Independent Financial Group LLC Purchases Shares of 3,664 Diamondback Energy, Inc. $FANG

Independent Financial Group LLC purchased a new stake in Diamondback Energy, Inc. (NASDAQ:FANG) in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 3,664 shares of the oil and natural gas company’s stock, valued at approximately $725,000.

Several other large investors also recently made changes to their positions in the stock. Deseret Mutual Benefit Administrators raised its holdings in shares of Diamondback Energy by 31.7% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 274 shares of the oil and natural gas company’s stock worth $41,000 after acquiring an additional 66 shares during the period. Scotia Capital Inc. boosted its stake in Diamondback Energy by 0.3% in the 3rd quarter. Scotia Capital Inc. now owns 19,719 shares of the oil and natural gas company’s stock worth $2,822,000 after purchasing an additional 68 shares during the period. Townsend & Associates Inc increased its holdings in Diamondback Energy by 0.5% during the 4th quarter. Townsend & Associates Inc now owns 14,330 shares of the oil and natural gas company’s stock worth $2,161,000 after purchasing an additional 75 shares in the last quarter. Capital Financial Group Inc. Co. ADV increased its holdings in Diamondback Energy by 2.1% during the 1st quarter. Capital Financial Group Inc. Co. ADV now owns 3,584 shares of the oil and natural gas company’s stock worth $709,000 after purchasing an additional 75 shares in the last quarter. Finally, 180 Wealth Advisors LLC raised its stake in shares of Diamondback Energy by 2.9% in the 4th quarter. 180 Wealth Advisors LLC now owns 2,725 shares of the oil and natural gas company’s stock valued at $410,000 after purchasing an additional 78 shares during the period. Institutional investors own 90.01% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on FANG. Morgan Stanley cut their price target on Diamondback Energy from $229.00 to $216.00 and set an “overweight” rating on the stock in a report on Monday, June 29th. Mizuho lifted their target price on Diamondback Energy from $220.00 to $240.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Scotiabank boosted their target price on Diamondback Energy from $175.00 to $195.00 and gave the company a “sector outperform” rating in a research note on Wednesday, April 22nd. Truist Financial cut their target price on Diamondback Energy from $242.00 to $220.00 and set a “buy” rating on the stock in a research note on Thursday, July 16th. Finally, Wells Fargo & Company set a $212.00 price target on Diamondback Energy in a research report on Monday, June 22nd. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $218.68.

Insider Buying and Selling

In other news, Director Charles Alvin Meloy sold 83,334 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $187.12, for a total transaction of $15,593,458.08. Following the sale, the director owned 851,530 shares in the company, valued at $159,338,293.60. This represents a 8.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Matt Zmigrosky sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $200.54, for a total value of $1,002,700.00. Following the sale, the executive vice president owned 46,392 shares in the company, valued at approximately $9,303,451.68. This represents a 9.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 113,691 shares of company stock valued at $21,622,752. 0.64% of the stock is currently owned by company insiders.

Diamondback Energy Trading Up 2.3%

Shares of NASDAQ:FANG opened at $199.80 on Wednesday. The company’s 50-day moving average price is $191.25 and its two-hundred day moving average price is $181.66. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.56 and a quick ratio of 0.55. Diamondback Energy, Inc. has a one year low of $134.30 and a one year high of $214.51. The stock has a market capitalization of $56.21 billion, a PE ratio of 232.33 and a beta of 0.42.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, May 4th. The oil and natural gas company reported $4.23 EPS for the quarter, topping analysts’ consensus estimates of $3.74 by $0.49. The company 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 company’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the business posted $4.54 EPS. On average, equities analysts forecast that Diamondback Energy, Inc. will post 18.9 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

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

Diamondback Energy Profile

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.