Diamondback Energy, Inc. (NASDAQ:FANG) Shares Purchased by Apollon Wealth Management LLC

Apollon Wealth Management LLC raised its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 36.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,556 shares of the oil and natural gas company’s stock after purchasing an additional 1,217 shares during the period. Apollon Wealth Management LLC’s holdings in Diamondback Energy were worth $728,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BankPlus Trust Department acquired a new stake in Diamondback Energy in the first quarter worth about $27,000. Pinnacle Bancorp Inc. lifted its stake in shares of Diamondback Energy by 95.7% in the 1st quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company’s stock worth $29,000 after acquiring an additional 88 shares during the period. Fourth Dimension Wealth LLC acquired a new stake in shares of Diamondback Energy in the 4th quarter worth approximately $33,000. WASHINGTON TRUST Co lifted its stake in shares of Diamondback Energy by 119.8% in the 1st quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company’s stock worth $32,000 after acquiring an additional 109 shares during the period. Finally, Grove Bank & Trust lifted its stake in shares of Diamondback Energy by 65.0% in the 1st quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company’s stock worth $32,000 after acquiring an additional 80 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

Diamondback Energy Stock Performance

Shares of FANG opened at $141.37 on Friday. The company’s fifty day moving average is $141.68 and its 200-day moving average is $148.88. Diamondback Energy, Inc. has a 12 month low of $114.00 and a 12 month high of $209.57. The firm has a market cap of $41.30 billion, a price-to-earnings ratio of 8.65 and a beta of 1.05. The company has a quick ratio of 0.83, a current ratio of 0.86 and a debt-to-equity ratio of 0.31.

Diamondback Energy (NASDAQ:FANG) last announced its quarterly earnings results on Monday, May 5th. The oil and natural gas company reported $4.54 EPS for the quarter, topping the consensus estimate of $3.67 by $0.87. Diamondback Energy had a net margin of 30.84% and a return on equity of 11.22%. The company had revenue of $4.05 billion for the quarter, compared to analyst estimates of $3.58 billion. During the same quarter in the prior year, the business posted $4.50 EPS. Diamondback Energy’s quarterly revenue was up 81.8% on a year-over-year basis. Equities analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 22nd. Investors of record on Thursday, May 15th were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.83%. The ex-dividend date of this dividend was Thursday, May 15th. Diamondback Energy’s dividend payout ratio is currently 24.46%.

Analyst Ratings Changes

Several analysts recently commented on the stock. Bank of America increased their target price on shares of Diamondback Energy from $165.00 to $170.00 and gave the company a “buy” rating in a research note on Friday, May 23rd. Mizuho cut their target price on shares of Diamondback Energy from $186.00 to $179.00 and set an “outperform” rating for the company in a research note on Tuesday, May 13th. 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. Morgan Stanley reissued an “overweight” rating on shares of Diamondback Energy in a research note on Tuesday. Finally, KeyCorp cut their target price on shares of Diamondback Energy from $216.00 to $180.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. Two research analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $191.55.

Insider Activity

In related news, President Hof Matthew Kaes Van’t sold 10,000 shares of the company’s stock in a transaction on Monday, May 12th. The shares were sold at an average price of $142.69, for a total transaction of $1,426,900.00. Following the completion of the sale, the president directly owned 120,645 shares of the company’s stock, valued at approximately $17,214,835.05. This 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. Corporate insiders own 0.70% of the company’s stock.

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.