Greenwood Capital Associates LLC Has $5 Million Position in Diamondback Energy, Inc. $FANG

Greenwood Capital Associates LLC lowered its holdings in Diamondback Energy, Inc. (NASDAQ:FANG) by 12.6% during the first quarter, HoldingsChannel.com reports. The fund owned 25,255 shares of the oil and natural gas company’s stock after selling 3,625 shares during the period. Greenwood Capital Associates LLC’s holdings in Diamondback Energy were worth $4,995,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Flagship Harbor Advisors LLC bought a new position in Diamondback Energy during the fourth quarter worth about $25,000. Richardson Financial Services Inc. grew its stake in shares of Diamondback Energy by 245.1% in the 4th quarter. Richardson Financial Services Inc. now owns 176 shares of the oil and natural gas company’s stock valued at $26,000 after purchasing an additional 125 shares during the period. Laurel Wealth Advisors LLC bought a new stake in shares of Diamondback Energy in the 4th quarter valued at approximately $26,000. JPL Wealth Management LLC acquired a new position in shares of Diamondback Energy in the 3rd quarter worth approximately $26,000. Finally, Wellington Shields & Co. LLC raised its holdings in shares of Diamondback Energy by 264.7% in the 4th quarter. Wellington Shields & Co. LLC now owns 186 shares of the oil and natural gas company’s stock worth $28,000 after buying an additional 135 shares in the last quarter. Institutional investors and hedge funds own 90.01% of the company’s stock.

Diamondback Energy Stock Up 3.3%

Shares of FANG opened at $186.60 on Thursday. The company has a market capitalization of $52.49 billion, a P/E ratio of 216.98 and a beta of 0.42. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.56 and a quick ratio of 0.55. Diamondback Energy, Inc. has a one year low of $134.30 and a one year high of $214.51. The business’s 50 day simple moving average is $192.60 and its 200-day simple moving average is $178.97.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.74 by $0.49. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The business had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $3.83 billion. During the same quarter in the prior year, the company earned $4.54 EPS. The firm’s quarterly revenue was up 4.7% on a year-over-year basis. As a group, sell-side analysts predict that Diamondback Energy, Inc. will post 19.33 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 21st. Stockholders of record on Thursday, May 14th were paid a $1.10 dividend. This is an increase from Diamondback Energy’s previous quarterly dividend of $1.05. The ex-dividend date of this dividend was Thursday, May 14th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.4%. Diamondback Energy’s dividend payout ratio (DPR) is currently 511.63%.

Insider Buying and Selling

In related news, CAO Teresa L. Dick sold 7,000 shares of the company’s stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $200.90, for a total value of $1,406,300.00. Following the completion of the sale, the chief accounting officer owned 85,755 shares in the company, valued at $17,228,179.50. This represents a 7.55% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Charles Alvin Meloy sold 83,334 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $187.12, for a total value of $15,593,458.08. Following the sale, the director directly owned 851,530 shares in the company, valued at approximately $159,338,293.60. This represents a 8.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 113,691 shares of company stock valued at $21,622,752 over the last 90 days. Company insiders own 0.64% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Scotiabank boosted their price target on Diamondback Energy from $175.00 to $195.00 and gave the company a “sector outperform” rating in a research note on Wednesday, April 22nd. Roth Capital set a $212.00 price objective on Diamondback Energy and gave the stock a “buy” rating in a research note on Monday, June 22nd. Zacks Research cut Diamondback Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 28th. Morgan Stanley reduced their target price on shares of Diamondback Energy from $229.00 to $216.00 and set an “overweight” rating on the stock in a research note on Monday, June 29th. Finally, Citigroup upped their target price on shares of Diamondback Energy from $225.00 to $245.00 and gave the stock a “buy” rating in a report on Wednesday, May 20th. Five analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $220.68.

Diamondback Energy Company Profile

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.