Diamondback Energy, Inc. (NASDAQ:FANG) Shares Purchased by EverSource Wealth Advisors LLC

EverSource Wealth Advisors LLC lifted its holdings in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 36.6% in the fourth quarter, HoldingsChannel reports. The firm owned 21,485 shares of the oil and natural gas company’s stock after acquiring an additional 5,754 shares during the period. EverSource Wealth Advisors LLC’s holdings in Diamondback Energy were worth $3,520,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in FANG. R Squared Ltd acquired a new position in shares of Diamondback Energy during the fourth quarter worth approximately $29,000. UMB Bank n.a. lifted its stake in shares of Diamondback Energy by 247.3% in the 4th quarter. UMB Bank n.a. now owns 191 shares of the oil and natural gas company’s stock valued at $31,000 after purchasing an additional 136 shares during the period. Key Financial Inc grew its position in shares of Diamondback Energy by 940.0% during the 4th quarter. Key Financial Inc now owns 208 shares of the oil and natural gas company’s stock worth $34,000 after buying an additional 188 shares during the period. Smithfield Trust Co boosted its position in shares of Diamondback Energy by 37.8% during the fourth quarter. Smithfield Trust Co now owns 310 shares of the oil and natural gas company’s stock worth $50,000 after purchasing an additional 85 shares in the last quarter. Finally, Ashton Thomas Securities LLC bought a new stake in shares of Diamondback Energy in the third quarter worth about $52,000. 90.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FANG has been the topic of several research analyst reports. Mizuho increased their price objective on shares of Diamondback Energy from $201.00 to $204.00 and gave the company an “outperform” rating in a research report on Tuesday, February 25th. Piper Sandler lowered their target price on shares of Diamondback Energy from $252.00 to $232.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. The Goldman Sachs Group began coverage on Diamondback Energy in a research note on Monday, December 2nd. They issued a “buy” rating and a $227.00 price objective on the stock. Wolfe Research upgraded shares of Diamondback Energy from a “peer perform” rating to an “outperform” rating and set a $190.00 price target on the stock in a report on Friday, January 3rd. Finally, UBS Group upped their price objective on Diamondback Energy from $212.00 to $216.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. One analyst has rated the stock with a sell rating, three have given a hold rating, eighteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $215.00.

Diamondback Energy Price Performance

Shares of FANG opened at $144.65 on Wednesday. The company’s fifty day moving average price is $163.18 and its 200-day moving average price is $172.54. The firm has a market capitalization of $41.87 billion, a PE ratio of 8.28, a price-to-earnings-growth ratio of 1.24 and a beta of 1.84. Diamondback Energy, Inc. has a 1-year low of $137.09 and a 1-year high of $214.50. 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 (NASDAQ:FANG) last released its quarterly earnings data on Tuesday, February 25th. The oil and natural gas company reported $3.64 EPS for the quarter, topping the consensus estimate of $3.57 by $0.07. Diamondback Energy had a return on equity of 13.68% and a net margin of 33.64%. The business had revenue of $3.71 billion for the quarter, compared to analyst estimates of $3.55 billion. On average, equities research analysts predict that Diamondback Energy, Inc. will post 15.49 EPS for the current year.

Diamondback Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 13th. Stockholders of record on Thursday, March 6th will be given a $1.00 dividend. The ex-dividend date of this dividend is Thursday, March 6th. This is a boost from Diamondback Energy’s previous quarterly dividend of $0.90. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.77%. Diamondback Energy’s payout ratio is 25.32%.

Insiders Place Their Bets

In other news, Director Frank D. Tsuru purchased 2,000 shares of the stock in a transaction dated Friday, February 28th. The shares were purchased at an average cost of $156.51 per share, with a total value of $313,020.00. Following the completion of the purchase, the director now directly owns 5,730 shares of the company’s stock, valued at approximately $896,802.30. The trade was a 53.62 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.48% of the stock is currently owned by company insiders.

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.