Independent Financial Group LLC purchased a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG – Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,664 shares of the oil and natural gas company’s stock, valued at approximately $725,000.
Several other hedge funds have also added to or reduced their stakes in the company. Flagship Harbor Advisors LLC bought a new stake in Diamondback Energy during the 4th quarter worth about $25,000. Richardson Financial Services Inc. lifted its position in Diamondback Energy by 245.1% during the 4th quarter. Richardson Financial Services Inc. now owns 176 shares of the oil and natural gas company’s stock valued at $26,000 after purchasing an additional 125 shares during the period. Laurel Wealth Advisors LLC bought a new position in shares of Diamondback Energy in the 4th quarter valued at about $26,000. Cedar Mountain Advisors LLC bought a new position in shares of Diamondback Energy in the 1st quarter valued at about $26,000. Finally, JPL Wealth Management LLC acquired a new stake in shares of Diamondback Energy during the 3rd quarter worth approximately $26,000. Institutional investors own 90.01% of the company’s stock.
Insider Activity
In other news, EVP Matt Zmigrosky sold 5,000 shares of the business’s stock in a transaction on 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 owned 46,392 shares of the company’s stock, valued at $9,303,451.68. The trade was a 9.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mark Lawrence Plaumann sold 500 shares of the company’s stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $196.50, for a total transaction of $98,250.00. Following the completion of the sale, the director owned 13,437 shares of the company’s stock, valued at approximately $2,640,370.50. This represents a 3.59% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 113,691 shares of company stock valued at $21,622,752. 0.64% of the stock is owned by company insiders.
Diamondback Energy Stock Performance
Diamondback Energy (NASDAQ:FANG – Get Free Report) last released its quarterly earnings data on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share for the quarter, topping the consensus estimate of $3.74 by $0.49. The business had revenue of $4.24 billion for the quarter, compared to analyst estimates of $3.83 billion. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. Diamondback Energy’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the firm earned $4.54 EPS. As a group, sell-side analysts expect that Diamondback Energy, Inc. will post 18.9 earnings per share for the current year.
Diamondback Energy Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 14th were issued a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 2.2%. This is a boost from Diamondback Energy’s previous quarterly dividend of $1.05. The ex-dividend date was Thursday, May 14th. Diamondback Energy’s dividend payout ratio (DPR) is 511.63%.
Analyst Upgrades and Downgrades
FANG has been the subject of a number of recent research reports. Barclays boosted their price target on shares of Diamondback Energy from $225.00 to $232.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. Wells Fargo & Company set a $212.00 price objective on shares of Diamondback Energy in a research note on Monday, June 22nd. Citigroup lowered their target price on shares of Diamondback Energy from $245.00 to $221.00 and set a “buy” rating for the company in a report on Monday. Zacks Research cut shares of Diamondback Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 28th. Finally, Morgan Stanley cut their price target on Diamondback Energy from $229.00 to $216.00 and set an “overweight” rating on the stock in a research note on Monday, June 29th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $218.68.
Read Our Latest Report on FANG
About Diamondback Energy
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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