Ellis Investment Partners LLC Trims Stock Holdings in Diamondback Energy, Inc. $FANG

Ellis Investment Partners LLC decreased its position in Diamondback Energy, Inc. (NASDAQ:FANG) by 1.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,757 shares of the oil and natural gas company’s stock after selling 137 shares during the period. Ellis Investment Partners LLC’s holdings in Diamondback Energy were worth $1,753,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BankPlus Trust Department purchased a new position in Diamondback Energy in the 1st quarter worth $27,000. Pinnacle Bancorp Inc. raised its stake in Diamondback Energy by 95.7% in the 1st quarter. Pinnacle Bancorp Inc. now owns 180 shares of the oil and natural gas company’s stock worth $29,000 after acquiring an additional 88 shares during the last quarter. SouthState Corp raised its stake in Diamondback Energy by 596.4% in the 1st quarter. SouthState Corp now owns 195 shares of the oil and natural gas company’s stock worth $31,000 after acquiring an additional 167 shares during the last quarter. WASHINGTON TRUST Co raised its stake in Diamondback Energy by 119.8% in the 1st quarter. WASHINGTON TRUST Co now owns 200 shares of the oil and natural gas company’s stock worth $32,000 after acquiring an additional 109 shares during the last quarter. Finally, Grove Bank & Trust raised its stake in Diamondback Energy by 65.0% in the 1st quarter. Grove Bank & Trust now owns 203 shares of the oil and natural gas company’s stock worth $32,000 after acquiring an additional 80 shares during the last quarter. Hedge funds and other institutional investors own 90.01% of the company’s stock.

Insider Activity at Diamondback Energy

In other news, Chairman Travis D. Stice sold 20,400 shares of the firm’s stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $142.80, for a total transaction of $2,913,120.00. Following the sale, the chairman directly owned 102,145 shares in the company, valued at $14,586,306. This trade represents a 16.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.48% of the stock is owned by company insiders.

Diamondback Energy Price Performance

NASDAQ:FANG opened at $139.82 on Monday. Diamondback Energy, Inc. has a 52 week low of $114.00 and a 52 week high of $196.00. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $40.48 billion, a PE ratio of 9.94 and a beta of 1.04. The stock’s 50-day moving average price is $142.51 and its 200-day moving average price is $140.89.

Diamondback Energy (NASDAQ:FANG) last posted its earnings results on Monday, August 4th. The oil and natural gas company reported $2.67 EPS for the quarter, missing analysts’ consensus estimates of $2.72 by ($0.05). Diamondback Energy had a net margin of 27.25% and a return on equity of 9.48%. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.35 billion. During the same quarter last year, the business earned $4.52 earnings per share. Diamondback Energy’s revenue was up 48.1% on a year-over-year basis. As a group, equities analysts expect that Diamondback Energy, Inc. will post 15.49 EPS for the current fiscal year.

Diamondback Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Stockholders of record on Thursday, August 14th were given a dividend of $1.00 per share. The ex-dividend date was Thursday, August 14th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.9%. Diamondback Energy’s dividend payout ratio (DPR) is 28.43%.

Wall Street Analysts Forecast Growth

FANG has been the subject of a number of research analyst reports. Melius initiated coverage on Diamondback Energy in a research note on Wednesday, August 20th. They issued a “buy” rating and a $213.00 target price for the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Diamondback Energy in a research report on Wednesday, October 8th. Morgan Stanley increased their price target on Diamondback Energy from $184.00 to $186.00 and gave the stock an “overweight” rating in a research report on Monday, August 18th. UBS Group increased their price target on Diamondback Energy from $163.00 to $171.00 and gave the stock a “buy” rating in a research report on Wednesday, August 20th. Finally, Piper Sandler cut their price target on Diamondback Energy from $228.00 to $222.00 and set an “overweight” rating on the stock in a research report on Thursday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $192.32.

Diamondback Energy Company 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.