Western Wealth Management LLC Buys New Shares in Diamondback Energy, Inc. $FANG

Western Wealth Management LLC purchased a new position in Diamondback Energy, Inc. (NASDAQ:FANG) in the 2nd quarter, Holdings Channel.com reports. The fund purchased 3,922 shares of the oil and natural gas company’s stock, valued at approximately $689,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of FANG. Cedar Mountain Advisors LLC bought a new position in Diamondback Energy during the 1st quarter worth approximately $26,000. Meeder Asset Management Inc. purchased a new stake in shares of Diamondback Energy during the second quarter valued at approximately $28,000. Laurel Wealth Advisors LLC bought a new position in shares of Diamondback Energy in the fourth quarter worth approximately $26,000. JPL Wealth Management LLC bought a new position in shares of Diamondback Energy in the third quarter worth approximately $26,000. Finally, Wellington Shields & Co. LLC increased its stake in shares of Diamondback Energy by 264.7% in the fourth quarter. Wellington Shields & Co. LLC now owns 186 shares of the oil and natural gas company’s stock worth $28,000 after buying an additional 135 shares during the period. 90.01% of the stock is owned by institutional investors.

Insider Activity at Diamondback Energy

In related news, Director Charles Alvin Meloy sold 83,334 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $187.12, for a total value of $15,593,458.08. Following the completion of the transaction, the director directly owned 851,530 shares of the company’s stock, valued at $159,338,293.60. This represents a 8.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Teresa L. Dick sold 7,000 shares of the firm’s stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $200.90, for a total transaction of $1,406,300.00. Following the completion of the sale, the chief accounting officer owned 85,755 shares of the company’s stock, valued at $17,228,179.50. This trade represents a 7.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 129,167 shares of company stock worth $24,714,309 over the last ninety days. Corporate insiders own 0.64% of the company’s stock.

Analyst Ratings Changes

FANG has been the subject of a number of recent analyst reports. Morgan Stanley reiterated an “equal weight” rating and set a $216.00 price target on shares of Diamondback Energy in a report on Wednesday, August 19th. Mizuho boosted their price objective on shares of Diamondback Energy from $220.00 to $240.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Sanford C. Bernstein upped their price objective 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. Raymond James Financial reiterated a “strong-buy” rating and set a $248.00 target price on shares of Diamondback Energy in a report on Friday, July 31st. Finally, Weiss Ratings raised Diamondback Energy from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, July 31st. Four analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Diamondback Energy has a consensus rating of “Moderate Buy” and a consensus target price of $222.21.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $199.89 on Wednesday. The stock has a market cap of $55.97 billion, a P/E ratio of 38.96 and a beta of 0.43. The firm’s fifty day simple moving average is $192.34 and its 200 day simple moving average is $189.96. Diamondback Energy, Inc. has a twelve month low of $134.30 and a twelve month high of $216.90. The company has a quick ratio of 0.45, a current ratio of 0.47 and a debt-to-equity ratio of 0.25.

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

Diamondback Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 20th. Investors of record on Thursday, August 13th were given a dividend of $1.10 per share. The ex-dividend date was Thursday, August 13th. This represents a $4.40 annualized dividend and a dividend yield of 2.2%. Diamondback Energy’s payout ratio is currently 85.77%.

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.