Woodmont Investment Counsel LLC Has $5.98 Million Stock Position in Diamondback Energy, Inc. $FANG

Key Points

• Woodmont Investment Counsel LLC increased its stake in Diamondback Energy by 1,123.0%, now holding shares worth approximately $5.98 million.
• Diamondback Energy's stock has a current consensus rating of "Buy," with a target price averaging $192.41 from various analysts.
• The company recently paid a quarterly dividend of $1.00 per share, translating to an annualized yield of 2.7%.

Woodmont Investment Counsel LLC lifted its stake in Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) by 1,123.0% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 43,515 shares of the oil and natural gas company's stock after purchasing an additional 39,957 shares during the quarter. Woodmont Investment Counsel LLC's holdings in Diamondback Energy were worth $5,979,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. BankPlus Trust Department purchased a new position in Diamondback Energy during the 1st quarter valued at about $27,000. Pinnacle Bancorp Inc. increased its stake 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 buying an additional 88 shares during the period. SouthState Corp increased its stake in Diamondback Energy by 596.4% in the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company's stock valued at $31,000 after buying an additional 167 shares during the period. WASHINGTON TRUST Co increased its stake in Diamondback Energy by 119.8% in the 1st quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company's stock valued at $32,000 after buying an additional 109 shares during the period. Finally, Grove Bank & Trust increased its stake in Diamondback Energy by 65.0% in the 1st quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company's stock valued at $32,000 after buying an additional 80 shares during the period. Institutional investors and hedge funds own 90.01% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on FANG shares. Wells Fargo & Company upped their price objective on shares of Diamondback Energy from $210.00 to $211.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. Susquehanna reduced their price target on Diamondback Energy from $192.00 to $188.00 and set a "positive" rating for the company in a report on Wednesday, July 23rd. Mizuho reduced their price target on Diamondback Energy from $183.00 to $176.00 and set an "outperform" rating for the company in a report on Monday, September 15th. Melius began coverage on Diamondback Energy in a report on Wednesday, August 20th. They set a "buy" rating and a $213.00 price target for the company. Finally, Melius Research began coverage on Diamondback Energy in a report on Wednesday, August 20th. They set a "buy" rating and a $213.00 price target for the company. Two investment 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's stock. According to data from MarketBeat, Diamondback Energy currently has a consensus rating of "Buy" and a consensus target price of $192.41.

Diamondback Energy Stock Performance

Shares of NASDAQ FANG opened at $147.47 on Monday. 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 business's 50 day moving average is $142.86 and its two-hundred day moving average is $141.41. The company has a market cap of $42.69 billion, a P/E ratio of 10.48 and a beta of 1.04. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $200.47.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 EPS for the quarter, missing the consensus estimate of $2.72 by ($0.05). The business had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.35 billion. Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The business's quarterly revenue was up 48.1% on a year-over-year basis. During the same period in the prior year, the firm earned $4.52 earnings per share. On average, equities analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were given a dividend of $1.00 per share. The ex-dividend date was Thursday, August 14th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.7%. Diamondback Energy's payout ratio is currently 28.43%.

Insider Activity

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 value of $2,913,120.00. Following the sale, the chairman owned 102,145 shares of the company's stock, valued at $14,586,306. The trade was a 16.65% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.70% of the company's stock.

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.

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