Sagespring Wealth Partners LLC Grows Stock Holdings in Diamondback Energy, Inc. (NASDAQ:FANG)

Sagespring Wealth Partners LLC boosted its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 6.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,511 shares of the oil and natural gas company’s stock after purchasing an additional 473 shares during the quarter. Sagespring Wealth Partners LLC’s holdings in Diamondback Energy were worth $1,201,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of FANG. Demars Financial Group LLC purchased a new stake in Diamondback Energy during the fourth quarter valued at $638,050,000. Raymond James Financial Inc. purchased a new stake in Diamondback Energy during the fourth quarter valued at $298,327,000. Alyeska Investment Group L.P. purchased a new stake in Diamondback Energy during the fourth quarter valued at $185,193,000. Price T Rowe Associates Inc. MD raised its stake in Diamondback Energy by 11.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 9,136,645 shares of the oil and natural gas company’s stock valued at $1,496,859,000 after purchasing an additional 928,429 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. raised its stake in Diamondback Energy by 30.5% during the fourth quarter. Diamond Hill Capital Management Inc. now owns 2,817,554 shares of the oil and natural gas company’s stock valued at $461,600,000 after purchasing an additional 658,644 shares in the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Activity

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

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Scotiabank reduced their target price on shares of Diamondback Energy from $215.00 to $175.00 and set a “sector outperform” rating on the stock in a research note on Friday, April 11th. Piper Sandler reduced their target price on shares of Diamondback Energy from $234.00 to $225.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 13th. Raymond James reissued a “strong-buy” rating on shares of Diamondback Energy in a research note on Thursday, May 22nd. 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 note on Thursday, April 17th. Finally, Susquehanna reduced their target price on shares of Diamondback Energy from $219.00 to $194.00 and set a “positive” rating on the stock in a research note on Tuesday, April 22nd. Two analysts have rated the stock with a hold rating, nineteen have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $193.13.

Diamondback Energy Stock Down 2.5%

Shares of Diamondback Energy stock opened at $151.03 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. Diamondback Energy, Inc. has a 1 year low of $114.00 and a 1 year high of $214.50. The firm’s 50-day moving average is $137.63 and its two-hundred day moving average is $152.15. The stock has a market cap of $44.13 billion, a price-to-earnings ratio of 8.65, a PEG ratio of 1.24 and a beta of 1.06.

Diamondback Energy (NASDAQ:FANG) last released its quarterly 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 analysts’ expectations of $3.58 billion. During the same period last year, the business earned $4.50 EPS. The company’s revenue was up 81.8% compared to the same quarter last year. As a group, research analysts expect that Diamondback Energy, Inc. will post 15.49 earnings per share for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 22nd. Stockholders of record on Thursday, May 15th were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date of this dividend was Thursday, May 15th. Diamondback Energy’s dividend payout ratio is currently 24.46%.

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.