GDS Wealth Management Cuts Position in Diamondback Energy, Inc. $FANG

GDS Wealth Management lowered its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 13.3% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 93,284 shares of the oil and natural gas company’s stock after selling 14,369 shares during the period. GDS Wealth Management’s holdings in Diamondback Energy were worth $12,817,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Creekmur Asset Management LLC purchased a new stake in shares of Diamondback Energy in the second quarter valued at about $28,000. SouthState Corp lifted its stake in Diamondback Energy by 596.4% in the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock valued at $31,000 after buying an additional 167 shares in the last quarter. Eastern Bank grew its holdings in Diamondback Energy by 119.8% during the 1st quarter. Eastern Bank now owns 233 shares of the oil and natural gas company’s stock valued at $37,000 after buying an additional 127 shares during the last quarter. Zions Bancorporation National Association UT purchased a new position in Diamondback Energy during the first quarter worth $43,000. Finally, Creative Financial Designs Inc. ADV raised its holdings in shares of Diamondback Energy by 49.6% in the second quarter. Creative Financial Designs Inc. ADV now owns 368 shares of the oil and natural gas company’s stock worth $51,000 after acquiring an additional 122 shares during the last quarter. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on FANG shares. Raymond James Financial reduced their target price on Diamondback Energy from $221.00 to $212.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, August 20th. KeyCorp reduced their price target on shares of Diamondback Energy from $180.00 to $176.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 3rd. Piper Sandler decreased their price objective on shares of Diamondback Energy from $222.00 to $219.00 and set an “overweight” rating for the company in a research note on Tuesday. Melius Research initiated coverage on shares of Diamondback Energy in a research note on Wednesday, August 20th. They issued a “buy” rating and a $213.00 target price on the stock. Finally, Melius assumed coverage on shares of Diamondback Energy in a research report on Wednesday, August 20th. They set a “buy” rating and a $213.00 price target for the company. Two 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 stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $188.82.

Diamondback Energy Trading Down 0.6%

FANG opened at $148.69 on Thursday. The firm’s 50 day moving average is $143.15 and its 200-day moving average is $142.37. Diamondback Energy, Inc. has a 52-week low of $114.00 and a 52-week high of $186.07. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 0.35. The firm has a market capitalization of $42.60 billion, a P/E ratio of 10.33 and a beta of 0.99.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, November 3rd. The oil and natural gas company reported $3.08 earnings per share for the quarter, beating analysts’ consensus estimates of $2.94 by $0.14. Diamondback Energy had a net margin of 27.32% and a return on equity of 9.57%. The business had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.48 billion. During the same period last year, the business earned $3.19 EPS. The business’s revenue was up 48.4% on a year-over-year basis. Analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Thursday, November 13th will be given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Thursday, November 13th. Diamondback Energy’s dividend payout ratio (DPR) is presently 27.80%.

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.