Frank Rimerman Advisors LLC Trims Stock Holdings in Diamondback Energy, Inc. $FANG

Frank Rimerman Advisors LLC lowered its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 9.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,558 shares of the oil and natural gas company’s stock after selling 503 shares during the period. Frank Rimerman Advisors LLC’s holdings in Diamondback Energy were worth $626,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Creekmur Asset Management LLC purchased a new position in Diamondback Energy in the 2nd quarter valued at about $28,000. SouthState Corp raised 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 valued at $31,000 after buying an additional 167 shares during the last quarter. Eastern Bank lifted its stake in shares of Diamondback Energy by 119.8% during the first quarter. Eastern Bank now owns 233 shares of the oil and natural gas company’s stock valued at $37,000 after buying an additional 127 shares during the period. Zions Bancorporation National Association UT purchased a new position in shares of Diamondback Energy during the first quarter valued at approximately $43,000. Finally, Creative Financial Designs Inc. ADV boosted its position in Diamondback Energy by 49.6% during the second quarter. Creative Financial Designs Inc. ADV now owns 368 shares of the oil and natural gas company’s stock worth $51,000 after acquiring an additional 122 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Diamondback Energy Stock Performance

Diamondback Energy stock opened at $148.69 on Thursday. The company has a market cap of $42.60 billion, a price-to-earnings ratio of 10.33 and a beta of 0.99. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $186.07. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.62 and a quick ratio of 0.60. The stock’s 50-day moving average is $143.15 and its 200-day moving average is $142.37.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, November 3rd. The oil and natural gas company reported $3.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.94 by $0.14. The firm had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.48 billion. Diamondback Energy had a net margin of 27.32% and a return on equity of 9.57%. The company’s revenue was up 48.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.19 EPS. Equities analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current year.

Diamondback Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Thursday, November 13th will be paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Thursday, November 13th. Diamondback Energy’s dividend payout ratio (DPR) is currently 27.80%.

Analysts Set New Price Targets

Several brokerages have weighed in on FANG. Roth Capital set a $162.00 price target on Diamondback Energy and gave the company a “buy” rating in a report on Tuesday, November 4th. Melius initiated coverage on Diamondback Energy in a research report on Wednesday, August 20th. They issued a “buy” rating and a $213.00 price objective for the company. Wall Street Zen upgraded Diamondback Energy from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Royal Bank Of Canada reissued an “outperform” rating and issued a $173.00 price target on shares of Diamondback Energy in a research note on Friday, October 10th. Finally, UBS Group upped their price objective on shares of Diamondback Energy from $171.00 to $174.00 and gave the company a “buy” rating in a research note on Tuesday, November 11th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $188.82.

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.