Inspire Investing LLC Increases Stock Position in Diamondback Energy, Inc. $FANG

Inspire Investing LLC raised its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 10.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 44,646 shares of the oil and natural gas company’s stock after purchasing an additional 4,098 shares during the period. Diamondback Energy accounts for approximately 0.7% of Inspire Investing LLC’s portfolio, making the stock its 22nd largest holding. Inspire Investing LLC’s holdings in Diamondback Energy were worth $6,134,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Investor s Fiduciary Advisor Network LLC lifted its holdings in shares of Diamondback Energy by 2.1% in the first quarter. Investor s Fiduciary Advisor Network LLC now owns 3,559 shares of the oil and natural gas company’s stock valued at $569,000 after purchasing an additional 74 shares in the last quarter. Mesirow Financial Investment Management Inc. lifted its stake in shares of Diamondback Energy by 5.6% during the first quarter. Mesirow Financial Investment Management Inc. now owns 1,414 shares of the oil and natural gas company’s stock valued at $226,000 after buying an additional 75 shares during the period. FourThought Financial Partners LLC lifted its stake in shares of Diamondback Energy by 2.9% during the first quarter. FourThought Financial Partners LLC now owns 2,779 shares of the oil and natural gas company’s stock valued at $444,000 after buying an additional 78 shares during the period. Grove Bank & Trust lifted its stake in shares of Diamondback Energy by 65.0% during the first quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company’s stock valued at $32,000 after buying an additional 80 shares during the period. Finally, Biondo Investment Advisors LLC lifted its stake in shares of Diamondback Energy by 0.3% during the first quarter. Biondo Investment Advisors LLC now owns 28,858 shares of the oil and natural gas company’s stock valued at $4,614,000 after buying an additional 80 shares during the period. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Activity at Diamondback Energy

In other news, Chairman Travis D. Stice sold 20,400 shares of the firm’s stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $142.80, for a total value of $2,913,120.00. Following the transaction, the chairman owned 102,145 shares of the company’s stock, valued at approximately $14,586,306. This trade represents a 16.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.70% of the company’s stock.

Diamondback Energy Stock Performance

Shares of FANG stock opened at $139.82 on Friday. The company’s fifty day simple moving average is $142.51 and its 200-day simple moving average is $141.18. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week high of $196.00. The company has a current ratio of 0.55, a quick ratio of 0.52 and a debt-to-equity ratio of 0.35. The company has a market cap of $40.48 billion, a PE ratio of 9.94 and a beta of 1.04.

Diamondback Energy (NASDAQ:FANG) last issued its earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 EPS for the quarter, missing analysts’ consensus estimates of $2.72 by ($0.05). Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The business had revenue of $3.68 billion during the quarter, compared to analysts’ expectations of $3.35 billion. During the same period in the prior year, the business posted $4.52 EPS. The business’s revenue was up 48.1% on a year-over-year basis. As a group, equities research analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Thursday, August 14th. Diamondback Energy’s dividend payout ratio (DPR) is currently 28.43%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on FANG shares. Melius Research started coverage on shares of Diamondback Energy in a research note on Wednesday, August 20th. They set a “buy” rating and a $213.00 price objective on the stock. Scotiabank reissued an “outperform” rating on shares of Diamondback Energy in a research note on Thursday. Evercore ISI upped their price objective on shares of Diamondback Energy from $165.00 to $175.00 and gave the company an “outperform” rating in a research note on Monday, October 6th. Mizuho reduced their price objective on shares of Diamondback Energy from $183.00 to $176.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. Finally, Piper Sandler reduced their price objective on shares of Diamondback Energy from $228.00 to $222.00 and set an “overweight” rating on the stock in a research note on Thursday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $192.32.

Diamondback Energy Profile

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.