5,416 Shares in Diamondback Energy, Inc. $FANG Purchased by Cadence Wealth Management LLC

Cadence Wealth Management LLC acquired a new stake in Diamondback Energy, Inc. (NASDAQ:FANG) during the 2nd quarter, HoldingsChannel.com reports. The fund acquired 5,416 shares of the oil and natural gas company’s stock, valued at approximately $952,000.

A number of other large investors also recently bought and sold shares of FANG. WealthShield Partners LLC acquired a new stake in shares of Diamondback Energy during the second quarter valued at about $3,100,000. W1M Asset Management Ltd acquired a new position in shares of Diamondback Energy in the 2nd quarter worth approximately $334,000. Varma Mutual Pension Insurance Co acquired a new position in shares of Diamondback Energy in the 2nd quarter worth approximately $18,386,000. Emerald Investment Advisers LLC purchased a new position in shares of Diamondback Energy during the 2nd quarter worth approximately $7,872,000. Finally, Westpac Banking Corp purchased a new position in shares of Diamondback Energy during the 2nd quarter worth approximately $96,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analysts Set New Price Targets

FANG has been the subject of several research reports. Wolfe Research reiterated an “outperform” rating and issued a $206.00 target price on shares of Diamondback Energy in a report on Tuesday, August 4th. Raymond James Financial restated a “strong-buy” rating and set a $248.00 price target on shares of Diamondback Energy in a research note on Friday, July 31st. Mizuho raised their price target on Diamondback Energy from $220.00 to $240.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Wall Street Zen upgraded Diamondback Energy from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Finally, Zacks Research lowered Diamondback Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 28th. Four equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Diamondback Energy has an average rating of “Moderate Buy” and a consensus target price of $222.21.

Diamondback Energy Stock Performance

Shares of FANG opened at $210.72 on Friday. Diamondback Energy, Inc. has a 1 year low of $134.30 and a 1 year high of $216.90. The stock has a market capitalization of $59.01 billion, a PE ratio of 41.08 and a beta of 0.43. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.45 and a current ratio of 0.47. The stock has a 50-day simple moving average of $191.79 and a 200-day simple moving average of $189.22.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share for the quarter, topping analysts’ consensus estimates of $6.08 by $0.40. The firm had revenue of $5.56 billion for the quarter, compared to analyst estimates of $4.89 billion. Diamondback Energy had a net margin of 8.58% and a return on equity of 10.10%. The business’s quarterly revenue was up 51.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.38 earnings per share. On average, analysts predict that Diamondback Energy, Inc. will post 20.13 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Shareholders of record on Thursday, August 13th were issued a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 2.1%. The ex-dividend date was Thursday, August 13th. Diamondback Energy’s payout ratio is 85.77%.

Insider Activity

In other Diamondback Energy news, Director Charles Alvin Meloy sold 33,333 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $198.41, for a total value of $6,613,600.53. Following the sale, the director directly owned 818,197 shares of the company’s stock, valued at approximately $162,338,466.77. This represents a 3.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Matt Zmigrosky sold 5,000 shares of the firm’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $200.54, for a total transaction of $1,002,700.00. Following the completion of the sale, the executive vice president owned 46,392 shares in the company, valued at $9,303,451.68. The trade was a 9.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 129,167 shares of company stock valued at $24,714,309. 0.64% of the stock is currently owned by company insiders.

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.