NewEdge Wealth LLC Buys New Shares in Diamondback Energy, Inc. $FANG

NewEdge Wealth LLC purchased a new stake in Diamondback Energy, Inc. (NASDAQ:FANG) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,283 shares of the oil and natural gas company’s stock, valued at approximately $753,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of FANG. Deseret Mutual Benefit Administrators lifted its stake in shares of Diamondback Energy by 31.7% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 274 shares of the oil and natural gas company’s stock valued at $41,000 after buying an additional 66 shares during the period. Scotia Capital Inc. increased its stake in Diamondback Energy by 0.3% during the third quarter. Scotia Capital Inc. now owns 19,719 shares of the oil and natural gas company’s stock valued at $2,822,000 after acquiring an additional 68 shares during the period. Capital Financial Group Inc. Co. ADV raised its holdings in Diamondback Energy by 2.1% in the 1st quarter. Capital Financial Group Inc. Co. ADV now owns 3,584 shares of the oil and natural gas company’s stock valued at $709,000 after acquiring an additional 75 shares in the last quarter. Physician Wealth Advisors Inc. raised its holdings in Diamondback Energy by 40.0% in the 4th quarter. Physician Wealth Advisors Inc. now owns 301 shares of the oil and natural gas company’s stock valued at $45,000 after acquiring an additional 86 shares in the last quarter. Finally, Kestra Private Wealth Services LLC lifted its position in shares of Diamondback Energy by 0.5% in the 3rd quarter. Kestra Private Wealth Services LLC now owns 17,564 shares of the oil and natural gas company’s stock worth $2,513,000 after acquiring an additional 86 shares during the period. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Wall Street Zen raised Diamondback Energy from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Citigroup reduced their target price on Diamondback Energy from $221.00 to $220.00 and set a “buy” rating for the company in a research report on Monday, August 10th. Jefferies Financial Group reiterated a “hold” rating and set a $205.00 price target on shares of Diamondback Energy in a research note on Sunday, August 9th. Raymond James Financial reissued a “strong-buy” rating and issued a $248.00 price target on shares of Diamondback Energy in a report on Friday, July 31st. Finally, Barclays dropped their price objective on shares of Diamondback Energy from $232.00 to $221.00 and set an “overweight” rating for the company in a research note on Monday, August 17th. Four analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $222.21.

Diamondback Energy Price Performance

Shares of Diamondback Energy stock opened at $210.72 on Friday. The company has a current ratio of 0.47, a quick ratio of 0.45 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $59.01 billion, a price-to-earnings ratio of 41.08 and a beta of 0.43. Diamondback Energy, Inc. has a 1-year low of $134.30 and a 1-year high of $216.90. The firm’s 50-day moving average price is $191.79 and its two-hundred day moving average price is $189.22.

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

Diamondback Energy Announces Dividend

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

Insiders Place Their Bets

In other Diamondback Energy news, CAO Teresa L. Dick sold 7,000 shares of Diamondback Energy 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 completion of the transaction, the chief accounting officer owned 85,755 shares in the company, valued at approximately $17,228,179.50. The trade was a 7.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Charles Alvin Meloy sold 33,333 shares of Diamondback Energy stock in a transaction 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 completion of the transaction, the director owned 818,197 shares of the company’s stock, valued at approximately $162,338,466.77. The trade was a 3.91% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 129,167 shares of company stock valued at $24,714,309. Company insiders own 0.64% of the company’s stock.

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.