 5th. Finally, Raymond James Financial restated a "strong-buy" rating and set a $248.00 target price on shares of Diamondback Energy in a report on Friday, July 31st. Four investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $222.21.

Insider Buying and Selling

In related news, CAO Teresa L. Dick sold 7,000 shares of Diamondback Energy stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the completion of the sale, the chief accounting officer owned 85,755 shares in the company, valued at approximately $17,228,179.50. This trade represents a 7.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Charles Alvin Meloy sold 33,333 shares of the business's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $198.41, for a total transaction of $6,613,600.53. Following the completion of the transaction, the director directly owned 818,197 shares of the company's stock, valued at $162,338,466.77. The trade was a 3.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 129,167 shares of company stock worth $24,714,309. 0.64% of the stock is owned by company insiders.

About Diamondback Energy

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.

Want to see what other hedge funds are holding FANG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Diamondback Energy, Inc. (NASDAQ:FANG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source