GC Wealth Management RIA LLC Makes New $288,000 Investment in Diamondback Energy, Inc. $FANG

GC Wealth Management RIA LLC bought a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 2,094 shares of the oil and natural gas company’s stock, valued at approximately $288,000.

Several other institutional investors and hedge funds have also recently modified their holdings of FANG. BankPlus Trust Department acquired a new position in shares of Diamondback Energy during the 1st quarter valued at about $27,000. Pinnacle Bancorp Inc. lifted its position in Diamondback Energy by 95.7% in the first quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company’s stock valued at $29,000 after buying an additional 88 shares during the last quarter. 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 worth $31,000 after purchasing an additional 167 shares during the period. Grove Bank & Trust increased its stake in Diamondback Energy by 65.0% during the first quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company’s stock worth $32,000 after purchasing an additional 80 shares during the period. Finally, WASHINGTON TRUST Co increased its stake in Diamondback Energy by 119.8% during the first quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company’s stock worth $32,000 after purchasing an additional 109 shares during the period. Institutional investors and hedge funds own 90.01% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Wells Fargo & Company upped their target price on shares of Diamondback Energy from $210.00 to $211.00 and gave the stock an “overweight” rating in a research note on Thursday, August 14th. Melius Research assumed coverage on shares of Diamondback Energy in a research note on Wednesday, August 20th. They set a “buy” rating and a $213.00 target price on the stock. KeyCorp cut their target price on shares of Diamondback Energy from $180.00 to $176.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 3rd. Susquehanna cut their target price on shares of Diamondback Energy from $192.00 to $188.00 and set a “positive” rating on the stock in a research note on Wednesday, July 23rd. Finally, Piper Sandler cut their target price on shares of Diamondback Energy from $228.00 to $222.00 and set an “overweight” rating on the stock in a research note on Thursday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating and twenty-one have assigned a Buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $193.39.

Insider Buying and Selling at Diamondback Energy

In other news, Chairman Travis D. Stice sold 20,400 shares of the firm’s stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $142.80, for a total value of $2,913,120.00. Following the completion of the transaction, the chairman owned 102,145 shares in the company, valued at $14,586,306. This trade represents a 16.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.70% of the stock is currently owned by corporate insiders.

Diamondback Energy Price Performance

FANG stock opened at $143.54 on Thursday. The company has a market capitalization of $41.55 billion, a P/E ratio of 10.20 and a beta of 1.04. Diamondback Energy, Inc. has a twelve month low of $114.00 and a twelve month high of $200.47. The business has a 50 day simple moving average of $142.85 and a 200-day simple moving average of $141.76. The company has a current ratio of 0.55, a quick ratio of 0.52 and a debt-to-equity ratio of 0.35.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 earnings per share for the quarter, missing the consensus estimate of $2.72 by ($0.05). Diamondback Energy had a return on equity of 9.48% and a net margin of 27.25%.The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.35 billion. During the same period in the prior year, the business earned $4.52 earnings per share. Diamondback Energy’s revenue for the quarter was up 48.1% compared to the same quarter last year. As a group, equities analysts anticipate that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were given a $1.00 dividend. The ex-dividend date was Thursday, August 14th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.8%. Diamondback Energy’s dividend payout ratio (DPR) is currently 28.43%.

Diamondback Energy Company 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.