Institute for Wealth Management LLC. Sells 723 Shares of Diamondback Energy, Inc. $FANG

Institute for Wealth Management LLC. lessened its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 17.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,511 shares of the oil and natural gas company’s stock after selling 723 shares during the period. Institute for Wealth Management LLC.’s holdings in Diamondback Energy were worth $482,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Parkside Investments LLC grew its position in shares of Diamondback Energy by 60.0% in the 2nd quarter. Parkside Investments LLC now owns 8,000 shares of the oil and natural gas company’s stock valued at $1,099,000 after buying an additional 3,000 shares during the last quarter. Park Place Capital Corp grew its position in shares of Diamondback Energy by 0.9% in the 2nd quarter. Park Place Capital Corp now owns 11,443 shares of the oil and natural gas company’s stock valued at $1,604,000 after buying an additional 98 shares during the last quarter. Raleigh Capital Management Inc. grew its position in shares of Diamondback Energy by 19.4% in the 2nd quarter. Raleigh Capital Management Inc. now owns 2,966 shares of the oil and natural gas company’s stock valued at $407,000 after buying an additional 481 shares during the last quarter. Asio Capital LLC boosted its position in Diamondback Energy by 6.0% during the second quarter. Asio Capital LLC now owns 36,399 shares of the oil and natural gas company’s stock valued at $5,001,000 after acquiring an additional 2,046 shares during the last quarter. Finally, HB Wealth Management LLC boosted its position in Diamondback Energy by 26.0% during the second quarter. HB Wealth Management LLC now owns 5,615 shares of the oil and natural gas company’s stock valued at $772,000 after acquiring an additional 1,159 shares during the last quarter. Institutional investors own 90.01% of the company’s stock.

Insiders Place Their Bets

In related news, Chairman Travis D. Stice sold 20,400 shares of the firm’s stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $142.80, for a total value of $2,913,120.00. Following the transaction, the chairman owned 102,145 shares of the company’s stock, valued at approximately $14,586,306. This trade represents a 16.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.70% of the company’s stock.

Diamondback Energy Price Performance

Shares of NASDAQ FANG opened at $143.54 on Thursday. Diamondback Energy, Inc. has a fifty-two week low of $114.00 and a fifty-two week high of $200.47. The stock has a market cap of $41.55 billion, a price-to-earnings ratio of 10.20 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. The firm’s 50-day simple moving average is $142.85 and its 200 day simple moving average is $141.76.

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

Diamondback Energy Dividend Announcement

The firm also recently declared 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 of this dividend was Thursday, August 14th. This represents a $4.00 annualized dividend and a yield of 2.8%. Diamondback Energy’s dividend payout ratio (DPR) is presently 28.43%.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. KeyCorp cut their price target on shares of Diamondback Energy from $180.00 to $176.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 3rd. Melius Research assumed coverage on shares of Diamondback Energy in a research report on Wednesday, August 20th. They set a “buy” rating and a $213.00 price target on the stock. Raymond James Financial cut their price target on shares of Diamondback Energy from $221.00 to $212.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, August 20th. Morgan Stanley upped their price target on shares of Diamondback Energy from $184.00 to $186.00 and gave the company an “overweight” rating in a research report on Monday, August 18th. Finally, UBS Group upped their price target on shares of Diamondback Energy from $163.00 to $171.00 and gave the company a “buy” rating in a research report on Wednesday, August 20th. Two analysts have rated the stock with a Strong Buy rating and twenty-one have assigned a Buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $193.39.

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.