Diamondback Energy, Inc. $FANG Stock Holdings Trimmed by Laffer Tengler Investments Inc.

Laffer Tengler Investments Inc. lowered its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 6.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,793 shares of the oil and natural gas company’s stock after selling 1,089 shares during the quarter. Laffer Tengler Investments Inc.’s holdings in Diamondback Energy were worth $2,033,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. BankPlus Trust Department acquired a new stake in shares of Diamondback Energy during the 1st quarter valued at approximately $27,000. SouthState Corp increased its stake in 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 last quarter. Creekmur Asset Management LLC acquired a new stake in shares of Diamondback Energy during the second quarter worth $28,000. Eastern Bank lifted its position in shares of Diamondback Energy by 119.8% in the 1st quarter. Eastern Bank now owns 233 shares of the oil and natural gas company’s stock worth $37,000 after buying an additional 127 shares during the last quarter. Finally, Zions Bancorporation National Association UT bought a new position in shares of Diamondback Energy in the 1st quarter worth about $43,000. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on FANG shares. Piper Sandler lowered their price objective on shares of Diamondback Energy from $228.00 to $222.00 and set an “overweight” rating for the company in a research report on Thursday, August 14th. Barclays lowered their target price on Diamondback Energy from $185.00 to $178.00 and set an “overweight” rating for the company in a report on Tuesday, October 7th. Wells Fargo & Company cut their price target on Diamondback Energy from $211.00 to $160.00 and set an “overweight” rating on the stock in a report on Friday, October 17th. Susquehanna reduced their price objective on Diamondback Energy to $188.00 and set a “positive” rating for the company in a research report on Monday, October 20th. Finally, Wall Street Zen upgraded Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Saturday. Two research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $188.41.

Diamondback Energy Trading Up 2.0%

Shares of NASDAQ:FANG opened at $143.65 on Monday. The company has a 50 day moving average of $142.31 and a 200-day moving average of $141.78. The company has a current ratio of 0.62, a quick ratio of 0.60 and a debt-to-equity ratio of 0.35. The firm has a market cap of $41.16 billion, a P/E ratio of 9.98 and a beta of 0.99. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $186.07.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Monday, November 3rd. The oil and natural gas company reported $3.08 EPS for the quarter, topping the consensus estimate of $2.94 by $0.14. The firm had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.48 billion. Diamondback Energy had a return on equity of 9.57% and a net margin of 27.32%.The firm’s quarterly revenue was up 48.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.19 earnings per share. As a group, analysts anticipate that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Stockholders of record on Thursday, November 13th will be paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Thursday, November 13th. Diamondback Energy’s payout ratio is currently 27.80%.

Diamondback Energy 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.