NewEdge Wealth LLC Cuts Position in Diamondback Energy, Inc. (NASDAQ:FANG)

NewEdge Wealth LLC lessened its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 10.4% in the 4th quarter, Holdings Channel.com reports. The firm owned 1,762 shares of the oil and natural gas company’s stock after selling 205 shares during the quarter. NewEdge Wealth LLC’s holdings in Diamondback Energy were worth $273,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BKM Wealth Management LLC acquired a new stake in Diamondback Energy in the 4th quarter worth about $27,000. BluePath Capital Management LLC acquired a new stake in Diamondback Energy in the 3rd quarter worth about $28,000. FinTrust Capital Advisors LLC boosted its holdings in Diamondback Energy by 232.8% in the 4th quarter. FinTrust Capital Advisors LLC now owns 213 shares of the oil and natural gas company’s stock worth $29,000 after buying an additional 149 shares during the last quarter. Carolinas Wealth Consulting LLC boosted its holdings in Diamondback Energy by 366.7% in the 1st quarter. Carolinas Wealth Consulting LLC now owns 224 shares of the oil and natural gas company’s stock worth $31,000 after buying an additional 176 shares during the last quarter. Finally, Householder Group Estate & Retirement Specialist LLC acquired a new stake in Diamondback Energy in the 3rd quarter worth about $32,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, CAO Teresa L. Dick sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $192.00, for a total value of $384,000.00. Following the sale, the chief accounting officer now owns 96,523 shares of the company’s stock, valued at $18,532,416. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Diamondback Energy news, CEO Travis D. Stice sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, April 2nd. The stock was 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 owns 446,610 shares of the company’s stock, valued at $89,322,000. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Teresa L. Dick sold 2,000 shares of the company’s stock in a transaction on Wednesday, March 20th. The stock was 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 disclosure for this sale can be found here. Insiders have sold a total of 57,675 shares of company stock valued at $11,311,096 over the last quarter. 0.43% of the stock is owned by company insiders.

Diamondback Energy Trading Down 0.8 %

FANG opened at $199.60 on Friday. Diamondback Energy, Inc. has a one year low of $123.41 and a one year high of $211.96. The stock has a market capitalization of $35.60 billion, a PE ratio of 11.51 and a beta of 1.93. The business’s 50 day moving average price is $188.92 and its 200 day moving average price is $167.21. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.74 and a current ratio of 0.77.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Tuesday, February 20th. The oil and natural gas company reported $4.74 earnings per share (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 analyst estimates of $2.16 billion. Diamondback Energy had a return on equity of 19.56% and a net margin of 37.36%. The firm’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.29 earnings per share. As a group, equities research analysts expect that Diamondback Energy, Inc. will post 18.52 EPS for the current 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 given a $3.08 dividend. This is a positive change from Diamondback Energy’s previous quarterly dividend of $0.84. The ex-dividend date of this dividend was Monday, March 4th. This represents a $12.32 dividend on an annualized basis and a yield of 6.17%. Diamondback Energy’s payout ratio is presently 20.76%.

Analysts Set New Price Targets

Several research firms recently issued reports on FANG. Piper Sandler lifted their price objective on Diamondback Energy from $222.00 to $227.00 and gave the stock an “overweight” rating in a report on Thursday, March 7th. Mizuho lifted their price objective on Diamondback Energy from $200.00 to $217.00 and gave the stock a “buy” rating in a report on Thursday, April 11th. Royal Bank of Canada reiterated an “outperform” rating and issued a $195.00 price objective on shares of Diamondback Energy in a report on Monday, March 4th. UBS Group boosted their target price on Diamondback Energy from $183.00 to $200.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Finally, Scotiabank boosted their target price on Diamondback Energy from $210.00 to $255.00 and gave the stock a “sector outperform” rating in a report on Thursday, April 11th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $195.95.

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.