Western Wealth Management LLC Purchases Shares of 4,904 Diamondback Energy, Inc. $FANG

Western Wealth Management LLC purchased a new position in Diamondback Energy, Inc. (NASDAQ:FANG) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,904 shares of the oil and natural gas company’s stock, valued at approximately $970,000.

A number of other large investors have also modified their holdings of the business. Boston Partners boosted its stake in Diamondback Energy by 2.9% in the 3rd quarter. Boston Partners now owns 5,733,538 shares of the oil and natural gas company’s stock worth $821,649,000 after purchasing an additional 163,548 shares in the last quarter. Geode Capital Management LLC grew its position in Diamondback Energy by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 5,621,120 shares of the oil and natural gas company’s stock worth $844,073,000 after purchasing an additional 14,625 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Diamondback Energy by 11.5% during the 4th quarter. Bank of New York Mellon Corp now owns 5,159,365 shares of the oil and natural gas company’s stock valued at $775,607,000 after purchasing an additional 532,756 shares in the last quarter. Capital Research Global Investors increased its stake in Diamondback Energy by 14.1% during the 4th quarter. Capital Research Global Investors now owns 4,332,885 shares of the oil and natural gas company’s stock valued at $651,363,000 after purchasing an additional 534,073 shares in the last quarter. Finally, Morgan Stanley raised its holdings in shares of Diamondback Energy by 3.2% in the fourth quarter. Morgan Stanley now owns 3,828,941 shares of the oil and natural gas company’s stock worth $575,605,000 after buying an additional 117,798 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, Director Charles Alvin Meloy sold 83,334 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $187.12, for a total transaction of $15,593,458.08. Following the sale, the director directly 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 Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Matt Zmigrosky sold 5,000 shares of Diamondback Energy stock in a transaction dated 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 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 113,691 shares of company stock valued at $21,622,752 in the last three months. Company insiders own 0.64% of the company’s stock.

Analysts Set New Price Targets

FANG has been the subject of several research reports. Wells Fargo & Company set a $212.00 price objective on shares of Diamondback Energy in a research note on Monday, June 22nd. Weiss Ratings raised Diamondback Energy from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday. Susquehanna raised their target price on Diamondback Energy from $245.00 to $255.00 and gave the stock a “positive” rating in a research note on Tuesday, July 21st. Truist Financial lowered their price target on Diamondback Energy from $242.00 to $220.00 and set a “buy” rating for the company in a research report on Thursday, July 16th. Finally, Raymond James Financial reiterated a “strong-buy” rating and set a $248.00 price target on shares of Diamondback Energy in a research note on Friday. Four research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $218.63.

Diamondback Energy Stock Performance

Shares of NASDAQ FANG opened at $202.95 on Monday. The company has a 50 day simple moving average of $190.79 and a two-hundred day simple moving average of $184.65. The stock has a market cap of $57.09 billion, a price-to-earnings ratio of 235.99 and a beta of 0.43. The company has a current ratio of 0.56, a quick ratio of 0.55 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.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $3.83 billion. The firm’s revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the company posted $4.54 earnings per share. As a group, analysts predict that Diamondback Energy, Inc. will post 18.9 earnings per share for the current year.

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.