Miracle Mile Advisors LLC Has $877,000 Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Miracle Mile Advisors LLC decreased its position in Diamondback Energy, Inc. (NASDAQ:FANGFree Report) by 31.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,658 shares of the oil and natural gas company’s stock after selling 2,624 shares during the period. Miracle Mile Advisors LLC’s holdings in Diamondback Energy were worth $877,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Raymond James Trust N.A. raised its holdings in shares of Diamondback Energy by 145.2% during the fourth quarter. Raymond James Trust N.A. now owns 11,993 shares of the oil and natural gas company’s stock valued at $1,860,000 after purchasing an additional 7,102 shares during the period. Raymond James & Associates raised its holdings in shares of Diamondback Energy by 143.0% during the fourth quarter. Raymond James & Associates now owns 981,284 shares of the oil and natural gas company’s stock valued at $152,177,000 after purchasing an additional 577,514 shares during the period. Czech National Bank raised its holdings in shares of Diamondback Energy by 0.3% during the fourth quarter. Czech National Bank now owns 31,348 shares of the oil and natural gas company’s stock valued at $4,861,000 after purchasing an additional 95 shares during the period. Clarity Financial LLC acquired a new position in shares of Diamondback Energy during the fourth quarter valued at about $7,153,000. Finally, Regal Investment Advisors LLC raised its holdings in shares of Diamondback Energy by 14.3% during the third quarter. Regal Investment Advisors LLC now owns 25,332 shares of the oil and natural gas company’s stock valued at $3,923,000 after purchasing an additional 3,168 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Insider Activity at Diamondback Energy

In related news, COO Daniel N. Wesson sold 6,000 shares of the company’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $192.17, for a total transaction of $1,153,020.00. Following the sale, the chief operating officer now directly owns 78,218 shares in the company, valued at approximately $15,031,153.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Diamondback Energy news, COO Daniel N. Wesson sold 6,000 shares of the stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $192.17, for a total value of $1,153,020.00. Following the sale, the chief operating officer now directly owns 78,218 shares in the company, valued at approximately $15,031,153.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Matt Zmigrosky sold 5,000 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $193.94, for a total transaction of $969,700.00. Following the completion of the sale, the executive vice president now owns 44,445 shares in the company, valued at $8,619,663.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,675 shares of company stock worth $5,311,096. 0.43% of the stock is owned by corporate insiders.

Diamondback Energy Stock Up 0.6 %

Diamondback Energy stock opened at $199.45 on Tuesday. Diamondback Energy, Inc. has a twelve month low of $123.41 and a twelve month high of $199.87. The firm has a 50 day moving average price of $174.78 and a 200-day moving average price of $162.55. The company has a market capitalization of $35.59 billion, a P/E ratio of 11.50 and a beta of 1.93. The company has a quick ratio of 0.74, a current ratio of 0.77 and a debt-to-equity ratio of 0.38.

Diamondback Energy (NASDAQ:FANGGet Free Report) last announced its quarterly earnings results on Tuesday, February 20th. The oil and natural gas company reported $4.74 EPS for the quarter, beating analysts’ consensus estimates of $4.61 by $0.13. The company had revenue of $2.23 billion for the quarter, compared to analysts’ expectations of $2.16 billion. Diamondback Energy had a net margin of 37.36% and a return on equity of 19.56%. Diamondback Energy’s revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the company posted $5.29 EPS. As a group, equities analysts predict that Diamondback Energy, Inc. will post 17.93 EPS for the current year.

Diamondback Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Tuesday, March 5th were paid a dividend of $3.08 per share. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.84. This represents a $12.32 dividend on an annualized basis and a dividend yield of 6.18%. The ex-dividend date of this dividend was Monday, March 4th. Diamondback Energy’s dividend payout ratio is presently 20.76%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on FANG shares. Evercore ISI upped their price objective on shares of Diamondback Energy from $185.00 to $215.00 and gave the company an “outperform” rating in a report on Monday, March 25th. Morgan Stanley boosted their target price on shares of Diamondback Energy from $177.00 to $186.00 and gave the stock an “overweight” rating in a research report on Thursday, March 28th. Piper Sandler boosted their target price on shares of Diamondback Energy from $222.00 to $227.00 and gave the stock an “overweight” rating in a research report on Thursday, March 7th. Susquehanna boosted their target price on shares of Diamondback Energy from $190.00 to $195.00 and gave the stock a “positive” rating in a research report on Tuesday, February 13th. Finally, Mizuho boosted their target price on shares of Diamondback Energy from $177.00 to $200.00 and gave the stock a “buy” rating in a research report on Tuesday, March 5th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $190.11.

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About Diamondback Energy

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Diamondback Energy (NASDAQ:FANG)

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