Triangle Securities Wealth Management Reduces Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Triangle Securities Wealth Management lessened its stake in Diamondback Energy, Inc. (NASDAQ:FANG) by 2.5% in the 4th quarter, Holdings Channel.com reports. The firm owned 3,517 shares of the oil and natural gas company’s stock after selling 92 shares during the period. Triangle Securities Wealth Management’s holdings in Diamondback Energy were worth $576,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of FANG. Franklin Resources Inc. raised its position in shares of Diamondback Energy by 48.5% during the 3rd quarter. Franklin Resources Inc. now owns 146,870 shares of the oil and natural gas company’s stock valued at $28,008,000 after buying an additional 47,951 shares during the period. Benjamin Edwards Inc. boosted its position in shares of Diamondback Energy by 368.1% during the 3rd quarter. Benjamin Edwards Inc. now owns 9,784 shares of the oil and natural gas company’s stock worth $1,687,000 after purchasing an additional 7,694 shares during the period. Everence Capital Management Inc. acquired a new stake in shares of Diamondback Energy in the fourth quarter valued at $1,053,000. Geode Capital Management LLC increased its stake in Diamondback Energy by 6.1% during the third quarter. Geode Capital Management LLC now owns 4,618,560 shares of the oil and natural gas company’s stock worth $793,611,000 after purchasing an additional 266,299 shares during the period. Finally, Atria Investments Inc increased its stake in Diamondback Energy by 18.5% during the 3rd quarter. Atria Investments Inc now owns 42,678 shares of the oil and natural gas company’s stock worth $7,358,000 after buying an additional 6,672 shares during the period. 90.01% of the stock is owned by institutional investors and hedge funds.

Diamondback Energy Trading Up 0.6 %

Shares of FANG opened at $180.18 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. Diamondback Energy, Inc. has a 1-year low of $147.93 and a 1-year high of $214.50. The stock has a market cap of $52.61 billion, a price-to-earnings ratio of 10.31, a price-to-earnings-growth ratio of 1.33 and a beta of 1.88. The firm has a 50 day simple moving average of $170.60 and a 200-day simple moving average of $183.08.

Diamondback Energy (NASDAQ:FANG) last released its quarterly earnings results on Monday, November 4th. The oil and natural gas company reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $4.62 by ($1.24). The company had revenue of $2.65 billion during the quarter, compared to analyst estimates of $2.43 billion. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The business’s revenue was up 13.0% compared to the same quarter last year. During the same period last year, the firm earned $5.49 earnings per share. Equities analysts forecast that Diamondback Energy, Inc. will post 16.08 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Thursday, November 14th were paid a dividend of $0.90 per share. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $3.60 annualized dividend and a dividend yield of 2.00%. Diamondback Energy’s dividend payout ratio is currently 20.61%.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on FANG. Barclays upgraded shares of Diamondback Energy from an “equal weight” rating to an “overweight” rating and reduced their price objective for the company from $216.00 to $210.00 in a report on Wednesday, October 2nd. Susquehanna dropped their price target on shares of Diamondback Energy from $237.00 to $233.00 and set a “positive” rating on the stock in a research note on Friday, October 18th. KeyCorp reduced their price objective on shares of Diamondback Energy from $225.00 to $216.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. JPMorgan Chase & Co. increased their target price on shares of Diamondback Energy from $191.00 to $195.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Evercore ISI reduced their price target on shares of Diamondback Energy from $235.00 to $209.00 and set an “outperform” rating for the company in a research report on Monday, September 30th. Four analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $214.17.

Insider Activity

In related news, Director Mark Lawrence Plaumann sold 1,150 shares of the company’s stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $181.00, for a total value of $208,150.00. Following the completion of the transaction, the director now directly owns 4,712 shares in the company, valued at approximately $852,872. This represents a 19.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.48% of the company’s stock.

About Diamondback Energy

Diamondback Energy, Inc, an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, 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.