Westover Capital Advisors LLC Makes New Investment in Diamondback Energy, Inc. (NASDAQ:FANG)

Westover Capital Advisors LLC bought a new stake in shares of Diamondback Energy, Inc. (NASDAQ:FANG) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,614 shares of the oil and natural gas company’s stock, valued at approximately $523,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Founders Capital Management boosted its stake in shares of Diamondback Energy by 404.0% during the 1st quarter. Founders Capital Management now owns 126 shares of the oil and natural gas company’s stock valued at $25,000 after purchasing an additional 101 shares in the last quarter. First Community Trust NA purchased a new position in shares of Diamondback Energy during the 2nd quarter worth approximately $26,000. Logan Capital Management Inc. purchased a new position in shares of Diamondback Energy during the 4th quarter worth approximately $31,000. HHM Wealth Advisors LLC purchased a new position in shares of Diamondback Energy in the 2nd quarter valued at approximately $40,000. Finally, Edmond DE Rothschild Holding S.A. bought a new stake in shares of Diamondback Energy during the fourth quarter valued at approximately $54,000. Institutional investors own 90.01% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on FANG shares. Royal Bank of Canada reissued an “outperform” rating and set a $220.00 price objective on shares of Diamondback Energy in a research report on Tuesday, August 13th. Wells Fargo & Company lowered their price target on shares of Diamondback Energy from $231.00 to $230.00 and set an “overweight” rating for the company in a research report on Wednesday, August 14th. UBS Group upped their price objective on shares of Diamondback Energy from $245.00 to $247.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Truist Financial lifted their target price on shares of Diamondback Energy from $249.00 to $255.00 and gave the company a “buy” rating in a report on Wednesday, August 7th. Finally, Benchmark restated a “buy” rating and issued a $154.00 price target on shares of Diamondback Energy in a research note on Tuesday, August 6th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $211.45.

Diamondback Energy Price Performance

Shares of NASDAQ:FANG opened at $172.42 on Friday. Diamondback Energy, Inc. has a twelve month low of $143.08 and a twelve month high of $214.50. The stock has a market capitalization of $30.76 billion, a PE ratio of 9.72, a price-to-earnings-growth ratio of 1.06 and a beta of 1.89. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.65. The firm’s 50 day moving average price is $194.77 and its 200-day moving average price is $195.63.

Diamondback Energy (NASDAQ:FANG) last posted its quarterly earnings data on Monday, August 5th. The oil and natural gas company reported $4.52 EPS for the quarter, topping the consensus estimate of $4.51 by $0.01. Diamondback Energy had a return on equity of 19.54% and a net margin of 37.51%. The firm had revenue of $2.48 billion during the quarter, compared to analyst estimates of $2.19 billion. During the same period in the prior year, the business posted $3.68 EPS. Diamondback Energy’s revenue was up 29.4% on a year-over-year basis. Equities research analysts expect that Diamondback Energy, Inc. will post 19.08 EPS for the current year.

Diamondback Energy Increases Dividend

The business also recently disclosed a None dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 15th were given a dividend of $2.34 per share. This is a boost from Diamondback Energy’s previous None dividend of $2.26. This represents a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, August 15th. Diamondback Energy’s payout ratio is presently 20.29%.

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.