Diamondback Energy, Inc. (NASDAQ:FANG) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC reduced its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 0.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 41,464 shares of the oil and natural gas company’s stock after selling 259 shares during the period. Wedge Capital Management L L P NC’s holdings in Diamondback Energy were worth $6,629,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of FANG. Demars Financial Group LLC purchased a new stake in Diamondback Energy in the 4th quarter valued at about $638,050,000. Raymond James Financial Inc. purchased a new stake in Diamondback Energy in the 4th quarter valued at about $298,327,000. Alyeska Investment Group L.P. purchased a new stake in Diamondback Energy in the 4th quarter valued at about $185,193,000. Price T Rowe Associates Inc. MD raised its holdings in Diamondback Energy by 11.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company’s stock valued at $1,496,859,000 after buying an additional 928,429 shares during the period. Finally, Diamond Hill Capital Management Inc. increased its stake in Diamondback Energy by 30.5% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 2,817,554 shares of the oil and natural gas company’s stock worth $461,600,000 after purchasing an additional 658,644 shares during the period. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, President Hof Matthew Kaes Van’t sold 10,000 shares of the firm’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $142.69, for a total value of $1,426,900.00. Following the completion of the sale, the president now owns 120,645 shares of the company’s stock, valued at approximately $17,214,835.05. This trade represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.70% of the stock is owned by corporate insiders.

Diamondback Energy Stock Performance

Shares of FANG opened at $140.56 on Monday. The stock has a 50 day moving average price of $135.58 and a 200 day moving average price of $153.40. The company has a quick ratio of 0.42, a current ratio of 0.45 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $41.07 billion, a price-to-earnings ratio of 8.05, a price-to-earnings-growth ratio of 1.24 and a beta of 1.06. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $214.50.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share for the quarter, beating the consensus estimate of $3.67 by $0.87. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The business had revenue of $4.05 billion during the quarter, compared to the consensus estimate of $3.58 billion. During the same period in the prior year, the company earned $4.50 earnings per share. The company’s revenue was up 81.8% compared to the same quarter last year. Research analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 22nd. Shareholders of record on Thursday, May 15th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date was Thursday, May 15th. Diamondback Energy’s dividend payout ratio (DPR) is currently 24.46%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FANG. Piper Sandler cut their price target on shares of Diamondback Energy from $234.00 to $225.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 13th. Barclays cut their price target on shares of Diamondback Energy from $200.00 to $185.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Evercore ISI began coverage on shares of Diamondback Energy in a research note on Tuesday, May 6th. They set an “outperform” rating and a $165.00 price target on the stock. KeyCorp cut their price target on shares of Diamondback Energy from $216.00 to $180.00 and set an “overweight” rating on the stock in a research note on Monday, April 21st. Finally, Scotiabank cut their price target on shares of Diamondback Energy from $215.00 to $175.00 and set a “sector outperform” rating on the stock in a research note on Friday, April 11th. Two research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Diamondback Energy currently has an average rating of “Buy” and a consensus price target of $193.09.

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.