NewEdge Wealth LLC Makes New $409,000 Investment in Diamondback Energy, Inc. $FANG

NewEdge Wealth LLC bought a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,719 shares of the oil and natural gas company’s stock, valued at approximately $409,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Scotia Capital Inc. lifted its stake in Diamondback Energy by 0.3% in the 3rd quarter. Scotia Capital Inc. now owns 19,719 shares of the oil and natural gas company’s stock valued at $2,822,000 after acquiring an additional 68 shares in the last quarter. Equitable Trust Co. lifted its stake in Diamondback Energy by 0.7% in the 3rd quarter. Equitable Trust Co. now owns 10,030 shares of the oil and natural gas company’s stock valued at $1,435,000 after acquiring an additional 73 shares in the last quarter. Valeo Financial Advisors LLC lifted its stake in Diamondback Energy by 3.0% in the 3rd quarter. Valeo Financial Advisors LLC now owns 2,568 shares of the oil and natural gas company’s stock valued at $367,000 after acquiring an additional 74 shares in the last quarter. Townsend & Associates Inc lifted its stake in Diamondback Energy by 0.5% in the 4th quarter. Townsend & Associates Inc now owns 14,330 shares of the oil and natural gas company’s stock valued at $2,161,000 after acquiring an additional 75 shares in the last quarter. Finally, Fulton Bank N.A. lifted its stake in Diamondback Energy by 1.8% in the 4th quarter. Fulton Bank N.A. now owns 4,400 shares of the oil and natural gas company’s stock valued at $661,000 after acquiring an additional 78 shares in the last quarter. 90.01% of the stock is owned by institutional investors and hedge funds.

Diamondback Energy Trading Up 1.6%

Shares of Diamondback Energy stock opened at $203.56 on Friday. Diamondback Energy, Inc. has a 12-month low of $132.20 and a 12-month high of $214.51. The stock has a market cap of $57.26 billion, a P/E ratio of 236.70 and a beta of 0.46. The company has a quick ratio of 0.55, a current ratio of 0.56 and a debt-to-equity ratio of 0.31. The business’s 50 day moving average is $191.72 and its 200-day moving average is $167.76.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings data on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.74 by $0.49. Diamondback Energy had a return on equity of 7.76% and a net margin of 1.87%.The company had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $3.83 billion. During the same quarter in the prior year, the business posted $4.54 EPS. The business’s revenue was up 4.7% compared to the same quarter last year. Equities research analysts predict that Diamondback Energy, Inc. will post 18.93 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th will be paid a dividend of $1.10 per share. The ex-dividend date is Thursday, May 14th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.2%. This is an increase from Diamondback Energy’s previous quarterly dividend of $1.05. Diamondback Energy’s dividend payout ratio (DPR) is currently 511.63%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on FANG shares. Piper Sandler boosted their target price on Diamondback Energy from $215.00 to $248.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. Scotiabank boosted their target price on Diamondback Energy from $175.00 to $195.00 and gave the company a “sector outperform” rating in a research note on Wednesday, April 22nd. Wall Street Zen upgraded Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Susquehanna boosted their target price on Diamondback Energy from $231.00 to $245.00 and gave the company a “positive” rating in a research note on Wednesday, May 6th. Finally, Mizuho boosted their target price on Diamondback Energy from $205.00 to $220.00 and gave the company an “outperform” rating in a research note on Tuesday, March 17th. Five research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Diamondback Energy has a consensus rating of “Buy” and a consensus price target of $218.25.

Insider Activity at Diamondback Energy

In other news, CAO Teresa L. Dick sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $190.00, for a total transaction of $950,000.00. Following the sale, the chief accounting officer owned 107,755 shares in the company, valued at $20,473,450. This represents a 4.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Jere W. Thompson III sold 750 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $182.47, for a total value of $136,852.50. Following the sale, the chief financial officer owned 19,975 shares in the company, valued at approximately $3,644,838.25. This represents a 3.62% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 169,321 shares of company stock worth $31,055,475. Insiders own 0.64% of the company’s stock.

Diamondback Energy Profile

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.