NewEdge Wealth LLC Makes New Investment in Diamondback Energy, Inc. $FANG

NewEdge Wealth LLC acquired a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 2,719 shares of the oil and natural gas company’s stock, valued at approximately $409,000.

Other institutional investors also recently bought and sold shares of the company. Flagship Harbor Advisors LLC purchased a new stake in Diamondback Energy during the fourth quarter worth approximately $25,000. Richardson Financial Services Inc. grew its stake in Diamondback Energy by 245.1% during the fourth quarter. Richardson Financial Services Inc. now owns 176 shares of the oil and natural gas company’s stock worth $26,000 after buying an additional 125 shares during the period. Laurel Wealth Advisors LLC purchased a new stake in Diamondback Energy during the fourth quarter worth approximately $26,000. JPL Wealth Management LLC purchased a new stake in Diamondback Energy during the third quarter worth approximately $26,000. Finally, KERR FINANCIAL PLANNING Corp purchased a new stake in Diamondback Energy during the third quarter worth approximately $38,000. 90.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on FANG. Raymond James Financial reiterated a “strong-buy” rating and set a $242.00 price objective on shares of Diamondback Energy in a research note on Monday, April 27th. Wall Street Zen upgraded shares of Diamondback Energy from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Piper Sandler upped their target price on shares of Diamondback Energy from $215.00 to $248.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. Sanford C. Bernstein upped their target price on shares of Diamondback Energy from $237.00 to $241.00 and gave the company an “outperform” rating in a research note on Monday, May 11th. Finally, Mizuho upped their target price on shares of Diamondback Energy from $205.00 to $220.00 and gave the company an “outperform” rating in a research note on Tuesday, March 17th. Five analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $218.25.

Diamondback Energy Price Performance

Shares of FANG stock opened at $203.56 on Friday. The company has a market capitalization of $57.26 billion, a PE ratio of 236.70 and a beta of 0.46. The firm has a fifty day simple moving average of $191.72 and a 200-day simple moving average of $167.76. The company has a current ratio of 0.56, a quick ratio of 0.55 and a debt-to-equity ratio of 0.31. Diamondback Energy, Inc. has a twelve month low of $132.20 and a twelve month high of $214.51.

Diamondback Energy (NASDAQ:FANG) last announced its earnings results on Monday, May 4th. The oil and natural gas company reported $4.23 earnings per share for the quarter, beating the consensus estimate of $3.74 by $0.49. The business had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $3.83 billion. Diamondback Energy had a net margin of 1.87% and a return on equity of 7.76%. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.54 earnings per share. Equities research analysts anticipate that Diamondback Energy, Inc. will post 18.93 earnings per share for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 21st. Investors of record on Thursday, May 14th will be issued a $1.10 dividend. This is a boost from Diamondback Energy’s previous quarterly dividend of $1.05. This represents a $4.40 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Thursday, May 14th. Diamondback Energy’s dividend payout ratio is currently 511.63%.

Insider Transactions at Diamondback Energy

In related news, Director Steven E. West sold 6,000 shares of the company’s stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $188.35, for a total value of $1,130,100.00. Following the sale, the director directly owned 4,484 shares of the company’s stock, valued at $844,561.40. This represents a 57.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Jere W. Thompson III sold 750 shares of the company’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $182.47, for a total transaction of $136,852.50. Following the completion of the sale, the chief financial officer directly owned 19,975 shares in the company, valued at $3,644,838.25. This represents a 3.62% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 169,321 shares of company stock valued at $31,055,475 over the last ninety days. 0.64% of the stock is currently owned by corporate insiders.

About Diamondback Energy

Diamondback Energy, Inc (NASDAQ: FANG) is an independent oil and natural gas company focused on the development, exploration and production of unconventional resources in the Permian Basin. Headquartered in Midland, Texas, the company concentrates its operations in the core Midland and Delaware sub‑basins of West Texas and southeastern New Mexico, where it pursues contiguous acreage positions to support repeatable drilling programs.

Diamondback’s activities span the upstream value chain, including leasehold acquisition, well planning, drilling, completion and production optimization.