2,094 Shares in Diamondback Energy, Inc. $FANG Purchased by GC Wealth Management RIA LLC

GC Wealth Management RIA LLC acquired a new position in Diamondback Energy, Inc. (NASDAQ:FANG) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 2,094 shares of the oil and natural gas company’s stock, valued at approximately $288,000.

Other institutional investors have also added to or reduced their stakes in the company. BankPlus Trust Department bought a new position in shares of Diamondback Energy during the 1st quarter valued at approximately $27,000. Pinnacle Bancorp Inc. boosted its holdings in Diamondback Energy by 95.7% in the 1st quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company’s stock valued at $29,000 after purchasing an additional 88 shares during the period. SouthState Corp boosted its holdings in Diamondback Energy by 596.4% in the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock valued at $31,000 after purchasing an additional 167 shares during the period. Grove Bank & Trust boosted its holdings in Diamondback Energy by 65.0% in the 1st quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company’s stock valued at $32,000 after purchasing an additional 80 shares during the period. Finally, WASHINGTON TRUST Co raised its position in shares of Diamondback Energy by 119.8% during the 1st quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company’s stock valued at $32,000 after buying an additional 109 shares in the last quarter. 90.01% of the stock is owned by institutional investors.

Diamondback Energy Trading Up 0.3%

NASDAQ FANG opened at $143.54 on Thursday. 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 company has a market capitalization of $41.55 billion, a price-to-earnings ratio of 10.20 and a beta of 1.04. The company’s 50-day simple moving average is $142.85 and its two-hundred day simple moving average is $141.76. Diamondback Energy, Inc. has a one year low of $114.00 and a one year high of $200.47.

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 for the quarter, missing analysts’ consensus estimates of $2.72 by ($0.05). Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The firm had revenue of $3.68 billion during the quarter, compared to the consensus estimate of $3.35 billion. During the same quarter in the prior year, the business posted $4.52 earnings per share. The firm’s quarterly revenue was up 48.1% on a year-over-year basis. Equities analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.8%. The ex-dividend date was Thursday, August 14th. Diamondback Energy’s payout ratio is presently 28.43%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Melius initiated coverage on shares of Diamondback Energy in a research report on Wednesday, August 20th. They set a “buy” rating and a $213.00 price objective on the stock. Raymond James Financial cut their price target on shares of Diamondback Energy from $221.00 to $212.00 and set a “strong-buy” rating on the stock in a report on Wednesday, August 20th. Wells Fargo & Company lifted their target price on shares of Diamondback Energy from $210.00 to $211.00 and gave the company an “overweight” rating in a research note on Thursday, August 14th. Piper Sandler cut their target price on shares of Diamondback Energy from $228.00 to $222.00 and set an “overweight” rating on the stock in a research note on Thursday, August 14th. Finally, Scotiabank reissued an “outperform” rating on shares of Diamondback Energy in a research note on Friday, July 11th. Two research analysts have rated the stock with a Strong Buy rating and twenty-one have given a Buy rating to the stock. According to data from MarketBeat.com, Diamondback Energy currently has an average rating of “Buy” and an average price target of $193.39.

Insider Buying and Selling

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of Diamondback Energy stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the completion of the sale, the chairman directly owned 102,145 shares in the company, valued at approximately $14,586,306. The trade was a 16.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.70% of the company’s stock.

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.