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

NewEdge Wealth LLC purchased a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,283 shares of the oil and natural gas company’s stock, valued at approximately $753,000.

Several other hedge funds have also recently bought and sold shares of FANG. Empirical Asset Management LLC acquired a new stake in Diamondback Energy in the 2nd quarter valued at approximately $375,000. Great Lakes Advisors LLC acquired a new position in shares of Diamondback Energy during the second quarter valued at $321,000. Danske Bank A S bought a new stake in shares of Diamondback Energy during the second quarter valued at about $1,108,000. Diversify Advisory Services LLC bought a new stake in shares of Diamondback Energy during the second quarter valued at about $419,000. Finally, Oxbow Advisors LLC bought a new position in Diamondback Energy in the 2nd quarter valued at about $217,000. 90.01% of the stock is currently owned by institutional investors.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $210.72 on Friday. The business has a fifty day simple moving average of $191.79 and a 200 day simple moving average of $189.22. The company has a current ratio of 0.47, a quick ratio of 0.45 and a debt-to-equity ratio of 0.25. Diamondback Energy, Inc. has a 1 year low of $134.30 and a 1 year high of $216.90. The firm has a market cap of $59.01 billion, a price-to-earnings ratio of 41.08 and a beta of 0.43.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings results on Monday, August 3rd. The oil and natural gas company reported $6.48 earnings per share for the quarter, topping analysts’ consensus estimates of $6.08 by $0.40. The company had revenue of $5.56 billion during the quarter, compared to the consensus estimate of $4.89 billion. Diamondback Energy had a return on equity of 10.10% and a net margin of 8.58%.The business’s quarterly revenue was up 51.2% on a year-over-year basis. During the same period last year, the business earned $2.38 EPS. As a group, sell-side analysts predict that Diamondback Energy, Inc. will post 20.13 earnings per share for the current fiscal year.

Diamondback Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 13th were paid a $1.10 dividend. This represents a $4.40 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Thursday, August 13th. Diamondback Energy’s payout ratio is presently 85.77%.

Analyst Upgrades and Downgrades

A number of analysts have commented on FANG shares. Weiss Ratings upgraded shares of Diamondback Energy from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, July 31st. Zacks Research downgraded Diamondback Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, May 28th. Truist Financial lifted their price target on Diamondback Energy from $220.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, August 5th. Susquehanna upped their price objective on Diamondback Energy from $245.00 to $255.00 and gave the company a “positive” rating in a report on Tuesday, July 21st. Finally, Wall Street Zen raised Diamondback Energy from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Four research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $222.21.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, Director Mark Lawrence Plaumann sold 500 shares of the firm’s stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $196.50, for a total transaction of $98,250.00. Following the transaction, the director directly owned 13,437 shares in the company, valued at $2,640,370.50. This trade represents a 3.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Teresa L. Dick sold 7,000 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total value of $1,406,300.00. Following the completion of the sale, the chief accounting officer directly owned 85,755 shares of the company’s stock, valued at $17,228,179.50. This represents a 7.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 129,167 shares of company stock valued at $24,714,309. Corporate insiders own 0.64% of the company’s stock.

Diamondback Energy Company 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.