EverSource Wealth Advisors LLC Raises Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

EverSource Wealth Advisors LLC grew its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 234.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,162 shares of the oil and natural gas company’s stock after purchasing an additional 5,019 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Diamondback Energy were worth $1,449,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of FANG. Fidelis Capital Partners LLC grew its stake in Diamondback Energy by 11.3% in the second quarter. Fidelis Capital Partners LLC now owns 5,641 shares of the oil and natural gas company’s stock worth $1,080,000 after purchasing an additional 573 shares during the period. Epoch Investment Partners Inc. lifted its position in Diamondback Energy by 57.6% during the 2nd quarter. Epoch Investment Partners Inc. now owns 122,372 shares of the oil and natural gas company’s stock valued at $24,498,000 after acquiring an additional 44,729 shares during the period. 1832 Asset Management L.P. boosted its stake in Diamondback Energy by 81.5% during the second quarter. 1832 Asset Management L.P. now owns 163,452 shares of the oil and natural gas company’s stock worth $32,721,000 after acquiring an additional 73,400 shares in the last quarter. Frank Rimerman Advisors LLC grew its holdings in Diamondback Energy by 6,145.1% in the second quarter. Frank Rimerman Advisors LLC now owns 6,370 shares of the oil and natural gas company’s stock worth $1,275,000 after purchasing an additional 6,268 shares during the period. Finally, Holderness Investments Co. grew its stake in shares of Diamondback Energy by 16.5% in the second quarter. Holderness Investments Co. now owns 1,890 shares of the oil and natural gas company’s stock worth $378,000 after acquiring an additional 267 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on FANG shares. Piper Sandler dropped their price target on shares of Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. Wolfe Research began coverage on shares of Diamondback Energy in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Benchmark reissued a “buy” rating and issued a $154.00 target price on shares of Diamondback Energy in a report on Tuesday, August 6th. KeyCorp started coverage on Diamondback Energy in a research note on Thursday, June 27th. They set an “overweight” rating and a $225.00 price target for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $220.00 price objective on shares of Diamondback Energy in a research note on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $209.71.

Diamondback Energy Stock Down 0.3 %

NASDAQ FANG opened at $181.00 on Monday. The stock has a 50 day moving average price of $192.28 and a 200-day moving average price of $195.78. Diamondback Energy, Inc. has a one year low of $143.08 and a one year high of $214.50. The company has a market capitalization of $32.28 billion, a P/E ratio of 10.20, a P/E/G ratio of 1.06 and a beta of 1.89. The company has a debt-to-equity ratio of 0.65, a quick ratio of 3.64 and a current ratio of 3.66.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, beating analysts’ consensus estimates of $4.51 by $0.01. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The firm had revenue of $2.48 billion during the quarter, compared to the consensus estimate of $2.19 billion. During the same quarter last year, the firm earned $3.68 EPS. The firm’s revenue for the quarter was up 29.4% compared to the same quarter last year. As a group, equities analysts predict that Diamondback Energy, Inc. will post 19.08 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently disclosed a None dividend, which was paid on Thursday, August 22nd. Shareholders of record on Thursday, August 15th were paid a dividend of $2.34 per share. This represents a yield of 1.9%. This is a positive change from Diamondback Energy’s previous None dividend of $2.26. The ex-dividend date was Thursday, August 15th. Diamondback Energy’s payout ratio is presently 20.29%.

About Diamondback Energy

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.