Brown Wealth Management LLC Takes Position in Diamondback Energy, Inc. $FANG

Brown Wealth Management LLC bought a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 2,249 shares of the oil and natural gas company’s stock, valued at approximately $309,000.

Several other hedge funds have also added to or reduced their stakes in FANG. Woodmont Investment Counsel LLC grew its stake in shares of Diamondback Energy by 1,123.0% in the second quarter. Woodmont Investment Counsel LLC now owns 43,515 shares of the oil and natural gas company’s stock valued at $5,979,000 after acquiring an additional 39,957 shares in the last quarter. True North Advisors LLC acquired a new stake in Diamondback Energy in the 1st quarter worth about $327,000. Nuveen LLC bought a new stake in Diamondback Energy in the 1st quarter valued at about $230,039,000. Vantage Investment Partners LLC grew its position in shares of Diamondback Energy by 4.4% during the 2nd quarter. Vantage Investment Partners LLC now owns 83,184 shares of the oil and natural gas company’s stock worth $11,429,000 after purchasing an additional 3,476 shares in the last quarter. Finally, Swedbank AB increased its holdings in shares of Diamondback Energy by 3.9% during the second quarter. Swedbank AB now owns 207,823 shares of the oil and natural gas company’s stock worth $28,555,000 after purchasing an additional 7,732 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Wells Fargo & Company boosted their price target on Diamondback Energy from $160.00 to $169.00 and gave the company an “overweight” rating in a research note on Monday. KeyCorp dropped their price objective on Diamondback Energy from $180.00 to $176.00 and set an “overweight” rating for the company in a report on Wednesday, September 3rd. 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 report on Wednesday, August 20th. Barclays decreased their price target on Diamondback Energy from $185.00 to $178.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 7th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Diamondback Energy in a research report on Thursday, November 13th. 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’s stock. According to MarketBeat.com, Diamondback Energy currently has an average rating of “Buy” and a consensus price target of $188.82.

Diamondback Energy Price Performance

Diamondback Energy stock opened at $149.58 on Wednesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.60 and a current ratio of 0.62. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week high of $186.07. The stock has a market capitalization of $42.86 billion, a P/E ratio of 10.39 and a beta of 0.99. The stock has a fifty day moving average of $142.96 and a 200-day moving average of $142.33.

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

Diamondback Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 20th. Investors of record on Thursday, November 13th will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Thursday, November 13th. This represents a $4.00 annualized dividend and a dividend yield of 2.7%. Diamondback Energy’s payout ratio is 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.