Capital Advisors Ltd. LLC boosted its stake in Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) by 35.9% during the 1st quarter, Holdings Channel reports. The institutional investor owned 1,674 shares of the oil and natural gas company’s stock after acquiring an additional 442 shares during the period. Capital Advisors Ltd. LLC’s holdings in Diamondback Energy were worth $229,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of FANG. MCF Advisors LLC acquired a new position in shares of Diamondback Energy in the 1st quarter worth approximately $35,000. Confluence Wealth Services Inc. acquired a new stake in Diamondback Energy during the 4th quarter worth approximately $38,000. Creative Financial Designs Inc. ADV raised its stake in shares of Diamondback Energy by 235.0% in the first quarter. Creative Financial Designs Inc. ADV now owns 335 shares of the oil and natural gas company’s stock valued at $46,000 after acquiring an additional 235 shares in the last quarter. Allworth Financial LP boosted its stake in shares of Diamondback Energy by 52.4% in the 1st quarter. Allworth Financial LP now owns 349 shares of the oil and natural gas company’s stock valued at $48,000 after buying an additional 120 shares during the period. Finally, Key Financial Inc acquired a new position in Diamondback Energy during the 1st quarter worth approximately $55,000. Institutional investors and hedge funds own 89.97% of the company’s stock.
Insiders Place Their Bets
In other Diamondback Energy news, CAO Teresa L. Dick sold 2,500 shares of the firm’s stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $152.22, for a total value of $380,550.00. Following the completion of the sale, the chief accounting officer now owns 57,308 shares in the company, valued at approximately $8,723,423.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Hof Matthew Kaes Van’t sold 6,000 shares of the company’s stock in a transaction on Tuesday, June 7th. The stock was sold at an average price of $160.00, for a total transaction of $960,000.00. Following the transaction, the chief financial officer now owns 61,334 shares of the company’s stock, valued at $9,813,440. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Teresa L. Dick sold 2,500 shares of the firm’s stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $152.22, for a total value of $380,550.00. Following the completion of the transaction, the chief accounting officer now owns 57,308 shares in the company, valued at approximately $8,723,423.76. The disclosure for this sale can be found here. Insiders have sold a total of 44,500 shares of company stock valued at $6,740,850 in the last 90 days. 0.42% of the stock is currently owned by insiders.
Diamondback Energy Stock Performance
Diamondback Energy (NASDAQ:FANG – Get Rating) last released its earnings results on Monday, August 1st. The oil and natural gas company reported $7.07 earnings per share for the quarter, beating the consensus estimate of $6.58 by $0.49. The business had revenue of $2.77 billion during the quarter, compared to analysts’ expectations of $2.44 billion. Diamondback Energy had a net margin of 42.23% and a return on equity of 25.12%. The firm’s revenue was up 64.7% on a year-over-year basis. During the same quarter last year, the company earned $2.40 earnings per share. Research analysts anticipate that Diamondback Energy, Inc. will post 25.63 earnings per share for the current fiscal year.
Diamondback Energy declared that its Board of Directors has initiated a stock repurchase plan on Monday, August 1st that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the oil and natural gas company to buy up to 17.9% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.
Diamondback Energy Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 23rd. Investors of record on Tuesday, August 16th will be issued a $3.05 dividend. This represents a $12.20 dividend on an annualized basis and a dividend yield of 10.05%. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.70. The ex-dividend date is Monday, August 15th. Diamondback Energy’s payout ratio is currently 13.09%.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on FANG. Wells Fargo & Company cut their price objective on shares of Diamondback Energy from $200.00 to $192.00 and set an “overweight” rating on the stock in a report on Monday, July 11th. MKM Partners restated a “buy” rating and issued a $155.00 price objective on shares of Diamondback Energy in a research note on Wednesday, July 20th. Citigroup increased their target price on shares of Diamondback Energy to $148.00 in a research note on Monday, July 4th. The Goldman Sachs Group dropped their price target on Diamondback Energy from $180.00 to $160.00 and set a “buy” rating on the stock in a research report on Tuesday, July 5th. Finally, Barclays increased their price objective on Diamondback Energy from $160.00 to $180.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 14th. Three analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $169.42.
Diamondback Energy Profile
Diamondback Energy, Inc, an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. It focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico.
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