Legacy CG LLC Invests $4.97 Million in Diamondback Energy, Inc. (NASDAQ:FANG)

Legacy CG LLC acquired a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 32,049 shares of the oil and natural gas company's stock, valued at approximately $4,970,000. Diamondback Energy comprises about 1.9% of Legacy CG LLC's investment portfolio, making the stock its 20th biggest position.

Other hedge funds have also made changes to their positions in the company. BKM Wealth Management LLC purchased a new position in Diamondback Energy in the fourth quarter valued at about $27,000. BluePath Capital Management LLC acquired a new position in Diamondback Energy in the third quarter worth about $28,000. FinTrust Capital Advisors LLC grew its stake in Diamondback Energy by 232.8% in the fourth quarter. FinTrust Capital Advisors LLC now owns 213 shares of the oil and natural gas company's stock worth $29,000 after purchasing an additional 149 shares in the last quarter. Carolinas Wealth Consulting LLC grew its stake in Diamondback Energy by 366.7% in the first quarter. Carolinas Wealth Consulting LLC now owns 224 shares of the oil and natural gas company's stock worth $31,000 after purchasing an additional 176 shares in the last quarter. Finally, Householder Group Estate & Retirement Specialist LLC acquired a new position in Diamondback Energy in the third quarter worth about $32,000. Institutional investors and hedge funds own 90.01% of the company's stock.

Diamondback Energy Price Performance

NASDAQ:FANG traded down $0.99 during mid-day trading on Monday, hitting $205.35. The company's stock had a trading volume of 1,228,854 shares, compared to its average volume of 1,777,951. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $36.62 billion, a price-to-earnings ratio of 11.96 and a beta of 1.93. Diamondback Energy, Inc. has a fifty-two week low of $123.41 and a fifty-two week high of $211.96. The stock has a fifty day moving average of $184.85 and a 200-day moving average of $166.06.

Diamondback Energy (NASDAQ:FANG - Get Free Report) last released its quarterly earnings results on Tuesday, February 20th. The oil and natural gas company reported $4.74 EPS for the quarter, beating the consensus estimate of $4.61 by $0.13. Diamondback Energy had a net margin of 37.36% and a return on equity of 19.56%. The business had revenue of $2.23 billion for the quarter, compared to analysts' expectations of $2.16 billion. During the same period in the prior year, the firm earned $5.29 earnings per share. Diamondback Energy's revenue was up 9.8% compared to the same quarter last year. As a group, equities analysts forecast that Diamondback Energy, Inc. will post 18.47 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Tuesday, March 5th were issued a $3.08 dividend. The ex-dividend date was Monday, March 4th. This is a positive change from Diamondback Energy's previous quarterly dividend of $0.84. This represents a $12.32 annualized dividend and a yield of 6.00%. Diamondback Energy's dividend payout ratio (DPR) is 20.76%.

Insiders Place Their Bets

In related news, CEO Travis D. Stice sold 30,000 shares of the business's stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total value of $6,000,000.00. Following the sale, the chief executive officer now directly owns 446,610 shares of the company's stock, valued at approximately $89,322,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Diamondback Energy news, CAO Teresa L. Dick sold 2,000 shares of Diamondback Energy stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $192.00, for a total value of $384,000.00. Following the sale, the chief accounting officer now directly owns 96,523 shares in the company, valued at approximately $18,532,416. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Travis D. Stice sold 30,000 shares of Diamondback Energy stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the completion of the sale, the chief executive officer now owns 446,610 shares in the company, valued at $89,322,000. The disclosure for this sale can be found here. Over the last three months, insiders have sold 57,675 shares of company stock worth $11,311,096. Company insiders own 0.43% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have commented on FANG shares. Evercore ISI lifted their target price on Diamondback Energy from $185.00 to $215.00 and gave the company an "outperform" rating in a research note on Monday, March 25th. Stifel Nicolaus boosted their target price on Diamondback Energy from $192.00 to $224.00 and gave the stock a "buy" rating in a report on Friday, March 22nd. Susquehanna upped their price target on Diamondback Energy from $190.00 to $195.00 and gave the company a "positive" rating in a report on Tuesday, February 13th. UBS Group upped their price target on Diamondback Energy from $183.00 to $200.00 and gave the company a "buy" rating in a report on Wednesday, February 14th. Finally, Bank Of America (Bofa) dropped their price target on Diamondback Energy from $147.00 to $129.00 and set an "underperform" rating on the stock in a report on Thursday, January 18th. One analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Diamondback Energy presently has an average rating of "Moderate Buy" and an average price target of $195.95.

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.