Fifth Third Wealth Advisors LLC Has $1.07 Million Stake in Diamondback Energy, Inc. $FANG

Fifth Third Wealth Advisors LLC boosted its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 189.8% during the 1st quarter, HoldingsChannel reports. The fund owned 5,425 shares of the oil and natural gas company’s stock after buying an additional 3,553 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Diamondback Energy were worth $1,073,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC acquired a new stake in shares of Diamondback Energy during the 4th quarter worth approximately $25,000. Richardson Financial Services Inc. raised its position in Diamondback Energy by 245.1% in the fourth quarter. Richardson Financial Services Inc. now owns 176 shares of the oil and natural gas company’s stock worth $26,000 after purchasing an additional 125 shares in the last quarter. Laurel Wealth Advisors LLC bought a new position in Diamondback Energy during the fourth quarter worth about $26,000. JPL Wealth Management LLC bought a new stake in shares of Diamondback Energy in the 3rd quarter valued at approximately $26,000. Finally, Wellington Shields & Co. LLC raised its holdings in shares of Diamondback Energy by 264.7% in the 4th quarter. Wellington Shields & Co. LLC now owns 186 shares of the oil and natural gas company’s stock worth $28,000 after buying an additional 135 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Diamondback Energy Price Performance

Shares of FANG stock opened at $179.91 on Friday. The firm has a market cap of $50.61 billion, a price-to-earnings ratio of 209.20 and a beta of 0.42. Diamondback Energy, Inc. has a 12 month low of $134.30 and a 12 month high of $214.51. 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 stock has a 50-day moving average price of $194.75 and a 200 day moving average price of $177.59.

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

Diamondback Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 21st. Shareholders of record on Thursday, May 14th were given a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Thursday, May 14th. This is a positive change from Diamondback Energy’s previous quarterly dividend of $1.05. Diamondback Energy’s dividend payout ratio is presently 511.63%.

Insider Buying and Selling at Diamondback Energy

In other news, CAO Teresa L. Dick sold 7,000 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total value of $1,406,300.00. Following the transaction, the chief accounting officer owned 85,755 shares of the company’s stock, valued at $17,228,179.50. This represents a 7.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Charles Alvin Meloy sold 83,334 shares of Diamondback Energy stock in a transaction that occurred on 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 transaction, the director directly owned 851,530 shares in the company, valued at $159,338,293.60. The trade was a 8.91% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 121,548 shares of company stock worth $23,146,460. 0.64% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have issued reports on FANG. Weiss Ratings reiterated a “hold (c)” rating on shares of Diamondback Energy in a research note on Wednesday, May 27th. Zacks Research lowered Diamondback Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 28th. The Goldman Sachs Group raised their price target on Diamondback Energy from $187.00 to $212.00 and gave the company a “buy” rating in a report on Wednesday, March 11th. UBS Group raised their target price on Diamondback Energy from $240.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, April 10th. Finally, Barclays upped their price target on shares of Diamondback Energy from $225.00 to $232.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Five research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Diamondback Energy has a consensus rating of “Buy” and a consensus price target of $221.37.

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.