Wedbush Securities Inc. Purchases 885 Shares of Diamondback Energy, Inc. $FANG

Wedbush Securities Inc. grew its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 32.8% in the 2nd quarter, Holdings Channel.com reports. The firm owned 3,587 shares of the oil and natural gas company’s stock after purchasing an additional 885 shares during the quarter. Wedbush Securities Inc.’s holdings in Diamondback Energy were worth $493,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also bought and sold shares of FANG. True North Advisors LLC bought a new stake in Diamondback Energy in the 1st quarter worth approximately $327,000. Nuveen LLC bought a new position in Diamondback Energy during the 1st quarter valued at about $230,039,000. Vantage Investment Partners LLC raised its holdings in shares of Diamondback Energy by 4.4% in the second quarter. Vantage Investment Partners LLC now owns 83,184 shares of the oil and natural gas company’s stock worth $11,429,000 after buying an additional 3,476 shares during the period. Swedbank AB increased its stake in Diamondback Energy by 3.9% in 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. Finally, Forte Capital LLC ADV increased its stake in Diamondback Energy by 11.3% in the 2nd quarter. Forte Capital LLC ADV now owns 48,237 shares of the oil and natural gas company’s stock worth $6,628,000 after buying an additional 4,911 shares during the period. Institutional investors own 90.01% of the company’s stock.

Diamondback Energy Trading Up 2.4%

NASDAQ FANG opened at $148.15 on Wednesday. The firm has a 50 day simple moving average of $142.20 and a 200-day simple moving average of $141.92. The firm has a market cap of $42.45 billion, a price-to-earnings ratio of 10.30 and a beta of 0.99. 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 one year low of $114.00 and a one year high of $186.07.

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

Diamondback Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 20th. Shareholders of record on Thursday, November 13th will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Thursday, November 13th. Diamondback Energy’s dividend payout ratio (DPR) is presently 27.80%.

Analyst Ratings Changes

Several analysts recently weighed in on FANG shares. Barclays decreased their price objective on Diamondback Energy from $185.00 to $178.00 and set an “overweight” rating for the company in a report on Tuesday, October 7th. Weiss Ratings restated a “hold (c-)” rating on shares of Diamondback Energy in a report on Wednesday, October 8th. Susquehanna reduced their target price on Diamondback Energy to $188.00 and set a “positive” rating for the company in a research note on Monday, October 20th. Piper Sandler dropped their price objective on shares of Diamondback Energy from $228.00 to $222.00 and set an “overweight” rating on the stock in a report on Thursday, August 14th. Finally, Evercore ISI raised their target price on Diamondback Energy from $165.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, October 6th. Two analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $188.55.

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.