19,062 Shares in Diamondback Energy, Inc. $FANG Purchased by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC bought a new position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 19,062 shares of the oil and natural gas company’s stock, valued at approximately $3,351,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Cedar Mountain Advisors LLC acquired a new stake in shares of Diamondback Energy during the 1st quarter valued at approximately $26,000. Laurel Wealth Advisors LLC acquired a new stake in shares of Diamondback Energy in the 4th quarter worth approximately $26,000. JPL Wealth Management LLC purchased a new position in Diamondback Energy in the 3rd quarter valued at approximately $26,000. Wellington Shields & Co. LLC increased its stake in Diamondback Energy by 264.7% in the 4th quarter. Wellington Shields & Co. LLC now owns 186 shares of the oil and natural gas company’s stock valued at $28,000 after purchasing an additional 135 shares in the last quarter. Finally, Global Assets Advisory LLC acquired a new position in Diamondback Energy during the first quarter worth $40,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FANG has been the topic of a number of research analyst reports. Wall Street Zen upgraded Diamondback Energy from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Jefferies Financial Group reaffirmed a “hold” rating and set a $205.00 price target on shares of Diamondback Energy in a research note on Sunday, August 9th. Scotiabank boosted their price objective on shares of Diamondback Energy from $175.00 to $195.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, April 22nd. Mizuho increased their price objective on shares of Diamondback Energy from $220.00 to $240.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Finally, Sanford C. Bernstein raised their target price on shares of Diamondback Energy from $237.00 to $241.00 and gave the company an “outperform” rating in a report on Monday, May 11th. Four equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Diamondback Energy presently has an average rating of “Buy” and an average target price of $221.75.

Diamondback Energy Stock Performance

Diamondback Energy stock opened at $206.29 on Tuesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.45 and a current ratio of 0.47. The stock has a fifty day moving average of $190.47 and a two-hundred day moving average of $188.07. The company has a market capitalization of $57.77 billion, a price-to-earnings ratio of 40.21 and a beta of 0.43. Diamondback Energy, Inc. has a fifty-two week low of $134.30 and a fifty-two week high of $214.51.

Diamondback Energy (NASDAQ:FANG) last released 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. Diamondback Energy had a return on equity of 10.10% and a net margin of 8.58%.The company had revenue of $5.56 billion during the quarter, compared to analysts’ expectations of $4.89 billion. During the same period in the previous year, the firm posted $2.38 earnings per share. The business’s revenue for the quarter was up 51.2% compared to the same quarter last year. On average, analysts anticipate that Diamondback Energy, Inc. will post 19.73 EPS for the current fiscal year.

Diamondback Energy Dividend Announcement

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

Insider Activity

In other Diamondback Energy news, CAO Teresa L. Dick sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the sale, the chief accounting officer directly owned 85,755 shares of the company’s stock, valued at $17,228,179.50. This trade represents a 7.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 sale, the director directly owned 13,437 shares in the company, valued at $2,640,370.50. This represents a 3.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 129,167 shares of company stock valued at $24,714,309 in the last 90 days. Company 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.