TrueWealth Advisors LLC Buys 294 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

TrueWealth Advisors LLC grew its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 10.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,154 shares of the oil and natural gas company’s stock after purchasing an additional 294 shares during the quarter. TrueWealth Advisors LLC’s holdings in Diamondback Energy were worth $504,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. QRG Capital Management Inc. boosted its holdings in Diamondback Energy by 38.4% during the 4th quarter. QRG Capital Management Inc. now owns 11,675 shares of the oil and natural gas company’s stock worth $1,913,000 after acquiring an additional 3,238 shares during the last quarter. Tectonic Advisors LLC lifted its position in shares of Diamondback Energy by 38.2% during the fourth quarter. Tectonic Advisors LLC now owns 31,467 shares of the oil and natural gas company’s stock valued at $5,155,000 after purchasing an additional 8,704 shares in the last quarter. Candriam S.C.A. boosted its holdings in Diamondback Energy by 27.4% during the fourth quarter. Candriam S.C.A. now owns 21,040 shares of the oil and natural gas company’s stock worth $3,447,000 after purchasing an additional 4,529 shares during the last quarter. SevenBridge Financial Group LLC grew its position in Diamondback Energy by 10.8% in the 4th quarter. SevenBridge Financial Group LLC now owns 20,388 shares of the oil and natural gas company’s stock worth $3,303,000 after purchasing an additional 1,990 shares in the last quarter. Finally, Tower Bridge Advisors increased its stake in Diamondback Energy by 27.4% in the 4th quarter. Tower Bridge Advisors now owns 8,828 shares of the oil and natural gas company’s stock valued at $1,446,000 after buying an additional 1,898 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Evercore ISI began coverage on Diamondback Energy in a research note on Tuesday, May 6th. They issued an “outperform” rating and a $165.00 target price on the stock. KeyCorp reduced their price target on shares of Diamondback Energy from $216.00 to $180.00 and set an “overweight” rating for the company in a research report on Monday, April 21st. Bank of America lifted their price objective on shares of Diamondback Energy from $165.00 to $170.00 and gave the stock a “buy” rating in a research report on Friday, May 23rd. Truist Financial increased their target price on shares of Diamondback Energy from $238.00 to $242.00 and gave the company a “buy” rating in a research report on Thursday, April 17th. Finally, Scotiabank lowered their price target on shares of Diamondback Energy from $215.00 to $175.00 and set a “sector outperform” rating on the stock in a report on Friday, April 11th. Two research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Diamondback Energy has an average rating of “Buy” and a consensus price target of $193.09.

Diamondback Energy Price Performance

FANG stock opened at $142.28 on Wednesday. The firm has a 50 day moving average of $136.79 and a 200-day moving average of $154.48. The firm has a market capitalization of $41.57 billion, a P/E ratio of 8.14, a price-to-earnings-growth ratio of 1.24 and a beta of 1.06. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $214.50. The company has a current ratio of 0.45, a quick ratio of 0.42 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 earnings per share for the quarter, beating analysts’ consensus estimates of $3.67 by $0.87. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. The business had revenue of $4.05 billion for the quarter, compared to the consensus estimate of $3.58 billion. During the same period last year, the firm posted $4.50 earnings per share. Diamondback Energy’s quarterly revenue was up 81.8% on a year-over-year basis. As a group, sell-side analysts predict that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Thursday, May 15th were issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date was Thursday, May 15th. Diamondback Energy’s dividend payout ratio is currently 24.46%.

Insider Buying and Selling

In related news, President Hof Matthew Kaes Van’t sold 10,000 shares of the firm’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $142.69, for a total transaction of $1,426,900.00. Following the transaction, the president now directly owns 120,645 shares of the company’s stock, valued at approximately $17,214,835.05. This trade represents a 7.65% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.70% of the stock is owned by company insiders.

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.