Faithward Advisors LLC Trims Stock Position in Diamondback Energy, Inc. $FANG

Faithward Advisors LLC trimmed its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 2.9% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 23,107 shares of the oil and natural gas company’s stock after selling 697 shares during the quarter. Faithward Advisors LLC’s holdings in Diamondback Energy were worth $3,694,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. BankPlus Trust Department bought a new position in shares of Diamondback Energy in the first quarter worth approximately $27,000. Pinnacle Bancorp Inc. grew its holdings in shares of Diamondback Energy by 95.7% in the first quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company’s stock worth $29,000 after purchasing an additional 88 shares during the last quarter. SouthState Corp grew its holdings in shares of Diamondback Energy by 596.4% in the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock worth $31,000 after purchasing an additional 167 shares during the last quarter. Grove Bank & Trust grew its holdings in shares of Diamondback Energy by 65.0% in the first quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company’s stock worth $32,000 after purchasing an additional 80 shares during the last quarter. Finally, WASHINGTON TRUST Co grew its holdings in shares of Diamondback Energy by 119.8% in the first quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company’s stock worth $32,000 after purchasing an additional 109 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on FANG. Melius assumed coverage on Diamondback Energy in a research note on Wednesday, August 20th. They issued a “buy” rating and a $213.00 price target for the company. Piper Sandler dropped their target price on shares of Diamondback Energy from $228.00 to $222.00 and set an “overweight” rating for the company in a research report on Thursday, August 14th. Scotiabank reaffirmed an “outperform” rating on shares of Diamondback Energy in a research report on Friday, July 11th. Mizuho decreased their price objective on Diamondback Energy from $186.00 to $179.00 and set an “outperform” rating for the company in a report on Tuesday, May 13th. Finally, Wells Fargo & Company increased their price objective on Diamondback Energy from $210.00 to $211.00 and gave the stock an “overweight” rating in a report on Thursday, August 14th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $193.17.

Insider Activity at Diamondback Energy

In other news, Chairman Travis D. Stice sold 20,400 shares of the business’s stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $142.80, for a total value of $2,913,120.00. Following the transaction, the chairman directly owned 102,145 shares in the company, valued at $14,586,306. The trade was a 16.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.48% of the stock is owned by insiders.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $138.71 on Monday. The stock has a 50-day simple moving average of $142.93 and a two-hundred day simple moving average of $142.63. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $200.47. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55. The firm has a market capitalization of $40.16 billion, a PE ratio of 9.86 and a beta of 1.15.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.72 by ($0.05). Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The company had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.35 billion. During the same period in the prior year, the firm posted $4.52 EPS. The business’s revenue for the quarter was up 48.1% on a year-over-year basis. Analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Thursday, August 14th. Diamondback Energy’s payout ratio is currently 28.43%.

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.