Diamondback Energy, Inc. $FANG Shares Sold by Laffer Tengler Investments Inc.

Laffer Tengler Investments Inc. trimmed its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 6.9% in the second quarter, HoldingsChannel reports. The institutional investor owned 14,793 shares of the oil and natural gas company’s stock after selling 1,089 shares during the quarter. Laffer Tengler Investments Inc.’s holdings in Diamondback Energy were worth $2,033,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of FANG. BankPlus Trust Department bought a new stake in shares of Diamondback Energy during the 1st quarter worth $27,000. SouthState Corp raised its position in shares of Diamondback Energy by 596.4% during 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 during the period. Creekmur Asset Management LLC purchased a new stake in shares of Diamondback Energy during the second quarter valued at $28,000. Eastern Bank boosted 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 valued at $37,000 after purchasing an additional 127 shares during the period. Finally, Zions Bancorporation National Association UT purchased a new position in Diamondback Energy in the 1st quarter worth about $43,000. Institutional investors own 90.01% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on FANG. Roth Capital set a $162.00 price objective on shares of Diamondback Energy and gave the company a “buy” rating in a research note on Tuesday, November 4th. Mizuho cut their price target on shares of Diamondback Energy from $183.00 to $176.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. Royal Bank Of Canada restated an “outperform” rating and issued a $173.00 price target on shares of Diamondback Energy in a research report on Friday, October 10th. Evercore ISI lifted their price objective on shares of Diamondback Energy from $165.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, October 6th. Finally, Morgan Stanley cut their target price on shares of Diamondback Energy from $186.00 to $184.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 14th. 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 company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $188.41.

Diamondback Energy Trading Up 2.0%

Diamondback Energy stock opened at $143.65 on Monday. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $186.07. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 0.35. The stock has a market cap of $41.16 billion, a P/E ratio of 9.98 and a beta of 0.99. The company’s fifty day simple moving average is $142.31 and its 200-day simple moving average is $141.78.

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

Diamondback Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Thursday, November 13th will be issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Thursday, November 13th. Diamondback Energy’s payout ratio is currently 27.80%.

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.