Miracle Mile Advisors LLC Has $817,000 Stock Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Miracle Mile Advisors LLC cut its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 7.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,741 shares of the oil and natural gas company’s stock after selling 386 shares during the period. Miracle Mile Advisors LLC’s holdings in Diamondback Energy were worth $817,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Schroder Investment Management Group increased its holdings in Diamondback Energy by 6.2% during the 4th quarter. Schroder Investment Management Group now owns 144,236 shares of the oil and natural gas company’s stock valued at $22,368,000 after purchasing an additional 8,418 shares in the last quarter. Ossiam increased its stake in shares of Diamondback Energy by 38.2% in the fourth quarter. Ossiam now owns 11,039 shares of the oil and natural gas company’s stock valued at $1,712,000 after buying an additional 3,050 shares in the last quarter. Logan Capital Management Inc. bought a new position in shares of Diamondback Energy in the fourth quarter valued at about $31,000. Elo Mutual Pension Insurance Co lifted its position in Diamondback Energy by 3.4% during the 4th quarter. Elo Mutual Pension Insurance Co now owns 14,880 shares of the oil and natural gas company’s stock worth $2,308,000 after buying an additional 488 shares in the last quarter. Finally, State of Tennessee Treasury Department grew its holdings in Diamondback Energy by 107.1% during the 4th quarter. State of Tennessee Treasury Department now owns 98,248 shares of the oil and natural gas company’s stock worth $15,236,000 after acquiring an additional 50,799 shares during the last quarter. 90.01% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on FANG. Piper Sandler reduced their target price on shares of Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. Johnson Rice lowered Diamondback Energy from a “strong-buy” rating to a “moderate buy” rating in a research report on Tuesday, September 24th. UBS Group dropped their target price on Diamondback Energy from $247.00 to $223.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Sanford C. Bernstein decreased their price target on Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating on the stock in a report on Wednesday, July 17th. Finally, Wells Fargo & Company dropped their price objective on Diamondback Energy from $230.00 to $219.00 and set an “overweight” rating for the company in a report on Tuesday, October 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $209.50.

Diamondback Energy Trading Down 2.9 %

NASDAQ:FANG opened at $193.77 on Wednesday. The company has a market cap of $34.56 billion, a P/E ratio of 10.92, a price-to-earnings-growth ratio of 1.17 and a beta of 1.89. Diamondback Energy, Inc. has a twelve month low of $145.70 and a twelve month high of $214.50. The business has a 50 day moving average price of $187.43 and a two-hundred day moving average price of $195.30. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, topping the consensus estimate of $4.51 by $0.01. Diamondback Energy had a net margin of 37.51% and a return on equity of 19.54%. The business had revenue of $2.48 billion during the quarter, compared to analysts’ expectations of $2.19 billion. During the same quarter in the prior year, the company posted $3.68 earnings per share. The firm’s revenue was up 29.4% on a year-over-year basis. As a group, analysts expect that Diamondback Energy, Inc. will post 18.97 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

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

Insider Activity at Diamondback Energy

In other news, major shareholder Lyndal Greth sold 13,212,830 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the sale, the insider now owns 1,037,819 shares in the company, valued at $181,732,485.09. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.48% of the company’s stock.

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.