Diamondback Energy, Inc. $FANG Shares Acquired by CVA Family Office LLC

CVA Family Office LLC boosted its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 112.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 501 shares of the oil and natural gas company’s stock after purchasing an additional 265 shares during the period. CVA Family Office LLC’s holdings in Diamondback Energy were worth $69,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. BankPlus Trust Department acquired a new position in Diamondback Energy during the 1st quarter worth approximately $27,000. SouthState Corp raised its stake in shares of Diamondback Energy by 596.4% during the first quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock valued at $31,000 after purchasing an additional 167 shares during the period. WASHINGTON TRUST Co lifted its position in shares of Diamondback Energy by 119.8% during the first quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company’s stock worth $32,000 after purchasing an additional 109 shares in the last quarter. Financial Gravity Asset Management Inc. purchased a new position in shares of Diamondback Energy in the first quarter valued at $33,000. Finally, Catalyst Capital Advisors LLC grew its holdings in Diamondback Energy by 60.9% during the 1st quarter. Catalyst Capital Advisors LLC now owns 222 shares of the oil and natural gas company’s stock valued at $35,000 after purchasing an additional 84 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Wells Fargo & Company cut their price objective on shares of Diamondback Energy from $211.00 to $160.00 and set an “overweight” rating on the stock in a report on Friday, October 17th. Melius Research initiated coverage on Diamondback Energy in a research note on Wednesday, August 20th. They issued a “buy” rating and a $213.00 price target on the stock. UBS Group raised their price objective on Diamondback Energy from $163.00 to $171.00 and gave the company a “buy” rating in a research note on Wednesday, August 20th. KeyCorp dropped their price objective on Diamondback Energy from $180.00 to $176.00 and set an “overweight” rating on the stock in a report on Wednesday, September 3rd. Finally, Piper Sandler reduced their target price on Diamondback Energy from $228.00 to $222.00 and set an “overweight” rating for the company in a research note on Thursday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $189.91.

Insiders Place Their Bets

In other Diamondback Energy news, Chairman Travis D. Stice sold 20,400 shares of the stock in a transaction on Thursday, August 7th. The shares were sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the sale, the chairman directly owned 102,145 shares of the company’s stock, valued at approximately $14,586,306. This represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.70% of the stock is currently owned by insiders.

Diamondback Energy Stock Down 0.9%

Shares of Diamondback Energy stock opened at $145.86 on Monday. The business has a 50-day moving average price of $142.61 and a 200 day moving average price of $141.03. Diamondback Energy, Inc. has a fifty-two week low of $114.00 and a fifty-two week high of $186.07. The firm has a market cap of $42.22 billion, a P/E ratio of 10.37 and a beta of 1.04. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35.

Diamondback Energy (NASDAQ:FANG) last released 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 return on equity of 9.48% and a net margin of 27.25%.The firm had revenue of $3.68 billion for the quarter, compared to the consensus estimate of $3.35 billion. During the same period in the prior year, the business earned $4.52 EPS. The company’s quarterly revenue was up 48.1% on a year-over-year basis. On average, sell-side analysts forecast that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Shareholders of record on Thursday, August 14th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Thursday, August 14th. Diamondback Energy’s payout ratio is currently 28.43%.

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.