Apollon Wealth Management LLC Sells 251 Shares of Diamondback Energy, Inc. $FANG

Apollon Wealth Management LLC lowered its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 5.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,305 shares of the oil and natural gas company’s stock after selling 251 shares during the period. Apollon Wealth Management LLC’s holdings in Diamondback Energy were worth $592,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Nuveen LLC bought a new position in shares of Diamondback Energy in the first quarter worth $230,039,000. Adage Capital Partners GP L.L.C. purchased a new stake in Diamondback Energy during the 1st quarter worth about $77,622,000. Wellington Management Group LLP boosted its stake in Diamondback Energy by 27.3% in the 1st quarter. Wellington Management Group LLP now owns 1,950,160 shares of the oil and natural gas company’s stock worth $311,792,000 after purchasing an additional 418,431 shares during the period. Victory Capital Management Inc. grew its holdings in Diamondback Energy by 50.6% during the 1st quarter. Victory Capital Management Inc. now owns 1,135,759 shares of the oil and natural gas company’s stock valued at $181,585,000 after buying an additional 381,542 shares in the last quarter. Finally, Boston Partners grew its holdings in Diamondback Energy by 4.8% during the 1st quarter. Boston Partners now owns 5,418,840 shares of the oil and natural gas company’s stock valued at $861,961,000 after buying an additional 249,098 shares in the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the transaction, the chairman directly owned 102,145 shares in the company, valued at $14,586,306. This trade represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Susquehanna cut their price objective on shares of Diamondback Energy from $192.00 to $188.00 and set a “positive” rating for the company in a research report on Wednesday, July 23rd. Melius Research initiated coverage on shares of Diamondback Energy in a research note on Wednesday, August 20th. They issued a “buy” rating and a $213.00 target price on the stock. Piper Sandler cut their price target on shares of Diamondback Energy from $228.00 to $222.00 and set an “overweight” rating for the company in a report on Thursday, August 14th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $173.00 price target on shares of Diamondback Energy in a report on Friday, October 10th. Finally, UBS Group increased their price objective on Diamondback Energy from $163.00 to $171.00 and gave the stock a “buy” rating in a research report on Wednesday, August 20th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $192.23.

Diamondback Energy Stock Down 1.8%

Shares of NASDAQ:FANG opened at $139.44 on Friday. The firm has a market capitalization of $40.37 billion, a PE ratio of 9.91 and a beta of 1.04. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.52 and a current ratio of 0.55. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $186.74. The firm has a fifty day moving average of $142.24 and a 200 day moving average of $140.66.

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

Diamondback Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 14th were given a $1.00 dividend. The ex-dividend date was Thursday, August 14th. This represents a $4.00 dividend on an annualized basis and a yield of 2.9%. Diamondback Energy’s payout ratio is presently 28.43%.

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.