Diamondback Energy, Inc. $FANG Shares Acquired by Wedbush Securities Inc.

Wedbush Securities Inc. raised its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 32.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,587 shares of the oil and natural gas company’s stock after buying an additional 885 shares during the period. Wedbush Securities Inc.’s holdings in Diamondback Energy were worth $493,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. SouthState Corp lifted its position 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 in the last quarter. Creekmur Asset Management LLC acquired a new position in Diamondback Energy during the 2nd quarter valued at $28,000. Eastern Bank lifted its position in shares of Diamondback Energy by 119.8% in the 1st quarter. Eastern Bank now owns 233 shares of the oil and natural gas company’s stock worth $37,000 after acquiring an additional 127 shares during the period. Zions Bancorporation National Association UT acquired a new stake in Diamondback Energy during the first quarter valued at approximately $43,000. Finally, Cape Investment Advisory Inc. grew its holdings in shares of Diamondback Energy by 148.6% in the 1st quarter. Cape Investment Advisory Inc. now owns 343 shares of the oil and natural gas company’s stock worth $55,000 after purchasing an additional 205 shares during the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $148.15 on Wednesday. The company has a 50 day moving average of $142.20 and a 200 day moving average of $141.92. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $186.07. The stock has a market cap of $42.45 billion, a P/E ratio of 10.30 and a beta of 0.99. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.35.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Monday, November 3rd. The oil and natural gas company reported $3.08 EPS for the quarter, beating the consensus estimate of $2.94 by $0.14. Diamondback Energy had a return on equity of 9.57% and a net margin of 27.32%.The firm had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.48 billion. During the same period in the prior year, the company earned $3.19 EPS. The company’s revenue was up 48.4% on a year-over-year basis. As a group, sell-side analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Thursday, November 13th will be given a dividend of $1.00 per share. The ex-dividend date is Thursday, November 13th. This represents a $4.00 annualized dividend and a dividend yield of 2.7%. Diamondback Energy’s payout ratio is currently 27.80%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on FANG. Barclays dropped their price target on shares of Diamondback Energy from $185.00 to $178.00 and set an “overweight” rating for the company in a research note on Tuesday, October 7th. Evercore ISI lifted their target price on shares of Diamondback Energy from $165.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, October 6th. Melius initiated coverage on Diamondback Energy in a report on Wednesday, August 20th. They set a “buy” rating and a $213.00 target price on the stock. KeyCorp dropped their target price on shares of Diamondback Energy from $180.00 to $176.00 and set an “overweight” rating for the company in a report on Wednesday, September 3rd. Finally, Raymond James Financial reduced their target price 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. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Diamondback Energy has an average rating of “Buy” and an average price target of $188.55.

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.