First Trust Direct Indexing L.P. lessened its holdings in Diamondback Energy, Inc. (NASDAQ:FANG – Free Report) by 3.5% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,476 shares of the oil and natural gas company’s stock after selling 125 shares during the period. First Trust Direct Indexing L.P.’s holdings in Diamondback Energy were worth $457,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of FANG. Focused Wealth Management Inc boosted its stake in shares of Diamondback Energy by 111.8% in the 1st quarter. Focused Wealth Management Inc now owns 190 shares of the oil and natural gas company’s stock worth $26,000 after buying an additional 1,800 shares during the last quarter. Accel Wealth Management purchased a new position in Diamondback Energy in the first quarter valued at approximately $27,000. FinTrust Capital Advisors LLC lifted its stake in Diamondback Energy by 232.8% in the fourth quarter. FinTrust Capital Advisors LLC now owns 213 shares of the oil and natural gas company’s stock valued at $29,000 after purchasing an additional 149 shares during the last quarter. Carolinas Wealth Consulting LLC lifted its stake in Diamondback Energy by 366.7% in the first quarter. Carolinas Wealth Consulting LLC now owns 224 shares of the oil and natural gas company’s stock valued at $31,000 after purchasing an additional 176 shares during the last quarter. Finally, Trust Co. of Vermont purchased a new position in Diamondback Energy in the first quarter valued at approximately $41,000. Hedge funds and other institutional investors own 87.84% of the company’s stock.
Diamondback Energy Stock Up 1.4 %
FANG opened at $152.64 on Tuesday. The stock has a market cap of $27.30 billion, a PE ratio of 7.91, a P/E/G ratio of 0.39 and a beta of 2.04. The company has a quick ratio of 0.40, a current ratio of 0.43 and a debt-to-equity ratio of 0.40. Diamondback Energy, Inc. has a 52 week low of $110.97 and a 52 week high of $168.95. The business’s fifty day simple moving average is $149.38 and its 200 day simple moving average is $138.85.
Diamondback Energy Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, August 17th. Investors of record on Thursday, August 10th were paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend was Wednesday, August 9th. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.80. Diamondback Energy’s dividend payout ratio is currently 17.44%.
Analyst Upgrades and Downgrades
Several research firms recently commented on FANG. Raymond James upped their price objective on Diamondback Energy from $173.00 to $191.00 and gave the company a “strong-buy” rating in a research note on Thursday, September 14th. StockNews.com began coverage on Diamondback Energy in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. Truist Financial upped their price objective on Diamondback Energy from $182.00 to $185.00 and gave the company a “buy” rating in a research note on Wednesday, August 2nd. Mizuho boosted their target price on shares of Diamondback Energy from $191.00 to $197.00 and gave the company a “buy” rating in a report on Monday, September 18th. Finally, Stifel Nicolaus boosted their target price on shares of Diamondback Energy from $178.00 to $179.00 and gave the company a “buy” rating in a report on Friday, August 18th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $177.65.
Get Our Latest Stock Report on Diamondback Energy
Insider Buying and Selling at Diamondback Energy
In other Diamondback Energy news, Director Steven E. West sold 8,000 shares of the company’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $150.65, for a total transaction of $1,205,200.00. Following the completion of the sale, the director now directly owns 5,100 shares in the company, valued at $768,315. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Diamondback Energy news, COO Daniel N. Wesson sold 4,000 shares of the company’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $149.68, for a total transaction of $598,720.00. Following the completion of the sale, the chief operating officer now directly owns 61,802 shares in the company, valued at $9,250,523.36. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Steven E. West sold 8,000 shares of the company’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $150.65, for a total transaction of $1,205,200.00. Following the sale, the director now owns 5,100 shares of the company’s stock, valued at $768,315. The disclosure for this sale can be found here. Insiders sold a total of 37,518 shares of company stock worth $5,695,092 over the last three months. Company insiders own 0.43% of the company’s stock.
About Diamondback Energy
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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