Foster & Motley Inc. Reduces Stake in Diamondback Energy, Inc. $FANG

Foster & Motley Inc. cut its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 41.3% during the 2nd quarter, Holdings Channel.com reports. The firm owned 3,067 shares of the oil and natural gas company’s stock after selling 2,161 shares during the quarter. Foster & Motley Inc.’s holdings in Diamondback Energy were worth $421,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. BankPlus Trust Department purchased a new position in Diamondback Energy during the first quarter valued at $27,000. Pinnacle Bancorp Inc. raised its holdings in Diamondback Energy by 95.7% during the first quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company’s stock valued at $29,000 after acquiring an additional 88 shares during the period. SouthState Corp raised its holdings in Diamondback Energy by 596.4% during the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock valued at $31,000 after acquiring an additional 167 shares during the period. WASHINGTON TRUST Co raised its holdings in Diamondback Energy by 119.8% during the first quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company’s stock valued at $32,000 after acquiring an additional 109 shares during the period. Finally, Financial Gravity Asset Management Inc. bought a new stake in Diamondback Energy during the first quarter valued at about $33,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Diamondback Energy Price Performance

NASDAQ:FANG opened at $139.09 on Monday. The company has a current ratio of 0.55, a quick ratio of 0.52 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $40.27 billion, a P/E ratio of 9.89 and a beta of 1.04. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $186.74. The business’s 50-day moving average is $142.18 and its 200 day moving average is $140.36.

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

Diamondback Energy Announces Dividend

The business 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 2.9%. The ex-dividend date of this dividend was Thursday, August 14th. Diamondback Energy’s payout ratio is presently 28.43%.

Insiders Place Their Bets

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the business’s stock in a transaction that occurred on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the sale, the chairman directly owned 102,145 shares of the company’s stock, 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 SEC, which is available through this link. 0.48% of the stock is owned by insiders.

Analyst Ratings Changes

FANG has been the topic of a number of recent analyst reports. Barclays decreased their price target on Diamondback Energy from $185.00 to $178.00 and set an “overweight” rating on the stock in a report on Tuesday, October 7th. Melius initiated coverage on Diamondback Energy in a report on Wednesday, August 20th. They set a “buy” rating and a $213.00 price target on the stock. Evercore ISI raised their price target on Diamondback Energy from $165.00 to $175.00 and gave the company an “outperform” rating in a report on Monday, October 6th. KeyCorp decreased their price target on Diamondback Energy from $180.00 to $176.00 and set an “overweight” rating on the stock in a report on Wednesday, September 3rd. Finally, UBS Group raised their price target on Diamondback Energy from $163.00 to $171.00 and gave the company a “buy” rating in a report on Wednesday, August 20th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Diamondback Energy presently has an average rating of “Buy” and a consensus price target of $189.91.

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.