NewEdge Wealth LLC Lowers Position in Diamondback Energy, Inc. (NASDAQ:FANG)

NewEdge Wealth LLC lessened its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 10.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,762 shares of the oil and natural gas company’s stock after selling 205 shares during the quarter. NewEdge Wealth LLC’s holdings in Diamondback Energy were worth $273,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in FANG. AlphaCrest Capital Management LLC lifted its stake in shares of Diamondback Energy by 6.0% in the 1st quarter. AlphaCrest Capital Management LLC now owns 3,156 shares of the oil and natural gas company’s stock valued at $433,000 after purchasing an additional 178 shares during the period. Raymond James Trust N.A. increased its position in Diamondback Energy by 8.2% during the 1st quarter. Raymond James Trust N.A. now owns 4,932 shares of the oil and natural gas company’s stock valued at $676,000 after buying an additional 374 shares in the last quarter. Cibc World Market Inc. increased its position in Diamondback Energy by 13.6% during the 1st quarter. Cibc World Market Inc. now owns 34,403 shares of the oil and natural gas company’s stock valued at $4,716,000 after buying an additional 4,129 shares in the last quarter. Vontobel Holding Ltd. bought a new position in Diamondback Energy during the 1st quarter valued at approximately $223,000. Finally, Blair William & Co. IL bought a new position in Diamondback Energy during the 1st quarter valued at approximately $205,000. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Activity at Diamondback Energy

In related news, CEO Travis D. Stice sold 30,000 shares of Diamondback Energy stock in a transaction on Tuesday, April 2nd. The stock was sold at an average price of $200.00, for a total transaction of $6,000,000.00. Following the transaction, the chief executive officer now directly owns 446,610 shares in the company, valued at $89,322,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Teresa L. Dick sold 2,000 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $192.00, for a total value of $384,000.00. Following the transaction, the chief accounting officer now directly owns 96,523 shares in the company, valued at $18,532,416. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Travis D. Stice sold 30,000 shares of the business’s stock in a transaction dated Tuesday, April 2nd. The shares were sold at an average price of $200.00, for a total value of $6,000,000.00. Following the completion of the transaction, the chief executive officer now owns 446,610 shares in the company, valued at $89,322,000. The disclosure for this sale can be found here. Over the last three months, insiders have sold 57,675 shares of company stock worth $11,311,096. Corporate insiders own 0.43% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on FANG. Susquehanna raised their price objective on Diamondback Energy from $190.00 to $195.00 and gave the company a “positive” rating in a research report on Tuesday, February 13th. Raymond James reduced their price objective on Diamondback Energy from $190.00 to $185.00 and set a “strong-buy” rating for the company in a research report on Wednesday, January 24th. Bank Of America (Bofa) reduced their target price on Diamondback Energy from $147.00 to $129.00 and set an “underperform” rating for the company in a report on Thursday, January 18th. Barclays initiated coverage on Diamondback Energy in a report on Wednesday, April 10th. They issued an “equal weight” rating and a $214.00 target price for the company. Finally, Evercore ISI lifted their target price on Diamondback Energy from $185.00 to $215.00 and gave the stock an “outperform” rating in a report on Monday, March 25th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Diamondback Energy presently has a consensus rating of “Moderate Buy” and an average price target of $195.95.

Diamondback Energy Stock Performance

Shares of FANG opened at $199.60 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.77 and a quick ratio of 0.74. Diamondback Energy, Inc. has a one year low of $123.41 and a one year high of $211.96. The firm has a market capitalization of $35.60 billion, a P/E ratio of 11.51 and a beta of 1.93. The business has a fifty day moving average of $188.92 and a 200 day moving average of $167.21.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Tuesday, February 20th. The oil and natural gas company reported $4.74 earnings per share for the quarter, beating the consensus estimate of $4.61 by $0.13. The company had revenue of $2.23 billion for the quarter, compared to the consensus estimate of $2.16 billion. Diamondback Energy had a return on equity of 19.56% and a net margin of 37.36%. Diamondback Energy’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the business earned $5.29 earnings per share. As a group, sell-side analysts anticipate that Diamondback Energy, Inc. will post 18.52 EPS for the current year.

Diamondback Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Tuesday, March 5th were given a dividend of $3.08 per share. The ex-dividend date was Monday, March 4th. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.84. This represents a $12.32 annualized dividend and a yield of 6.17%. Diamondback Energy’s payout ratio is 20.76%.

Diamondback Energy Company 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.