Invera Wealth Advisors LLC Purchases 704 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Invera Wealth Advisors LLC raised its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 9.5% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 8,141 shares of the oil and natural gas company’s stock after purchasing an additional 704 shares during the quarter. Diamondback Energy accounts for about 1.4% of Invera Wealth Advisors LLC’s investment portfolio, making the stock its 28th biggest holding. Invera Wealth Advisors LLC’s holdings in Diamondback Energy were worth $1,625,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of FANG. Massachusetts Financial Services Co. MA increased its stake in Diamondback Energy by 39.9% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,007,599 shares of the oil and natural gas company’s stock valued at $465,817,000 after purchasing an additional 858,446 shares in the last quarter. Diamond Hill Capital Management Inc. bought a new stake in shares of Diamondback Energy in the third quarter worth approximately $128,720,000. Wellington Management Group LLP grew its stake in shares of Diamondback Energy by 4.8% in the third quarter. Wellington Management Group LLP now owns 14,266,640 shares of the oil and natural gas company’s stock worth $2,209,617,000 after acquiring an additional 648,317 shares during the period. Raymond James & Associates grew its stake in shares of Diamondback Energy by 143.0% in the fourth quarter. Raymond James & Associates now owns 981,284 shares of the oil and natural gas company’s stock worth $152,177,000 after acquiring an additional 577,514 shares during the period. Finally, Raymond James Financial Services Advisors Inc. grew its stake in shares of Diamondback Energy by 286.1% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 595,694 shares of the oil and natural gas company’s stock worth $92,380,000 after acquiring an additional 441,411 shares during the period. 90.01% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, COO Daniel N. Wesson sold 6,000 shares of the business’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $192.17, for a total value of $1,153,020.00. Following the sale, the chief operating officer now owns 78,218 shares in the company, valued at $15,031,153.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Teresa L. Dick sold 2,000 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $192.00, for a total value of $384,000.00. Following the transaction, the chief accounting officer now directly owns 96,523 shares in the company, valued at $18,532,416. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Daniel N. Wesson sold 6,000 shares of the company’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $192.17, for a total transaction of $1,153,020.00. Following the completion of the transaction, the chief operating officer now owns 78,218 shares in the company, valued at $15,031,153.06. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 57,675 shares of company stock worth $11,311,096. Insiders own 0.43% of the company’s stock.

Wall Street Analysts Forecast Growth

FANG has been the subject of a number of research analyst reports. Truist Financial lifted their price target on shares of Diamondback Energy from $248.00 to $250.00 and gave the stock a “buy” rating in a research note on Monday, April 22nd. UBS Group lifted their price target on shares of Diamondback Energy from $183.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, February 14th. Stifel Nicolaus lifted their price target on shares of Diamondback Energy from $224.00 to $229.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. KeyCorp boosted their target price on shares of Diamondback Energy from $210.00 to $225.00 and gave the company an “overweight” rating in a research report on Monday, April 22nd. Finally, Morgan Stanley cut their target price on shares of Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating for the company in a research report on Monday, April 15th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Diamondback Energy presently has an average rating of “Moderate Buy” and a consensus price target of $202.53.

Diamondback Energy Price Performance

Shares of FANG stock traded down $1.90 during mid-day trading on Monday, hitting $205.86. The company had a trading volume of 1,663,288 shares, compared to its average volume of 1,723,635. Diamondback Energy, Inc. has a 52-week low of $123.41 and a 52-week high of $211.96. The stock’s 50 day moving average price is $193.78 and its 200-day moving average price is $169.96. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.77 and a quick ratio of 0.74. The company has a market capitalization of $36.71 billion, a P/E ratio of 11.87 and a beta of 1.93.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Tuesday, February 20th. The oil and natural gas company reported $4.74 EPS for the quarter, topping the consensus estimate of $4.61 by $0.13. Diamondback Energy had a net margin of 37.36% and a return on equity of 19.56%. The firm had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same quarter in the previous year, the firm earned $5.29 earnings per share. The company’s quarterly revenue was up 9.8% compared to the same quarter last year. Equities research analysts forecast that Diamondback Energy, Inc. will post 18.83 earnings per share for the current year.

Diamondback Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Tuesday, March 5th were given a $3.08 dividend. This represents a $12.32 annualized dividend and a yield of 5.98%. The ex-dividend date was Monday, March 4th. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.84. Diamondback Energy’s payout ratio is currently 20.76%.

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.