Moran Wealth Management LLC Has $4.67 Million Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Moran Wealth Management LLC raised its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 12.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,230 shares of the oil and natural gas company’s stock after acquiring an additional 3,188 shares during the quarter. Moran Wealth Management LLC’s holdings in Diamondback Energy were worth $4,673,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Balboa Wealth Partners increased its stake in shares of Diamondback Energy by 12.8% during the 1st quarter. Balboa Wealth Partners now owns 1,786 shares of the oil and natural gas company’s stock worth $286,000 after purchasing an additional 202 shares during the last quarter. Sava Infond d.o.o. boosted its holdings in Diamondback Energy by 27.8% in the first quarter. Sava Infond d.o.o. now owns 2,300 shares of the oil and natural gas company’s stock worth $368,000 after purchasing an additional 500 shares in the last quarter. Keystone Financial Services acquired a new position in Diamondback Energy during the first quarter worth $214,000. Spirepoint Private Client LLC raised its holdings in Diamondback Energy by 3.4% during the first quarter. Spirepoint Private Client LLC now owns 34,877 shares of the oil and natural gas company’s stock valued at $5,576,000 after buying an additional 1,145 shares in the last quarter. Finally, Legacy Advisors LLC raised its holdings in Diamondback Energy by 7.8% during the first quarter. Legacy Advisors LLC now owns 1,692 shares of the oil and natural gas company’s stock valued at $271,000 after buying an additional 123 shares in the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Diamondback Energy Stock Down 0.9%

NASDAQ FANG opened at $138.04 on Thursday. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $214.50. The stock has a market cap of $40.33 billion, a PE ratio of 8.44 and a beta of 1.06. The firm has a 50-day simple moving average of $139.85 and a 200 day simple moving average of $151.12. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.83 and a current ratio of 0.86.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 EPS for the quarter, beating the consensus estimate of $3.67 by $0.87. Diamondback Energy had a return on equity of 11.22% and a net margin of 30.84%. The firm had revenue of $4.05 billion during the quarter, compared to analysts’ expectations of $3.58 billion. During the same quarter in the prior year, the firm posted $4.50 EPS. The company’s revenue for the quarter was up 81.8% on a year-over-year basis. On average, research analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Thursday, May 15th were given a $1.00 dividend. The ex-dividend date was Thursday, May 15th. This represents a $4.00 annualized dividend and a yield of 2.90%. Diamondback Energy’s dividend payout ratio (DPR) is currently 24.46%.

Wall Street Analysts Forecast Growth

FANG has been the subject of several recent analyst reports. UBS Group decreased their price target on Diamondback Energy from $175.00 to $163.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. Royal Bank Of Canada assumed coverage on Diamondback Energy in a research report on Friday, May 2nd. They set an “outperform” rating and a $180.00 target price for the company. Raymond James Financial reiterated a “strong-buy” rating on shares of Diamondback Energy in a report on Thursday, May 22nd. Morgan Stanley dropped their price target on shares of Diamondback Energy from $186.00 to $183.00 and set an “overweight” rating on the stock in a research report on Friday, May 23rd. Finally, Wells Fargo & Company upped their price objective on shares of Diamondback Energy from $207.00 to $208.00 and gave the stock an “overweight” rating in a report on Monday, June 16th. Two research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $193.13.

Insider Buying and Selling

In related news, President Hof Matthew Kaes Van’t sold 10,000 shares of the company’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $142.69, for a total value of $1,426,900.00. Following the sale, the president now owns 120,645 shares of the company’s stock, valued at $17,214,835.05. The trade was a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.70% of the stock is owned by company insiders.

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.