Stephens Inc. AR Cuts Stake in Diamondback Energy, Inc. (NASDAQ:FANG)

Stephens Inc. AR reduced its stake in shares of Diamondback Energy, Inc. (NASDAQ:FANGGet Rating) by 67.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,879 shares of the oil and natural gas company’s stock after selling 5,917 shares during the period. Stephens Inc. AR’s holdings in Diamondback Energy were worth $395,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of FANG. Clearstead Advisors LLC purchased a new position in Diamondback Energy in the first quarter valued at approximately $103,000. Commonwealth Equity Services LLC grew its position in Diamondback Energy by 5.9% in the first quarter. Commonwealth Equity Services LLC now owns 63,568 shares of the oil and natural gas company’s stock valued at $8,713,000 after acquiring an additional 3,534 shares in the last quarter. Precision Wealth Strategies LLC acquired a new stake in Diamondback Energy in the first quarter valued at approximately $245,000. Benjamin F. Edwards & Company Inc. grew its position in Diamondback Energy by 133.5% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 16,114 shares of the oil and natural gas company’s stock valued at $2,209,000 after acquiring an additional 9,212 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its position in Diamondback Energy by 19.7% in the first quarter. Envestnet Asset Management Inc. now owns 171,773 shares of the oil and natural gas company’s stock valued at $23,547,000 after acquiring an additional 28,222 shares in the last quarter. 89.97% of the stock is currently owned by hedge funds and other institutional investors.

Diamondback Energy Price Performance

Shares of NASDAQ FANG opened at $121.38 on Thursday. Diamondback Energy, Inc. has a fifty-two week low of $65.93 and a fifty-two week high of $162.24. The firm’s 50-day simple moving average is $129.77 and its 200 day simple moving average is $131.67. The company has a quick ratio of 0.69, a current ratio of 0.72 and a debt-to-equity ratio of 0.42. The stock has a market cap of $21.54 billion, a P/E ratio of 5.67, a P/E/G ratio of 0.22 and a beta of 2.12.

Diamondback Energy (NASDAQ:FANGGet Rating) last issued its quarterly earnings data on Monday, August 1st. The oil and natural gas company reported $7.07 earnings per share for the quarter, beating analysts’ consensus estimates of $6.58 by $0.49. Diamondback Energy had a net margin of 42.23% and a return on equity of 25.70%. The business had revenue of $2.77 billion for the quarter, compared to analysts’ expectations of $2.44 billion. During the same period in the previous year, the business earned $2.40 earnings per share. The company’s revenue was up 64.7% on a year-over-year basis. Equities analysts expect that Diamondback Energy, Inc. will post 25.66 EPS for the current year.

Diamondback Energy declared that its board has authorized a stock buyback plan on Monday, August 1st that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the oil and natural gas company to reacquire up to 17.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Diamondback Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 23rd. Investors of record on Tuesday, August 16th will be paid a dividend of $3.05 per share. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.70. This represents a $12.20 dividend on an annualized basis and a dividend yield of 10.05%. The ex-dividend date of this dividend is Monday, August 15th. Diamondback Energy’s payout ratio is currently 13.09%.

Insiders Place Their Bets

In other Diamondback Energy news, CFO Hof Matthew Kaes Van’t sold 6,000 shares of the business’s stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $150.00, for a total value of $900,000.00. Following the sale, the chief financial officer now directly owns 67,334 shares in the company, valued at $10,100,100. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Diamondback Energy news, CEO Travis D. Stice sold 30,000 shares of Diamondback Energy stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $150.01, for a total transaction of $4,500,300.00. Following the transaction, the chief executive officer now owns 428,497 shares of the company’s stock, valued at approximately $64,278,834.97. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Hof Matthew Kaes Van’t sold 6,000 shares of Diamondback Energy stock in a transaction dated Friday, May 27th. The shares were sold at an average price of $150.00, for a total value of $900,000.00. Following the transaction, the chief financial officer now directly owns 67,334 shares in the company, valued at approximately $10,100,100. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,500 shares of company stock worth $6,740,850. 0.42% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on FANG. Susquehanna Bancshares raised their price target on shares of Diamondback Energy from $152.00 to $167.00 and gave the stock a “positive” rating in a research report on Monday, April 25th. Morgan Stanley decreased their price target on shares of Diamondback Energy from $178.00 to $170.00 and set an “overweight” rating for the company in a research report on Tuesday, July 19th. The Goldman Sachs Group decreased their price target on shares of Diamondback Energy from $180.00 to $160.00 and set a “buy” rating for the company in a research report on Tuesday, July 5th. Wells Fargo & Company decreased their price objective on shares of Diamondback Energy from $200.00 to $192.00 and set an “overweight” rating for the company in a report on Monday, July 11th. Finally, Piper Sandler decreased their price objective on shares of Diamondback Energy from $196.00 to $191.00 and set an “overweight” rating for the company in a report on Friday, July 22nd. Three research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $168.89.

Diamondback Energy Profile

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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.

See Also

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

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