Tulsa Wealth Advisors INC Invests $973,000 in Diamondback Energy, Inc. $FANG

Tulsa Wealth Advisors INC bought a new stake in Diamondback Energy, Inc. (NASDAQ:FANG) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 6,473 shares of the oil and natural gas company’s stock, valued at approximately $973,000.

A number of other institutional investors also recently modified their holdings of the business. Tobam increased its position in Diamondback Energy by 3,426.7% during the fourth quarter. Tobam now owns 6,595 shares of the oil and natural gas company’s stock worth $991,000 after acquiring an additional 6,408 shares during the period. DGS Capital Management LLC bought a new stake in Diamondback Energy in the 4th quarter valued at about $206,000. SG Trading Solutions LLC bought a new stake in Diamondback Energy in the 4th quarter valued at about $224,000. Invesco Ltd. grew its position in shares of Diamondback Energy by 2.9% during the 4th quarter. Invesco Ltd. now owns 3,212,158 shares of the oil and natural gas company’s stock worth $482,884,000 after purchasing an additional 91,799 shares in the last quarter. Finally, Harbour Wealth Management Group Inc. acquired a new position in shares of Diamondback Energy during the 4th quarter worth approximately $368,000. Institutional investors own 90.01% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on FANG. Morgan Stanley raised their target price on shares of Diamondback Energy from $224.00 to $229.00 and gave the stock an “overweight” rating in a report on Friday, May 22nd. Citigroup increased their price target on Diamondback Energy from $225.00 to $245.00 and gave the stock a “buy” rating in a research report on Wednesday, May 20th. Roth Mkm restated a “neutral” rating and set a $205.00 price objective on shares of Diamondback Energy in a research note on Tuesday, May 5th. KeyCorp raised their price objective on Diamondback Energy from $196.00 to $225.00 and gave the stock an “overweight” rating in a research note on Thursday, April 2nd. Finally, Piper Sandler lifted their price objective on Diamondback Energy from $215.00 to $248.00 and gave the company an “overweight” rating in a report on Thursday, March 12th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $223.63.

Diamondback Energy Price Performance

FANG stock opened at $183.50 on Friday. The company has a quick ratio of 0.55, a current ratio of 0.56 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a 12 month low of $134.30 and a 12 month high of $214.51. The firm has a market cap of $51.62 billion, a P/E ratio of 213.37 and a beta of 0.42. The company’s 50-day moving average price is $195.03 and its two-hundred day moving average price is $176.66.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 EPS for the quarter, beating the consensus estimate of $3.74 by $0.49. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The company had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $3.83 billion. During the same period in the previous year, the company earned $4.54 EPS. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. On average, analysts anticipate that Diamondback Energy, Inc. will post 19.92 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 21st. Investors of record on Thursday, May 14th were paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 2.4%. This is a positive change from Diamondback Energy’s previous quarterly dividend of $1.05. The ex-dividend date of this dividend was Thursday, May 14th. Diamondback Energy’s payout ratio is 511.63%.

Insider Activity

In other Diamondback Energy news, Director Charles Alvin Meloy sold 83,334 shares of the firm’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $187.12, for a total value of $15,593,458.08. Following the sale, the director owned 851,530 shares of the company’s stock, valued at approximately $159,338,293.60. This trade represents a 8.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Mark Lawrence Plaumann sold 500 shares of Diamondback Energy stock in a transaction on Tuesday, June 9th. The shares were sold at an average price of $196.50, for a total value of $98,250.00. Following the completion of the transaction, the director owned 13,437 shares in the company, valued at approximately $2,640,370.50. The trade was a 3.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 121,548 shares of company stock valued at $23,146,460 in the last three months. Company insiders own 0.64% of the company’s stock.

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.