Elevation Point Wealth Partners LLC purchased a new stake in Diamondback Energy, Inc. (NASDAQ:FANG – Free Report) during the second quarter, Holdings Channel.com reports. The firm purchased 8,492 shares of the oil and natural gas company’s stock, valued at approximately $1,493,000.
Other large investors have also recently made changes to their positions in the company. Laurel Wealth Advisors LLC purchased a new stake in shares of Diamondback Energy during the 4th quarter worth $26,000. Cedar Mountain Advisors LLC purchased a new position in Diamondback Energy in the first quarter valued at about $26,000. JPL Wealth Management LLC bought a new position in Diamondback Energy in the third quarter worth about $26,000. Wellington Shields & Co. LLC raised its holdings in Diamondback Energy by 264.7% in the fourth quarter. Wellington Shields & Co. LLC now owns 186 shares of the oil and natural gas company’s stock worth $28,000 after purchasing an additional 135 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new stake in shares of Diamondback Energy during the second quarter valued at about $28,000. 90.01% of the stock is owned by institutional investors.
Insider Transactions at Diamondback Energy
In other Diamondback Energy news, CAO Teresa L. Dick sold 7,000 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the sale, the chief accounting officer owned 85,755 shares in the company, valued at approximately $17,228,179.50. The trade was a 7.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Matt Zmigrosky sold 5,000 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $200.54, for a total value of $1,002,700.00. Following the completion of the transaction, the executive vice president directly owned 46,392 shares in the company, valued at $9,303,451.68. This represents a 9.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 129,167 shares of company stock worth $24,714,309. 0.64% of the stock is owned by insiders.
Diamondback Energy Stock Performance
Diamondback Energy (NASDAQ:FANG – Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The oil and natural gas company reported $6.48 EPS for the quarter, topping the consensus estimate of $6.08 by $0.40. The business had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $4.89 billion. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The business’s revenue for the quarter was up 51.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.38 earnings per share. Analysts predict that Diamondback Energy, Inc. will post 20.13 EPS for the current year.
Diamondback Energy Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th were given a dividend of $1.10 per share. The ex-dividend date of this dividend was Thursday, August 13th. This represents a $4.40 dividend on an annualized basis and a yield of 2.1%. Diamondback Energy’s payout ratio is currently 85.77%.
Wall Street Analyst Weigh In
A number of research firms have recently weighed in on FANG. Wall Street Zen upgraded shares of Diamondback Energy from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Susquehanna increased their target price on shares of Diamondback Energy from $245.00 to $255.00 and gave the company a “positive” rating in a research report on Tuesday, July 21st. Morgan Stanley restated an “equal weight” rating and issued a $216.00 target price on shares of Diamondback Energy in a research note on Wednesday. Wolfe Research reaffirmed an “outperform” rating and issued a $206.00 price target on shares of Diamondback Energy in a report on Tuesday, August 4th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $205.00 price target on shares of Diamondback Energy in a research report on Sunday, August 9th. Four analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $222.21.
Get Our Latest Stock Analysis on Diamondback Energy
Diamondback Energy Profile
Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.
Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.
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