Optimum Investment Advisors Acquires Shares of 275 Diamondback Energy, Inc. (NASDAQ:FANG)

Posted by on Mar 18th, 2023

Optimum Investment Advisors acquired a new stake in Diamondback Energy, Inc. (NASDAQ:FANG – Get Rating) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 275 shares of the oil and natural gas company’s stock, valued at approximately $38,000.

Other institutional investors have also recently bought and sold shares of the company. Adirondack Trust Co. grew its stake in Diamondback Energy by 275.0% in the 3rd quarter. Adirondack Trust Co. now owns 225 shares of the oil and natural gas company’s stock valued at $27,000 after purchasing an additional 165 shares during the period. Private Trust Co. NA bought a new position in shares of Diamondback Energy during the 2nd quarter worth $28,000. SOA Wealth Advisors LLC. grew its stake in shares of Diamondback Energy by 72.1% during the 3rd quarter. SOA Wealth Advisors LLC. now owns 241 shares of the oil and natural gas company’s stock worth $29,000 after acquiring an additional 101 shares during the period. Carolinas Wealth Consulting LLC grew its stake in shares of Diamondback Energy by 366.7% during the 1st quarter. Carolinas Wealth Consulting LLC now owns 224 shares of the oil and natural gas company’s stock worth $31,000 after acquiring an additional 176 shares during the period. Finally, First Personal Financial Services bought a new position in shares of Diamondback Energy during the 3rd quarter worth $32,000. Institutional investors own 89.76% of the company’s stock.

Diamondback Energy Stock Performance

NASDAQ:FANG opened at $123.12 on Friday. The stock has a market cap of $22.60 billion, a P/E ratio of 5.00, a PEG ratio of 0.27 and a beta of 2.03. The company has a quick ratio of 0.77, a current ratio of 0.81 and a debt-to-equity ratio of 0.40. Diamondback Energy, Inc. has a twelve month low of $103.71 and a twelve month high of $168.95. The business’s 50-day moving average price is $141.75 and its two-hundred day moving average price is $141.30.

Diamondback Energy (NASDAQ:FANG – Get Rating) last announced its quarterly earnings data on Tuesday, February 21st. The oil and natural gas company reported $5.29 earnings per share for the quarter, beating analysts’ consensus estimates of $5.20 by $0.09. The company had revenue of $2.03 billion for the quarter, compared to analysts’ expectations of $2.09 billion. Diamondback Energy had a return on equity of 29.29% and a net margin of 45.48%. Diamondback Energy’s revenue for the quarter was up .4% compared to the same quarter last year. During the same period last year, the firm posted $3.63 EPS. As a group, equities analysts predict that Diamondback Energy, Inc. will post 22.08 EPS for the current fiscal year.

Diamondback Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Friday, March 3rd were issued a dividend of $2.95 per share. The ex-dividend date of this dividend was Thursday, March 2nd. This represents a $11.80 dividend on an annualized basis and a dividend yield of 9.58%. Diamondback Energy’s dividend payout ratio is 12.99%.

Insider Activity at Diamondback Energy

In related news, VP Matt Zmigrosky sold 2,012 shares of the firm’s stock in a transaction dated Wednesday, December 21st. The stock was sold at an average price of $136.96, for a total transaction of $275,563.52. Following the transaction, the vice president now directly owns 23,623 shares of the company’s stock, valued at approximately $3,235,406.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.42% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. KeyCorp cut their price target on Diamondback Energy from $182.00 to $171.00 and set an “overweight” rating for the company in a research note on Thursday, December 8th. Morgan Stanley cut their price target on Diamondback Energy from $180.00 to $168.00 and set an “overweight” rating for the company in a research note on Tuesday, January 24th. Truist Financial increased their price objective on Diamondback Energy from $203.00 to $209.00 and gave the stock a “buy” rating in a report on Friday, November 18th. Barclays increased their price objective on Diamondback Energy from $166.00 to $182.00 in a report on Thursday. Finally, Piper Sandler dropped their price objective on Diamondback Energy from $214.00 to $207.00 and set an “overweight” rating on the stock in a report on Tuesday, March 7th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $181.45.

About Diamondback Energy

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Diamondback Energy, Inc is an independent oil and natural gas company, which engages in the acquisition, development, exploration, and exploitation of unconventional, onshore oil, and natural gas reserves. It operates through the Upstream and Midstream Services segments. The Upstream segment focuses on the Permian Basin operations in West Texas.

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Institutional Ownership by Quarter for Diamondback Energy (NASDAQ:FANG)

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