Heritage Wealth Management Inc. Takes $966,000 Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Heritage Wealth Management Inc. acquired a new stake in Diamondback Energy, Inc. (NASDAQ:FANG) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 4,745 shares of the oil and natural gas company’s stock, valued at approximately $966,000.

Other large investors also recently made changes to their positions in the company. Founders Capital Management boosted its holdings in shares of Diamondback Energy by 404.0% in the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after buying an additional 101 shares during the last quarter. First Community Trust NA bought a new stake in Diamondback Energy in the 2nd quarter valued at $26,000. Carolinas Wealth Consulting LLC raised its stake in Diamondback Energy by 67.1% in the 2nd quarter. Carolinas Wealth Consulting LLC now owns 137 shares of the oil and natural gas company’s stock valued at $27,000 after acquiring an additional 55 shares during the period. Logan Capital Management Inc. bought a new stake in Diamondback Energy in the 4th quarter valued at $31,000. Finally, HHM Wealth Advisors LLC bought a new stake in Diamondback Energy in the 2nd quarter valued at $40,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Insider Activity at Diamondback Energy

In related news, major shareholder Lyndal Greth sold 13,212,830 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $175.11, for a total value of $2,313,698,661.30. Following the sale, the insider now directly owns 1,037,819 shares of the company’s stock, valued at $181,732,485.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.48% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

FANG has been the topic of a number of research analyst reports. Royal Bank of Canada restated an “outperform” rating and issued a $220.00 price target on shares of Diamondback Energy in a research note on Tuesday, September 17th. Sanford C. Bernstein dropped their price target on Diamondback Energy from $243.00 to $236.00 and set an “outperform” rating on the stock in a research note on Wednesday, July 17th. Piper Sandler dropped their price target on Diamondback Energy from $249.00 to $240.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. Jefferies Financial Group started coverage on Diamondback Energy in a research report on Monday, September 16th. They set a “hold” rating and a $185.00 price objective on the stock. Finally, Susquehanna lowered their price objective on Diamondback Energy from $245.00 to $237.00 and set a “positive” rating on the stock in a research report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Diamondback Energy presently has a consensus rating of “Moderate Buy” and an average target price of $207.24.

Diamondback Energy Stock Performance

FANG opened at $177.52 on Wednesday. The business’s fifty day moving average is $188.11 and its 200-day moving average is $195.35. The firm has a market cap of $31.66 billion, a P/E ratio of 10.01, a price-to-earnings-growth ratio of 1.17 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, Inc. has a 52-week low of $143.08 and a 52-week high of $214.50.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 earnings per share for the quarter, beating the consensus estimate of $4.51 by $0.01. The business had revenue of $2.48 billion for the quarter, compared to analyst estimates of $2.19 billion. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. Diamondback Energy’s revenue was up 29.4% compared to the same quarter last year. During the same period last year, the firm posted $3.68 earnings per share. Sell-side analysts expect that Diamondback Energy, Inc. will post 18.97 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

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

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.