Bleakley Financial Group LLC Raises Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Bleakley Financial Group LLC boosted its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 10.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,405 shares of the oil and natural gas company’s stock after buying an additional 427 shares during the period. Bleakley Financial Group LLC’s holdings in Diamondback Energy were worth $759,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. First Community Trust NA purchased a new position in shares of Diamondback Energy during the second quarter valued at approximately $26,000. Carolinas Wealth Consulting LLC lifted its holdings in shares of Diamondback Energy by 67.1% during the second quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock valued at $27,000 after purchasing an additional 55 shares during the last quarter. HHM Wealth Advisors LLC purchased a new position in shares of Diamondback Energy during the second quarter valued at approximately $40,000. Founders Capital Management lifted its holdings in shares of Diamondback Energy by 99.2% during the second quarter. Founders Capital Management now owns 251 shares of the oil and natural gas company’s stock valued at $50,000 after purchasing an additional 125 shares during the last quarter. Finally, CVA Family Office LLC lifted its holdings in shares of Diamondback Energy by 28.1% during the third quarter. CVA Family Office LLC now owns 296 shares of the oil and natural gas company’s stock valued at $51,000 after purchasing an additional 65 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Diamondback Energy Trading Down 0.9 %

Shares of FANG stock opened at $182.41 on Tuesday. Diamondback Energy, Inc. has a 1 year low of $145.70 and a 1 year high of $214.50. The firm has a fifty day moving average price of $185.97 and a 200-day moving average price of $194.58. The company has a debt-to-equity ratio of 0.65, a current ratio of 3.66 and a quick ratio of 3.64. The company has a market cap of $32.53 billion, a price-to-earnings ratio of 10.28, a PEG ratio of 1.22 and a beta of 1.89.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share (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 in the previous year, the firm posted $3.68 EPS. The company’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 earnings per share for the current year.

Diamondback Energy Increases Dividend

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

Insider Activity

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of Diamondback Energy stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $175.11, for a total transaction of $2,313,698,661.30. Following the transaction, the insider now owns 1,037,819 shares in the company, valued at approximately $181,732,485.09. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.48% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on FANG. Piper Sandler lifted their target price on shares of Diamondback Energy from $240.00 to $252.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Royal Bank of Canada reiterated an “outperform” rating and set a $220.00 target price on shares of Diamondback Energy in a report on Tuesday, September 17th. JPMorgan Chase & Co. assumed coverage on shares of Diamondback Energy in a research report on Wednesday, October 2nd. They set an “overweight” rating and a $182.00 price target for the company. Truist Financial raised their price target on shares of Diamondback Energy from $220.00 to $230.00 and gave the company a “buy” rating in a research report on Wednesday, October 16th. Finally, Wells Fargo & Company reissued a “sector outperform” rating on shares of Diamondback Energy in a research report on Friday. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $210.09.

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.