Axxcess Wealth Management LLC Takes $278,000 Position in Diamondback Energy, Inc. (NASDAQ:FANG)

Axxcess Wealth Management LLC purchased a new stake in Diamondback Energy, Inc. (NASDAQ:FANG) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,697 shares of the oil and natural gas company’s stock, valued at approximately $278,000.

Several other large investors have also modified their holdings of FANG. Prospera Financial Services Inc boosted its position in Diamondback Energy by 56.9% during the third quarter. Prospera Financial Services Inc now owns 4,553 shares of the oil and natural gas company’s stock worth $786,000 after acquiring an additional 1,651 shares during the last quarter. Banque Cantonale Vaudoise acquired a new stake in Diamondback Energy during the third quarter worth approximately $105,000. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in Diamondback Energy during the third quarter worth approximately $585,000. PNC Financial Services Group Inc. boosted its position in Diamondback Energy by 1.8% during the third quarter. PNC Financial Services Group Inc. now owns 46,474 shares of the oil and natural gas company’s stock worth $8,012,000 after acquiring an additional 821 shares during the last quarter. Finally, Avior Wealth Management LLC boosted its position in Diamondback Energy by 22.4% during the third quarter. Avior Wealth Management LLC now owns 1,914 shares of the oil and natural gas company’s stock worth $330,000 after acquiring an additional 350 shares during the last quarter. 90.01% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Diamondback Energy

In other Diamondback Energy news, Director Frank D. Tsuru purchased 2,000 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was acquired at an average cost of $156.51 per share, with a total value of $313,020.00. Following the acquisition, the director now owns 5,730 shares of the company’s stock, valued at approximately $896,802.30. This represents a 53.62 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.48% of the company’s stock.

Diamondback Energy Stock Performance

Diamondback Energy stock opened at $158.50 on Friday. Diamondback Energy, Inc. has a 12-month low of $137.09 and a 12-month high of $214.50. The company has a market capitalization of $45.88 billion, a price-to-earnings ratio of 9.07, a price-to-earnings-growth ratio of 1.24 and a beta of 1.85. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.45 and a quick ratio of 0.42. The firm’s fifty day moving average price is $160.47 and its 200 day moving average price is $170.39.

Diamondback Energy (NASDAQ:FANG) last released its earnings results on Tuesday, February 25th. The oil and natural gas company reported $3.64 earnings per share for the quarter, topping the consensus estimate of $3.57 by $0.07. The company had revenue of $3.71 billion during the quarter, compared to the consensus estimate of $3.55 billion. Diamondback Energy had a net margin of 33.64% and a return on equity of 13.68%. On average, research analysts forecast that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 13th. Stockholders of record on Thursday, March 6th were given a $1.00 dividend. The ex-dividend date was Thursday, March 6th. This represents a $4.00 annualized dividend and a dividend yield of 2.52%. This is an increase from Diamondback Energy’s previous quarterly dividend of $0.90. Diamondback Energy’s payout ratio is presently 25.32%.

Analyst Ratings Changes

A number of analysts recently issued reports on FANG shares. Citigroup decreased their target price on shares of Diamondback Energy from $195.00 to $157.00 and set a “neutral” rating on the stock in a research report on Monday, March 17th. JPMorgan Chase & Co. decreased their price target on shares of Diamondback Energy from $212.00 to $167.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Williams Trading set a $190.00 price target on shares of Diamondback Energy in a report on Wednesday, March 5th. Mizuho lifted their price target on shares of Diamondback Energy from $201.00 to $204.00 and gave the company an “outperform” rating in a report on Tuesday, February 25th. Finally, Truist Financial lifted their price target on shares of Diamondback Energy from $236.00 to $238.00 and gave the company a “buy” rating in a report on Wednesday, February 19th. Four research analysts have rated the stock with a hold rating, eighteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Diamondback Energy has a consensus rating of “Moderate Buy” and an average price target of $209.92.

Diamondback Energy Profile

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.