Kovack Advisors Inc. Sells 353 Shares of Diamondback Energy, Inc. (NASDAQ:FANG)

Kovack Advisors Inc. decreased its position in shares of Diamondback Energy, Inc. (NASDAQ:FANG) by 2.4% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 14,635 shares of the oil and natural gas company’s stock after selling 353 shares during the quarter. Kovack Advisors Inc.’s holdings in Diamondback Energy were worth $2,900,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in FANG. Wellington Management Group LLP increased its holdings in Diamondback Energy by 4.8% during the 3rd quarter. Wellington Management Group LLP now owns 14,266,640 shares of the oil and natural gas company’s stock worth $2,209,617,000 after acquiring an additional 648,317 shares during the period. Raymond James & Associates increased its holdings in shares of Diamondback Energy by 143.0% in the fourth quarter. Raymond James & Associates now owns 981,284 shares of the oil and natural gas company’s stock worth $152,177,000 after buying an additional 577,514 shares during the period. Raymond James Financial Services Advisors Inc. boosted its holdings in Diamondback Energy by 286.1% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 595,694 shares of the oil and natural gas company’s stock valued at $92,380,000 after acquiring an additional 441,411 shares during the period. iA Global Asset Management Inc. increased its stake in Diamondback Energy by 1,748.1% in the 3rd quarter. iA Global Asset Management Inc. now owns 281,256 shares of the oil and natural gas company’s stock worth $43,561,000 after purchasing an additional 266,037 shares during the period. Finally, International Assets Investment Management LLC boosted its stake in shares of Diamondback Energy by 16,215.2% during the fourth quarter. International Assets Investment Management LLC now owns 266,264 shares of the oil and natural gas company’s stock valued at $41,292,000 after purchasing an additional 264,632 shares during the period. 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 a number of analyst reports. Mizuho boosted their price objective on shares of Diamondback Energy from $217.00 to $222.00 and gave the company a “buy” rating in a research report on Monday, May 13th. StockNews.com raised Diamondback Energy from a “hold” rating to a “buy” rating in a research report on Thursday, June 27th. Truist Financial boosted their target price on shares of Diamondback Energy from $248.00 to $250.00 and gave the company a “buy” rating in a report on Monday, April 22nd. Stifel Nicolaus upped their price target on Diamondback Energy from $224.00 to $229.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Finally, Bank of America reiterated a “neutral” rating and issued a $201.00 price target on shares of Diamondback Energy in a research note on Friday, June 14th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $209.35.

Diamondback Energy Stock Up 1.0 %

NASDAQ:FANG traded up $2.03 during mid-day trading on Thursday, hitting $206.93. 741,138 shares of the company’s stock traded hands, compared to its average volume of 1,316,407. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.89 and a current ratio of 0.92. The company has a market capitalization of $36.90 billion, a P/E ratio of 11.66, a P/E/G ratio of 1.11 and a beta of 1.90. The company has a fifty day moving average of $196.80 and a 200 day moving average of $182.45. Diamondback Energy, Inc. has a twelve month low of $125.73 and a twelve month high of $211.96.

Diamondback Energy (NASDAQ:FANG) last issued its quarterly earnings results on Tuesday, April 30th. The oil and natural gas company reported $4.50 EPS for the quarter, topping analysts’ consensus estimates of $4.29 by $0.21. Diamondback Energy had a return on equity of 19.36% and a net margin of 36.71%. The company had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.10 billion. During the same quarter in the previous year, the firm posted $4.10 EPS. The firm’s revenue was up 15.7% compared to the same quarter last year. On average, analysts forecast that Diamondback Energy, Inc. will post 19.06 EPS for the current year.

Diamondback Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 22nd. Stockholders of record on Wednesday, May 15th were paid a $0.90 dividend. The ex-dividend date was Tuesday, May 14th. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.74%. Diamondback Energy’s payout ratio is 20.29%.

Insider Buying and Selling at Diamondback Energy

In other Diamondback Energy news, VP Jere W. Thompson III sold 900 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $199.90, for a total transaction of $179,910.00. Following the completion of the transaction, the vice president now owns 7,585 shares of the company’s stock, valued at $1,516,241.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Diamondback Energy news, VP Jere W. Thompson III sold 900 shares of the business’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $199.90, for a total value of $179,910.00. Following the completion of the transaction, the vice president now owns 7,585 shares in the company, valued at $1,516,241.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Daniel N. Wesson sold 6,000 shares of the stock in a transaction that occurred on Tuesday, May 28th. The shares were sold at an average price of $197.14, for a total transaction of $1,182,840.00. Following the completion of the sale, the chief operating officer now directly owns 69,677 shares in the company, valued at $13,736,123.78. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by corporate 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.